Global piling machines market expected to witness sustained growth over 2016-2024. APAC to remain the most lucrative market for piling machines globally.
New York, NY -- (SBWIRE) -- 11/18/2016 -- Applications of piling machines are increasing in several infrastructure verticals, including residential and commercial. As the number of projects of highways, bridges, and metro rails are rising worldwide, piling machines are gaining consistent traction globally. A large number of power generation projects are estimated to raise the need for abundant foundation work, which will provide a further boost to the global market for piling machines. Infrastructure activities to meet the evolving needs of growing population, especially in developing economies, will also play a key role in driving the market growth. In addition, activities in developed regions related to tight oil and non-conventional shale gas exploration are anticipated to push the market further during the forecast period.
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Rising applications in a range of infrastructure projects will continue to fuel the demand for piling machines over the forecast period, 2016-2024. The global piling machines market is expected to reach a value of US$ 1,577.6 Mn by the end of 2024, up from US$ 922 Mn, recorded in 2015. The market will witness steady growth throughout the forecast period, at a CAGR of 6.2%. In terms of volume, the piling machine sales recorded 1,611 units in 2015, which are predicted to increase up to 2,259 units by 2024 end, at a moderate CAGR of 3.8%.
Noise and air pollution-related concerns are however expected to be a major restrain to the market growth. Several countries have set strict regulatory policies due to these environmental concerns, which is a longstanding challenge for the market.
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By product type, the global piling machines market will continue to witness dominance by piling rig segment. With the highest market share of 36.4% by 2016 end, it is projected to reach a value of US$ 678.9 Mn by 2024 end, up from US$ 192.9 Mn expected in 2016. Among all other segments, including hydraulic press-in, diesel hammer, vertical travel lead systems, hydraulic hammer, hydraulic press-in will be the fastest growing segment at an impressive CAGR of 7.1%, reaching a value of US$ 120.6 Mn by 2024.
Based on region, Asia Pacific will maintain the most prominent share of around 50% in the global market for piling machines in 2016, led by China and India. Attributed to burgeoning urbanization and dynamic expansion of construction and infrastructure sector, APAC is expected to remain dominant through to 2024 as well, reaching a value of US$ 829.7 Mn in revenues. Other developing markets, including the Middle East and Africa, and Latin America will record significant growth rates by 2024 end. Sales revenues of Latin America are estimated to expand steadily at a CAGR of 4.2%, reaching a value of US$ 79.7 Mn by 2024 end. Following discovery of ample of gold and copper reserves, Peru and Chile are projected to fuel the market growth in these regions. Europe and North America will continue to witness decent growth, with CAGRs of 5.5% and 4.9% respectively. North America is expected to reach US$ 328.7 Mn, whereas Europe will reach US$ 274.1 Mn in revenues, by 2024 end.
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Some of the key players operating in the global piling machines market include Bauer Group, Junttan Oy, Soilmec S.p.A, Liebherr Group, and BSP International Foundations. A few other notable players include Casagrande S.p.A., International Construction Equipment, Delmag GmbH & Co. KG, Changsha Tianwei Engineering Machinery Manufacturing Co., Ltd., and Mait S.p.A. Companies are increasingly focusing on increasing sales in developing Asia Pacific nations with an innovative, energy-efficient approach.