PUBLISHER: Grand View Research | PRODUCT CODE: 1433602
PUBLISHER: Grand View Research | PRODUCT CODE: 1433602
The global piling machine market is anticipated to reach USD 6.71 billion by 2030 and is anticipated to expand at a CAGR of 4.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The technological advancements in the piling machine, such as improved efficiency, reduced noise levels, and environmental considerations, are likely to drive the market over the forecast period.
The continuous economic growth in emerging economies has been driving the need for rapid urbanization and energy security. To cater to this need, there is a growing need for modern infrastructure, such as high-rise buildings and skyscrapers. Piling machines are crucial for bridge construction, providing the necessary support for bridge piers and abutments. Investments in such mega infrastructure projects have a direct positive impact on the market.
The value chain encompasses suppliers who provide hardware components such as ground-engaging tools, undercarriages, engine parts, powertrains, and hydraulics. Some of the component suppliers have been providing innovative market offerings, which play a critical role in new product development. Raw material suppliers are a crucial part of the value chain. Lack of materials or capacity from suppliers may inflate the cost of manufacturing. The procurement of these parts and materials by OEMs is influenced by cost fluctuations in energy and commodity prices.
The supply chain design in the case of piling machines is very complex. The reliance on the effective supply chain is anticipated to grow in the next few years. As a result, companies are restructuring and realigning their businesses to optimize cost structure, increase operational efficiency, reinforce competitive positioning, and hedge against potential supply chain disruptions.
Recent technological advancements, such as the integration of artificial intelligence (AI) into piling machines, have gained widespread use due to their numerous advantages. These AI-equipped piling machines enable operators to remotely oversee and manage the piling process, resulting in enhanced safety and precision. Moreover, various types of piling machines are employed for distinct foundation tasks, encompassing drilling rigs, piling rigs, and piling machines. AI-driven piling rigs and drilling equipment exhibit superior speed and efficiency compared to conventional machinery, thereby reducing the time required for foundation work.
For the market, the threat of substitutes has remained on the lower side due to the specialized nature of piling equipment and the limited alternatives available for deep foundation construction. While piling machines are the standard for deep foundation construction, alternative piling methods exist, but these methods are mostly used on specific project requirements.