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Canada's Magazine for Financing & Leasing Executives
 
 

Sept 2, 2014

Construction equipment market to hit $208 billion by 2020

U.S. – The global market for construction equipment is expected to reach USD 208.36 billion by 2020, according to ‘Construction Equipment Market Analysis By Product (Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Equipment) And Segment Forecasts To 2020,’ a study by Grand View Research, Inc. The growing number of infrastructure projects on a global scale is expected to be the key driving force for the market over the next six years. Increasing mining activities which require the use of construction equipment are also expected to positively impact the industry over the forecast period.
 
Technological development has led to the use of advanced machinery that offers considerable benefits over traditional mechanical equipment. Availability of options such as leasing of construction equipment to drive cost effectiveness is also expected to fuel market growth over the forecast period. Safety and security issues such as mishandling of equipment need to be handled in order to prevent heavy losses. Since heavy construction equipment emits harmful gases such as nitrous oxide and carbon dioxide, meeting stringent fuel emission standards set by regulatory authorities is a challenge for industry participants.

 

 

 

 

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