LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global compaction equipment market to grow to USD 4.84 billion by 2021, at a CAGR of close to 5% over the forecast period, according to their latest report.
The research study by Technavio on the global compaction equipment market for 2017-2021 provides a detailed industry analysis based on application (construction and agriculture) and geography (APAC, EMEA, and the Americas).
A compactor is a machine or mechanism used to reduce the thickness of materials such as soil, aggregates, concrete, and so on by filling the air voids present in the material. APAC is the largest segment of the global compaction equipment market and is expected to continue its dominance due to the large number of infrastructure projects in the region.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global compaction equipment market:
- Growth of transportation infrastructure
- Increasing infrastructure investments
- Rise in smart city concept
Growth of transportation infrastructure
“The increasing urbanization has created a global demand for better transportation systems. With more countries developing various plans to meet this demand, the transport infrastructure sector is expected to grow significantly in the coming years,” says Likhitha Bandla, a lead analyst at Technavio for construction research.
The rise in demand for transport infrastructure is expected to create opportunities for global compaction equipment market as these machines are a basic necessity for the completion of any infrastructure project. These machines are responsible for leveling of ground and other construction applications.
Increasing infrastructure investments
The infrastructure development sector is attracting more investments, especially in emerging economies of APAC. The increasing investments towards the sector will create a rise in demand for all related equipment, including compaction equipment. China, India, Indonesia, and other countries have large infrastructure plans underway, which is clearly boosting the demand for compaction equipment. Countries in South America, the Middle East, and the UAE also have several projects in the pipeline, which are drawing investments amounting to several billion.
Rise in smart city concept
“Governments of various countries like Saudi Arabia, India, and Qatar are investing heavily in the development of smart cities to provide better transportation facilities and smart grids, improved healthcare facilities, advanced technologies, and enhanced traffic management systems,” says Likhitha.
The smart city concept is gaining popularity owing to rapid urbanization and scarcer resources, along with the need for sustainable development. The key pillars of smart city development which require compaction equipment include the development of tourism infrastructure, buildings, utilities, transportation, healthcare, education, and telecom.
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