May 29, 2024
Compaction Machines Market
Ict

Compaction Machines Market is in Trend by Growing Infrastructure Development Projects

The compaction machines market has seen steady growth on account of increasing construction activities globally. Compaction machines are commonly used in construction projects for soil, gravel, and asphalt compaction. These machines offer efficient and timely compaction of construction materials in roads, buildings, bridges and other infrastructure projects. Growing urbanization and focus on infrastructure development in developing nations has accelerated the demand for compaction machines. The Global Compaction Machines Market Size is estimated to be valued at US$ 6474.48 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Compaction Machines Market are Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., GS Plastic Optics. Key players are focusing on expanding their global footprint through acquisitions and partnerships.

The growing demand for infrastructure development coupled with urbanization is a major factor driving the growth of the compaction machines market. Rapid infrastructure development projects in emerging economies of Asia Pacific and Middle East are creating high demand for compactors. Governments across the globe are investing heavily in road networks, airports, housing, and commercial buildings which require efficient compaction equipment.

The compaction machines market is witnessing rising global expansion as key players focus on penetrating developing regions. Sales of compaction machines are increasing in Asia Pacific due to increased spending on road construction and housing projects. Middle Eastern nations are also boosting infrastructure spending using compactors for soil compaction in large construction sites. Latin American countries present huge growth opportunities for compaction machine suppliers for their expanding construction sector.

Market Key Trends

Electric compaction machines are gaining traction driven by focus on sustainability. Battery operated electric compactors are being increasingly preferred over diesel options as they offer low noise and zero emission operations useful in urban infrastructure works. Leading manufacturers are developing innovative electric compactors with advanced lithium-ion batteries providing high performance comparable to fuel engines. The trend reflects the construction industry’s commitment to reducing carbon footprint through electrification of equipment.

Porter’s Analysis

Threat of new entrants: New entrants find it difficult due to high initial setup costs and established suppliers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and competition among existing players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitution is moderate due to product differentiation by existing brands.
Competitive rivalry: Intense competition exists among existing suppliers.

Geographical Regions

North America accounts for the largest share of the market currently due to growth in construction activities. The region is expected to continue dominating the market in terms of value during the forecast period as well.

Asia Pacific region excluding Japan is projected to witness the fastest growth during the forecast period owing to increasing infrastructure development activities in countries such as China and India. Rising urbanization and growing construction industry will fuel demand for compaction machines in the region.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it