PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120716
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120716
Compaction Machines Market size was valued at USD 4,809.1 Million in 2021, growing at a CAGR of 6.7% from 2022 to 2028.
Materials are compressed in terms of size by the process of compaction. The most prevalent example is soil compaction, which reduces soil permeability and erosion while giving soil strength and stability. When building roads, airports, and dams, compaction machines are mechanical devices that compact debris, gravel, soil, concrete, or asphalt. Numerous road construction projects require the use of compaction equipment. Compaction machines are frequently used to reduce pore pores in soil and stop water and air movement. Rammers, smooth-wheeled rollers, pneumatic tiered rollers, sheepsfoot rollers, pad foot rollers, and other tools and machinery are used in compaction. These devices condense broken stones, sand, soil, and other materials.
During the forecast period, rising infrastructure development is anticipated to fuel market expansion for compaction machines. In the construction of infrastructure, compaction machines are indispensable. China will overtake the United States in yearly road vehicle kilometres by 2025, predicts the International Energy Agency (IEA), and it is anticipated that it will continue to build and maintain new roads at a rapid rate. Additionally, based on CMI's study, the investments in infrastructure are anticipated to total roughly US$ 57 trillion, or 3.5 percent of the global GDP, of which US$ 16.5 trillion will be allocated to the building and upkeep of new roads. Over the forecast period, an increase in the number of paved roads is anticipated to drive the growth of the worldwide compaction machines industry. The constant need for developing high-quality roads is what is propelling global sustainable development and economic prosperity. Positive sociodemographic trends, a growing lack of housing, and an increase in the number of middle-class people in developing nations will result in significant demand for non-residential and residential buildings. High market demand is being generated by the government's shifting emphasis on digitizing the economy and an increase in the building of smart city initiatives. As an illustration, the New Zealand government spent USD 700 million on housing infrastructure in June 2021. This is further expected to drive the demand for the compaction machine industry during the study period.
The Global Compaction Machines Market is segmented on the basis of Type, Application, and Region.
The market is divided into four categories based on type: Heavy tandem roller, Single drum roller, Pneumatic roller, and Light compaction machines. The heavy tandem roller segment is expected to dominate the market during the forecast period. A piece of equipment called a tandem roller is used to pave parking lots and roadways. The tandem roller, also known as a steam roller, is composed of two extremely large and heavy steel rollers mounted on a chassis that is propelled by steam, gasoline, or diesel. Before it cools and hardens, asphalt or blacktop is compacted and smoothed with a tandem roller. The machine's steel rollers or drums are frequently cooled with a jet of water to avoid the pavement sticking to them.
The worldwide industry for Compaction Machines comprises a number of global and local companies, making it a fairly competitive market. The key players in the market are adopting various strategies to expand their market shares such as new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions.
For instance, In October 2021, Volvo Construction Equipment launched a new range of Pavers, Compactors, and Pneumatic Rollers exclusively for the Indian Market. Additionally, in September 2021, Volvo Construction Equipment introduced the CX01 single-drum asphalt compactor at The Utility Expo in Kentucky. Additionally, in September 2020, launched DD128C compactor that delivers the fastest rolling speeds.
The scope of this report covers the market by its major segments, which include as follows: