The "Global Hydraulic Excavator Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The hydraulic excavator market will register a CAGR of over 2% by 2023.
Growing awareness of global warming and climate change is creating a demand for green buildings. Buildings emit more greenhouse gases than the transportation industry. A huge amount of energy is consumed during the construction, establishment and subsequent services of buildings. Green buildings are energy-efficient buildings which are designed to consume less energy. Green buildings conserve energy by recycling the by-products released by the building. The energy consumption will increase with growing demand for residential and commercial spaces in developing nations. This will create a demand for energy efficient green buildings which will consequently drive the growth of the hydraulic excavator market during the forecast period.
Increasing requirement for large-scale project management
Hydraulic excavators help in automating processes which results in low workloads and high overall productivity. The revenues can also be increased by reducing the operating time through conversion ratio and running time calculation. Efficient process management can be achieved by hydraulic excavators due to their ability to provide automated services which reduce response time. These benefits of hydraulic excavators help in efficient large-scale project management which in turn drives its adoption in the construction industry.
Stringent emission regulations for construction machinery
Environment governing bodies have set up strict norms to reduce emissions from factories, production facilities, machinery, vehicles, and equipment. These norms limit particulate matter emission for construction machinery. Vendors need to install additional parts in the equipment to comply with these strict emission norms. This increases the cost of the machinery thereby hurting the growth prospects of the hydraulic excavator market.
The market appears to be fragmented and with the presence of several companies including Caterpillar, and Hitachi Construction Machinery the competitive environment is quite intense.
Factors such as the, growing demand for large-scale project management will provide considerable growth opportunities to hydraulic excavator manufacturers. Caterpillar, Hitachi Construction Machinery, Komatsu, Terex, and Volvo are some of the major companies covered in this report.
The demand for green buildings will increase during the forecast period. The growing construction of green buildings will drive the growth of the hydraulic excavator market.
According to the report, one of the major drivers for this market is the growing demand for large scale project management in the construction industry. Hydraulic excavators offer several beneficial features such as process management, profitability projection, and automation which helps in efficient large-scale project management.
Further, the report states that one of the major factors hindering the growth of this market is the strict emission regulations for construction machinery. To follow these norms, vendors need to install additional parts in their products which increases the overall costs and therefore hamper market growth.