A booming construction industry across the globe is expected to propel the demand for piling equipment and supplies necessary in pile foundation work. Further, according to a new research study published by Persistence Market Research, growing investments in non-conventional sources of energy and rising exploration activities to extract new mineral deposits are expected to fuel demand and revenue growth in the global piling equipment and supplies market.
Technology enabled advances in hydraulic fracturing have led to a shift from conventional production of utilities to non-conventional shale gas and tight oil production. Shale gas and tight oil is produced in large quantities in the U.S and Canada and this is likely to result in an increase in foundation work in shale gas production facilities, thereby amplifying the demand for piling equipment. A shifting focus towards unconventional energy sources such as solar and wind energy to generate power is being underpinned by regulatory approvals and governmental support in countries such as India, China, and Japan. This is further anticipated to lead to increase in foundation work and thereby fuel the demand for piling equipment.
There has been a slowdown in mining activities in Malaysia, China, and Indonesia in the recent past predominantly owing to the imposition of strict governmental regulations in these countries. This has resulted in a shift to other regions for the exploration, mining, and excavation of metals and minerals, to bridge the demand-supply gap. Advanced geotechnical and foundation equipment is necessary to gain access to deep mineral deposits and also to stabilize the structure of the soil in areas adjoining the mines. Persistence Market Research predicts that such exploration activities will eventually drive demand for anchoring equipment and piling sheets in the coming years.
According to the analysis presented in the report, the global markets for piling equipment and piling supplies – collectively estimated to be valued at US$ 5,117.0 Mn in 2018 – are projected to reach a collective valuation of US$ 7,168.8 Mn towards the close of 2026, exhibiting CAGRs of 3.7% and 4.5% respectively during the period from 2018 to 2026. This growth can be attributed to the increasing regional investments in infrastructure projects resulting in rising demand for piling equipment and supplies.
Eco-friendly Piling Equipment to Witness Rise in Demand Owing to Widespread Environmental Concerns Across the World
Manufacturers of piling equipment are leveraging technological innovation to improve the quality and performance of their products while complying with rules and regulations pertaining to environmental protection and sustainability. The diesel hammer has slowly given way to hydraulic hammers and in several densely populated regions, piling equipment used both to drill piles into the ground and excavate existing piles, uses vibration technology to reduce instances of noise and dust pollution.
Latest piling equipment is pre-fitted with GPS and other land positioning systems that help locate foundations. For instance, sensors are used on crane booms, foundation rig masts, and in vertical lead systems to position foundation elements. Technological development allows rigs and cranes to correctly position the foundation within specific coordinates and thereby minimizes costs associated with surveys. These advancements are expected to bolster revenues in the global piling equipment and supplies market.
Piling Equipment Market to Remain Consolidated with the Top Two Players Collectively Holding Around 25% Value Share
The global market for piling equipment is highly consolidated with a few leading companies dominating the market in terms of production capacity of piling and drilling rigs. Some of the bigger players in the global market hold about 40% market share collectively. One of the key strategies of these large players is to venture into partnerships and alliances with drilling service providers and also offer in-house piling services to expand their customer base and strengthen their hold in the global market. Some of the piling equipment manufacturers based in China hold a fairly large share in the global production capacity of piling equipment.
To know more about the global piling equipment and supplies market, write in to Persistence Market Research analysts at firstname.lastname@example.org