Home > Pressrelease > Global Soil Compaction Equipment Market worth USD 4 Bn by 2028
Global Soil Compaction Equipment Market worth USD 4 Bn by 2028
- Published Date: March 8, 2022
Soil Compaction Equipment Market size is set to exceed USD 4 billion by 2028, according to a new research report by Global Market Insights Inc.
The ability of soil compaction equipment to eliminate air and water movement from the soil while reducing pore space will boost their adoption. Rapid urbanization, increased transportation infrastructure development, destruction of old sites, and construction of residential buildings are some of the major factors augmenting the industry growth.
Rapid advancements in the transportation sector are encouraging government authorities to strengthen their road infrastructure facilities and development projects. For Instance, in July 2021, the Government of Canada announced a funding of USD 1.9 billion to strengthen Canada’s trade corridors, enhance its economy, and ensure its recovery. The improving transportation systems will attract further private-sector investments, reduce barriers to trade, help businesses to grow, create jobs, and remain competitive during the pandemic recovery period.
One of the key restraints of the soil compaction equipment market is the adverse effects of compaction on soil quality. Soil compaction equipment increases the rate of soil erosion and reduces water infiltration, thus making the soil less fertile. However, the growing demand for connected road networks is accelerating the construction of highways.
Analyst view: The rising smart city development along with increasing investments in the construction of public infrastructures, such as highways, bridges & dams, will drive the soil compaction equipment market revenue.
The global construction industry output has witnessed a steep decline due to the COVD-19 pandemic. The major factors including the grounding of major commercial construction projects and the unavailability of raw materials & labor impacted the soil compaction equipment industry. Mass quarantines and travel restrictions to control the spread of the virus have halted several construction activities. Manufacturers such as Volvo CE and Caterpillar, Inc temporarily halted operations in their production plants at several locations for a brief period in 2020.
Browse key industry insights spread across 186 pages with 102 market data tables and 26 figures & charts from the report, “Soil Compaction Equipment Market Size By Product (Rammers, Smooth Wheeled Rollers, Vibratory Plate Compactors, Sheepsfoot Rollers, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Rising road construction activities to fuel the vibratory plate compactors demand
Vibratory plate compactors held over 20% of the soil compaction equipment market share in 2021. Vibratory plate compactors are being increasingly adopted to make granular soil compact in applications such as commercial building construction and road building. Several benefits of vibratory plate compactors, such as portability, high performance, fuel efficiency, and low cost, are driving their demand. The introduction of electric soil compaction equipment is anticipated to influence the industry statistics on account of benefits such as emission-free compaction operations and low operating costs. Industry leaders are launching new models of electric soil compaction equipment to capitalize on new market opportunities.
Supportive government policies and the presence of established industry players in Europe
The soil compaction equipment market in Europe is projected to exhibit more than 3% CAGR through 2028. The increasing acceptance of regulatory requirements by the European government for the sales & marketing of construction equipment will promote the regional market demand. Several manufacturers are working on developing new models that meet European emission requirements to obtain a competitive advantage in the market.
Companies are adopting numerous strategies, such as partnerships & acquisitions, new product launches, to expand their global presence. For instance, in November 2020, Bomag GmbH launched its new production plant site in Changzhou Hi-Tech Zone, China. This move will help the company to propel market growth & production capabilities, optimize the business environment, and effectively strengthen enterprise services. The company will account an actual foreign capital of USD 762 million until 2022.
Prominent companies in the soil compaction equipment market include Bomag GmbH, Dynapac, CASE Construction Equipment, Hamm AG, Ammann Group, Hitachi Construction Machinery Co., Ltd., Martin Trailer Company (Pty) Ltd., J C Bamford Excavators Ltd. (JCB), and MBW Inc., Weber Maschinentechnik GmbH.