The global Compaction Machines Market is estimated to be valued at US$ 4,955.1 Mn in 2022 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compaction machines are widely used for soil compaction in civil engineering and construction projects such as road construction and building. These machines help achieve the required degree of density and strength in road bases and soil beneath structures. They provide efficient and hassle-free compaction for a variety of applications compared to manual compaction.
Market key trends:
The compaction machines market is driven by rapid urbanization and infrastructure development activities across both developed and emerging economies. Governments around the world are investing heavily in road construction, commercial building projects, and urban infrastructure development which is fueling the demand for compaction equipment. Furthermore, growing need for landscape development in both public and private sectors has also boosted the sales of compactors. Introduction of technologically advanced products with features such as GPS, hydraulic controls, and intuitive interfaces is another factor augmenting the growth of this market.
Segment Analysis
The compaction machines market is segmented by type into static rollers, vibratory rollers, tandem rollers, and single drum rollers. Among these, the vibratory rollers segment held the largest market share in 2020. Vibratory rollers are ideal for compacting materials like soil, gravel, sand, blacktop and concrete. They work on the principle of kneading and shearing of materials to achieve better and uniform compaction. Due to their versatility and effectiveness, vibratory rollers dominated the compaction machines market in 2020.
Key Takeaways
The Global Compaction Machines Market Size is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period 2023 to 2030, due to increasing infrastructure development activities. The market size for 2023is estimated at US$ 4,955.1 Mn.
In terms of regional analysis, the Asia Pacific region is expected to dominate the compaction machines market, accounting for over 35% of the overall market share. This is attributed to rising infrastructure development projects in countries like China and India. Western Europe is also expected to grow at a substantial rate during the forecast period.
Key players operating in the compaction machines market are Wacker Neuson SE, Sany Heavy Industry Co. Ltd, Volvo Construction Equipment, Wirtgen Group, Caterpillar Inc., Atlas Copco, Terex Corporation, Zoomlion Heavy Industries Science & Technology Co Ltd, Fayat Group, BOMAG GmbH, and XCMG Co. Ltd. Among these, Caterpillar Inc., Wirtgen Group, and Volvo Construction Equipment have established themselves as the market leaders due to their extensive product portfolio and global presence.
Read more: https://www.ukwebwire.com/compaction-machines-market-insights-trends/
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