Portland, OR -- (SBWIRE) -- 10/23/2017 -- Construction Equipment Market is expected to garner $288.8 billion by 2022, registering a CAGR of 9.2% during the forecast period 2016-2022. Construction equipment, also known as heavy equipment are specially designed machinery for performing construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving and grading. The world construction equipment market covers different industries including manufacturing, oil & gas, forestry, military and public works.

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In terms of market by industries, Public works & railroad industry accounted for the largest share in 2015, as the equipment are extensively used for construction of roads, highways, airports, dams, and other such activities. The segment is anticipated to grow at the fastest rate during 2016-2022, on account of increasing number of infrastructure projects globally. Oil & gas and mining industries together accounted for 28% of market revenue in 2015 and are expected to grow at a notable pace during the forecast period. The growth is primarily attributed to the increasing demand for earthmoving, drilling, trenching and other such equipment in the industry.

Key findings of Construction Equipment Market:

- In 2015, APAC was the largest revenue generating region, followed by North America.

- Public works and rail road industry would account for around 45% of the global construction equipment market revenue by 2022.

- Loaders was the largest revenue generating segment in 2015.

- Lifting & material handling application is anticipated to be the fastest growing segment during 2016-2022.

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The world construction equipment market has earlier faced slowdown due to sluggish economic conditions and slow growth of the construction industry, however the market is expected to grow at a steady growth rate in the coming years. Increasing industrial, residential, and commercial construction activities, global economic growth, and rising public-private partnerships is expected to drive the market. However, government regulations concerning carbon emission and fluctuations in oil prices, restrain the market growth. Rising government investments for infrastructure development is expected to offer lucrative opportunities for growth.

As per the current market scenario, construction equipment market is expected to grow on account infrastructural development. The construction equipment market is rapidly expanding with the growing demand for industrialization and residential & commercial infrastructure developments.

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