Self-Propelled Modular Transporter (Spmt) Market in North America to grow at a CAGR of 5.4% during 2024-2028
The Self-Propelled Modular Transporter (Spmt) Market in North America is expected to grow at a CAGR of 5.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 62.5 million. The escalating population trend and urbanization have fueled the demand for infrastructure development in North America, particularly in the construction of high-density structures such as multi-family residences, hospitals, offices, and hotels. This increased demand for land has led to the erection of towering structures, commonly referred to as skyscrapers, which offer significant floor space in a compact ground area due to their substantial heights. Skyscrapers, defined as buildings surpassing 100 meters, are a testament to architectural innovation and engineering prowess. One notable high-rise project in Chicago is the One Chicago development in River North, featuring two towers, with the tallest reaching an impressive 971 feet.
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Technavio analysts predict that the Construction subsegment will lead the End-user segment during 2024 and 2028 The self-propelled modular transporter (SPMT) market in North America's construction sector is experiencing notable growth due to the efficiency and productivity gains offered by these transporters. SPMTs enable the transport of heavy construction materials and modules with precision and speed, reducing project timelines and labor requirements. State governments in North America are major consumers of SPMTs, particularly during infrastructure projects such as bridge and road construction, where controlling the construction environment is crucial. The surge in construction activities among contractors and increased investments in the construction sector are significant growth drivers for the SPMT market in North America. Furthermore, substantial infrastructure spending by governments across the region is expected to augment demand for self-propelled modular transporters, fueling the market's expansion during the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growth of construction industry
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The Self-Propelled Modular Transporter (SPMT) market in North America is making a significant industry footprint with its ability to transport large and heavy modules, including modular buildings, prefabricated buildings, infrastructure components, industrial equipment, and construction modules, with high precision and efficiency. The regional footprint of SPMTs is vast, extending to various sectors such as energy, oil and gas, and transportation and logistics. Key players in the market include Manitowoc, Goldhofer, and Schmitz Cargobull. Company profiling reveals a focus on modularization, customization, battery technology, and sustainability. Hybrid and electric SPMTs are gaining popularity due to their reduced noise pollution and emissions. Real-time monitoring, intelligent features, automation, and remote control systems are enhancing the functionality of SPMTs. Difficult terrain and diverse load configurations are being addressed through motorized wheels and hydraulic mechanisms. The future of SPMTs lies in energy efficiency and heavy cargo transfer solutions.
According to Technavio, the Self-Propelled Modular Transporter (SPMT) market in North America is a significant segment of the global construction machinery and heavy transportation equipment market. This market encompasses a range of product categories, including 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 the global construction machinery and heavy transportation equipment market is primarily driven by the rapid urbanization trend, leading to substantial investments in construction projects. The increasing demand for residential properties, such as single-family homes and multi-family units, is a major factor fueling this growth.
The Self-Propelled Modular Transporter (Spmt) Market in North America is experiencing significant growth, fueled by the growth of construction industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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