LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global construction market over the next four years as several related markets, including concrete and cement, handling and lifting equipment, and aerial work platform truck, will likely witness an increase in revenues.
Technavio’s market research analyst have estimated the concrete and cement segment to grow steadily at a CAGR of nearly 8% by 2020. The growing demand for prefabricated construction will aid the growth of this market until the end of the forecast period. Prefabricated structures can be constructed off-site to help avoid chaos and congestion caused due to on-site construction. Since it helps increase construction speed and also reduces the cost and time taken in the process, the method is preferred for a wide array of construction activities. The APAC region in particular is predicted to account for approximately 64% of the total concrete market share thanks to the growing demand for prefabricated structures by 2020. Factors such as increasing investments in the infrastructure sector will lead to the steady growth of this market in the APAC region.
Recent advances in handling and lifting equipment technology will further aid in the growth of this market until 2020. The extensive use of cranes for a wide array of construction, manufacturing, and warehousing applications will result in the strong growth of this market segment during the next four years. Comprehensive market research carried out by the analysts at Technavio has shown that this product segment will surpass a market value of more than USD 100 billion by the end of 2020.
“The APAC region also dominates the global handling and lifting equipment market and is expected to grow at a steady CAGR of nearly 11% until 2020. Much of this growth can be attributed to the recent increase in the amount of investments in construction projects, especially in countries like India and China,” said Amit Sharma, one of Technavio’s lead analysts for heavy industries research.
Aerial work platform constitutes a key segment of the global construction market and these are in demand around the globe due to increasing investments by construction companies. AWP trucks are also used for disaster management activities and for maintaining electrical and telecommunication lines. Since AWP trucks are very helpful in keeping personnel safe, they help bolster productivity. AWPs are powered by electricity, gas, hydraulics, and pneumatics and are extensively used for delivering materials to construction areas. Thanks to its rapid adoption, the aerial work platform (AWP) truck market is anticipated to grow at a steady CAGR of more than 18% during the forecast period.
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Some of the key vendors for the global construction market by industries include Anhui Conch Cement, CNBM, and Heidelberg Cement for concrete and cements; Komatsu, Konecranes, and Liebherr for handling and lifting equipment; and Altec, Haulotte, and Tadano for aerial work platform truck.
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