PUBLISHER: Allied Market Research | PRODUCT CODE: 1446944
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446944
The global hydraulic attachments for demolition market were valued at $4,136.7 million in 2023, and is projected to reach $7,133.1 million by 2033, registering a CAGR of 5.6% from 2024 to 2033.
Hydraulic attachments for demolishing are uniquely designed tools that improve the efficiency and precision of building site deconstruction activities. This broad category includes grapples for flexible material handling; breaker/hammer attachments for breaking down rock and concrete surfaces; crusher/shear attachments for processing and recycling building materials; pulverizer for crushing and grinding debris; and other attachments like thumbs, rippers, and crunchers that provide extra functions, including tearing, compacting, and precise handling. These hydraulic attachments are essential for streamlining the demolition process as they are flexible and versatile enough to handle every challenge involved in demolishing buildings for infrastructure and construction projects.
Some significant factors that impact the growth of the global hydraulic attachments for demolition market include increase in construction and infrastructure activities in developed nations. Furthermore, development of the mining sector and increase in demand for coal, metal, and minerals are accelerating the hydraulic attachments for demolition market growth. However, lack of skilled & qualified operators and decrease in new construction activity are the factors anticipated to hinder the growth of the market. On the contrary, rise in demand for technologically advanced equipment in the mining sector is expected to provide future growth opportunities in the market.
Construction companies that focus on cutting down costs can highly benefit from hydraulic attachments for demolitions. Since hydraulic attachments for demolitions require grease and oil to maintain, the internal components are kept lubricated, which reduces the amount of upkeep. The longer the demolition tool lasts, the less money will be spent on equipment. Hence, key players are manufacturing advanced and cost-effective hydraulic attachments for demolition for mining and construction sectors.
For instance, in November 2023, SANY Group introduced five brand-new small excavator models with enhanced features and performance, scheduled for official release in 2024. Tailored for the European and North American markets, the SY60C, SY75C, SY80U, SY95C, and SY135C have been produced at SANY's industry park in Kunshan, Jiangsu Province. This marks a significant achievement in SANY's global product strategy for overseas markets. Launch of new models are expected to create demand for hydraulic attachments. These instances, in turn, is expected to drive the growth of the market.
Population growth in the developing countries-such as China, India-and the U.S. is expected to bring about rapid urbanization, boost the development of the housing sector, and foster the demand for hydraulic attachments. According to the United Nations (UN), about 68% of the world's population is expected to live in urban areas by 2050. This is expected to increase construction activities for housing, infrastructure, and non-residential construction worldwide. Thus, all these factors collectively drive the growth of the hydraulic attachments for demolition market.
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