The Global Demolition equipment industry across the world offers high potential, owing to shifting societal tastes and the necessity to adapt to the times thus engineering design component of infrastructures is evolving rapidly. As a result, it is now necessary to upgrade or renovate existing buildings, such as houses, workplaces, stadiums, roads, and bridges, to name a few. The regional authorities' laws intended to stop unauthorized building or encroachment on existing structures and monuments have also helped to expand the market for demolition equipment and related firms. In 2021, the global demolition equipment market grew at a growth rate of 3% generating market revenue of more than USD 800 million.
Around the world, Urbanization has been a speeding process since industrialization. The urban population has increased from 1 billion in 1960 to 4.36 billion in 2020. With more than half the world living in urban areas, it is necessary to replace the existing infrastructure with a new one that can handle this amount of population. Increasing urbanization is an important driver for the construction and the demolition industry as there will always be a need to create such an infrastructure that will be able to handle housing, transportation, education, water supply, sewage system, workplace, etc.
The key factor driving the demolition equipment industry is the CONSTRUCTION industry. The worldwide construction sector is seeing positive growth. Construction encountered problems in 2020, as did most industries, and it still does today, but the world's largest industry is still expected to expand. Despite the challenges brought on by the worldwide pandemic, residential and infrastructure construction projects are booming even though commercial construction is still in decline.
Moreover, in many cities, there is a high demand and value for the availability of space. Old buildings are not really energy efficient when compared to newly constructed ones as they use up a large portion of the nation's energy. To overcome this problem, old structures are now being demolished and deconstructed to replace them with much more energy-efficient and sustainable ones.
On the other hand, there is an increase in demand for remotely operated demolition equipment on the market. Because of this, modern electrical systems are becoming more and more in demand to improve the functionality of demolition equipment. Manufacturers have focused on developing electrical systems that are robust enough to manage the high-performance demands of demolition works, especially in the mining industry. It is projected that evolving needs will drive the market for demolition equipment, supporting the ongoing feature innovations by well-known manufacturers.
Machinery and Application are the two segments of the global demolition equipment market. Even though COVID-19 has been a setback for the market, infrastructure investment is expanding, and eventually, the industry started seeing positive development due to rising consumer demand. The increase in government spending on reconstruction initiatives is anticipated to fuel demand for demolition equipment over the course of the projection period. Additionally, when the number of tall buildings rises the demand for medium-sized demolition equipment has greatly increased by its rising popularity. New technologies have arisen that have reduced prices and the amount of time spent on the construction site while also improving the methods and tools used for large-scale demolition.
By Application: In this section, we talk about Global Demolition Equipment Market by Application which is segmented into Construction, Infrastructure, Mining, and Tunneling. Infrastructure accounts for a major market share followed by Construction, Tunneling, and Mining.
By Machinery: In this section, we talk about Global Demolition Equipment Market by Machinery segmented into Heavy, Medium, and Hand Tool. Medium-sized tools account for a major market share followed by Head tools and heavy equipment.
By Geography: In this section, we talk about Global Demolition Equipment Market by Geography of which Europe holds the major market share across the world followed by Asia Pacific, North America, and the Rest of the World.
In addition, Asia Pacific is a very interesting region of the global market because of rising investments in the region's infrastructure development.
As a result of escalating construction costs as well as the sheer volume of new building and renovation projects underway, North America presently has a commanding market share in the global market for demolition equipment.
Future Growth: The demolition equipment market revenue is anticipated to increase at a CAGR of 3% from 2022 to 2027, reaching USD 1,036.76 million in 2027, driven by rising construction demand, rising demolition projects, and rising government efforts. The rise of the construction sector and considerable efforts to tear down very old and useless multistory structures are expected to enhance the need for demolition equipment in the future years.
Scope of the Study
The following synopsis is based on the report " Global Demolition Equipment Market Size and Future Forecast- Analysis by Machinery, Application and Geography" published by Makreo Research and Consulting.
The report delves deeply into various parameters such as Market size, segmentation value chain analysis, and industry cause and effect analysis. The study includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalise on untapped business potential in the specific geography.
Global Demolition Equipment Market Segmentation
• Global Demolition Equipment Market
o By Application
o By Machinery
o By Geography
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