The research study covers the present scenario and growth prospects of the global backhoe bucket market for 2017-2021. The market is segmented based on end-user (construction and mining) and geography (APAC, the Americas, and EMEA).
Large-scale investments in infrastructure such as power plants, railways, airports, and in the manufacturing sector are expected to increase exponentially in 2020 from that in 2016. The enormous spending on infrastructure, airport construction, and roadways are expected to boost the sale of backhoe loaders, which will translate into sales of backhoe buckets globally during the forecast period. Construction and mining are the traditional end-user industries for backhoe buckets. There was a decline in the growth of the global backhoe bucket market during 2011-2015 due to the fluctuations in the prices of mined commodities and the economic slowdown in the manufacturing sector in China.
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Technavio heavy industry research analysts highlight the following three factors that are contributing to the growth of the global backhoe bucket market:
- Expansion in utility sector
- Increased government spending on infrastructure
- Growth in number of high-rise buildings
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Expansion in utility sector
The number of power and energy projects is increasing rapidly worldwide. With the rise in the population, energy scarcity, as well as energy demand, is growing globally. The global energy sector has witnessed a lot of developments lately. Energy consumption in the developing nations rose dramatically during 2010-2015. Backhoe loaders find a wide variety of applications in T&D infrastructure projects.
Gaurav Mohindru, a lead construction research analyst at Technavio, says, “Backhoe loaders are gaining popularity and are an increased preference for laying electrical power lines as they are compact and hence, can operate within confined spaces and perform multiple operations such as lifting, trenching, and backfilling. The increase in demand for backhoe loaders will translate into the increasing demand for backhoe buckets in the next five years.”
Increased government spending on infrastructure
There are multiple government infrastructure projects, with significant investments, planned in various countries during 2017-2021. Infrastructure development is of prime importance in any country as it has a direct impact on economic growth, which is important for employment generation and the expansion of services such as housing, energy, and clean water supply.
“A country with developed infrastructure attracts high investments from MNCs to set up their units. Apart from economic development, infrastructure also affects the living standards and human development index of a country positively. It is essential in meeting various demands from the growing population,” adds Gaurav.
Growth in number of high-rise buildings
The rate of urbanization in recent times has been exponential. Hence, the maximum utilization of land is desirable in urban areas due to its widespread shortage. As a result, there is an increase in the construction of tall buildings or high-rises such as skyscrapers, especially in the developing nations. Thus, backhoe loaders have gained immense popularity in the construction of skyscrapers due to their compact footprint and versatility in applications owing to their ability to use various attachments. This increase in demand for backhoe buckets will boost the backhoe bucket market during the forecast period.
In urban areas, high-rises are built to utilize the maximum space or land available and to make incremental profits. Another factor that drives the growth of construction of tall buildings is the competition among nations and governments to build the most spectacular or iconic building with varied geometric shapes, intricate and complex designs, and impressive engineering.
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