expansion of construction industry is driving the Concrete Machinery Market
Technavio analyzes that the Concrete Machinery Market is expected to grow at a CAGR of 5.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6680.5 million.There are various factors that contribute to the growth of the market. The concrete machinery market is experiencing significant growth due to the expansion of the construction industry. With increasing infrastructure development and urbanization, the demand for concrete machinery is on the rise. These machines are essential for producing and placing concrete in various construction projects, from highways and bridges to commercial and residential buildings. The market is further propelled by advancements in technology, which have led to the production of more efficient and cost-effective machinery. Additionally, the growing trend towards sustainable construction practices is driving the demand for eco-friendly concrete machinery. Overall, the concrete machinery market is poised for continued growth in the coming years.
In the commercial construction sector, the adoption of dry construction techniques has significantly increased due to their flexibility and energy efficiency. This method, which involves using prefabricated concrete panels, is particularly advantageous for non-residential buildings, such as offices, hospitals, schools, retail stores, and malls. In contrast to residential construction, where dry construction is predominantly utilized in developed countries, its usage in non-residential building projects has expanded globally. The ability to temporarily modify office or retail spaces according to business requirements makes dry construction an indispensable choice for commercial real estate. The demand for concrete machinery is consequently surging to facilitate the production and installation of these prefabricated panels.
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Concrete Machinery Market Segmentation
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The Concrete Machinery Market is set to revolutionize the future of construction with the integration of Concrete 4.0, a digital transformation that includes concrete automation, smart construction, and construction robotics. This innovation aims to enhance concrete quality control, reduce construction costs, improve construction safety, and optimize concrete production. Construction technology advances, such as construction efficiency software, construction analytics, remote monitoring, and construction data management, contribute to the trend. Sustainable construction materials and concrete sustainability are also integral parts of this evolution, ensuring a greener future for the industry.
In the scope of Technavio's research, the concrete machinery market is identified as a segment of the expansive global construction machinery and heavy transportation equipment market. This market encompasses a range of product categories, such as heavy-duty trucks, compact earthmoving equipment, road construction and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and related machinery. The expansion of this market is primarily influenced by the intensified urbanization process, resulting in substantial investments in construction projects due to the increasing demand for residential properties, including both single-family homes and multi-family dwellings. Urbanization's impact on population growth necessitates the development of efficient concrete machinery solutions to meet the escalating construction requirements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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