June 14, 2024
Compaction Machines Market
Ict

Compaction Machines Market is poised to lead green construction initiatives by 2024

The compaction machines market is witnessing significant growth owing to rising investments in infrastructure development and increasing adoption of advanced soil compactors and heavy equipment for mining and construction activities. Compaction machines such as rollers, pads, and rammers help achieve the required density by applying mechanical stress to various materials including soil, gravel, concrete, and asphalt during the construction and mining processes.

The Global compaction machines market 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 2031.

Key Takeaways

Key players operating in the Compaction Machines Market Demand 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. The growing demand for compactors from construction, mining, and agriculture industries is fueling market growth. Major players are expanding their global footprint by enhancing production facilities and distribution networks across Asia Pacific, North America, and Europe.

Market key trends

One of the key trends gaining traction in the compaction machines market is the increasing adoption of electric and hybrid compactors. Strict emission regulations and the rising need for sustainable construction equipment is propelling the demand for electric compactors. Major players are focusing on developing advanced battery packs and motors to improve the performance and efficiency of electric compactors. For instance, Caterpillar introduced its electric vibratory soil compactor that provides up to eight hours of run time on a single charge.

Porter’s Analysis

Threat of new entrants: New companies can enter the market easily with low investment costs.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and fragmented market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources.

Threat of new substitutes: Substitute products such as rammer and vibratory plate compactors pose medium threat to the market.

Competitive rivalry: The market has many global and regional players operating intensely.

Geographical Regions

North America accounts for the largest share of the compaction machines market, with the US being the major contributor. Factors such as advancements in technology, infrastructure development, and government investments drive the market in this region.

Asia Pacific is projected to grow at the highest CAGR during the forecast period. Increasing urbanization and infrastructure development are driving the demand for compaction machines in emerging countries such as China and India. Rising industrial and commercial construction activities will further boost the APAC market.

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