The research study covers the present scenario and growth prospects of the global paving and concreting equipment market for 2017-2021. To determine the market size, the study considers revenue generated from sales of different types of paving and concreting equipment.
The research report by Technavio on global paving and concreting equipment market provides segmentation based on the product (compactor, paver, and concreting equipment) and geography (APAC, EMEA, and the Americas).
|The global paving and concreting equipment market size is expected to reach USD 32.47 billion by 2021. APAC is the leading regional segment in the market, and is forecast to generate the highest revenue and maximum incremental growth through 2021.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global paving and concreting equipment market:
- Vertical growth in construction sector
- Rapid urbanization
- Emergence of smart cities
Vertical growth in construction sector
“Many medium and large-sized cities across the globe are increasingly constructing skyscrapers and ultra-high-rise buildings, supported by rapid urbanization and economic growth. The large-scale construction of this type of buildings will propel the demand for paving and concreting equipment,” says Navin Rajendra, one of the lead analysts at Technavio.
High-rise construction projects propel the demand for a wide variety of equipment such as soil compactors, concrete pumps, and concrete distribution systems for successful completion. The vertical growth of the global construction sector is expected to fuel the demand for paving and concreting equipment during the forecast period.
Globally, people seeking for better opportunities are causing a shift in the percentage of the total populace residing in urban areas. This is resulting in additional requirements for corporate office spaces, residential buildings, roads, sewage facilities, and transit systems. The number of mega-urban cities is steadily increasing, leading to rapid and advanced infrastructural development projects. Hence, the construction projects and rapid addition of infrastructure are leading to the growth of the paving and concreting equipment market.
Emergence of smart cities
“Governments of countries such as Saudi Arabia, India, and Qatar are investing heavily in the development of smart cities to provide better transportation facilities, improved healthcare facilities, advanced technologies, and enhanced traffic management systems,” says Navin.
The key pillars of a smart city are the development of tourism infrastructure, buildings, utilities, transportation, healthcare, education, and telecom. These will boost the demand for equipment such as paving and concreting equipment during the forecast period, thereby driving market growth.
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