PUBLISHER: The Insight Partners | PRODUCT CODE: 1843388
PUBLISHER: The Insight Partners | PRODUCT CODE: 1843388
The Asia Pacific concrete pumps market is projected to grow significantly, reaching approximately US$ 2,641.95 million by 2031, up from US$ 1,594.55 million in 2023, reflecting a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2023 to 2031.
Executive Summary and Market Analysis
The market is divided into several key regions, including China, Japan, India, South Korea, Australia, Vietnam, Singapore, Malaysia, the Philippines, Cambodia, and other parts of Asia Pacific. The construction and infrastructure sectors in this region are experiencing substantial growth, driven by rapid economic development and a rising population. Major infrastructure projects, such as new railway stations, commercial buildings, residential complexes, airports, and water treatment facilities, are on the rise. Notable modernization efforts, including developments at Singapore Changi Airport, Beijing Capital International Airport, and Incheon International Airport, are positively influencing the construction industry. In Singapore, the Building and Construction Authority forecasts that construction project demand will range between US$ 32 billion and US$ 38 billion in 2024, primarily from the public sector, due to increased public housing and infrastructure initiatives.
Market Segmentation Analysis
The Asia Pacific concrete pumps market can be analyzed through various segments:
Market Outlook
Robust infrastructure is crucial for a country's economic growth and development, prompting significant investments from governments and construction firms worldwide. For instance, in August 2024, the Indian government announced a US$ 494 million investment for hydropower projects in the northeastern region, aiming for a capacity of 15,000 MW over the next eight years. Additionally, plans to construct around 1,000 bridges in Assam by 2026 are expected to require approximately US$ 50 million. Such government initiatives are anticipated to create substantial opportunities for construction machinery and equipment, thereby driving the concrete pumps market forward during the forecast period.
Country Insights
The Asia Pacific concrete pumps market is further analyzed by country, with China being the largest market in 2023. The construction and infrastructure sector in China has undergone significant transformation, fueled by rapid economic growth and its status as a global economic leader. China is recognized as one of the largest construction markets globally, with a planned infrastructure expenditure of US$ 4 trillion in 2024, marking a 3.8% increase from the previous year. In February 2024, the Shanghai government announced plans to initiate 24 projects with a total investment of US$ 5.8 billion. Furthermore, in March 2024, the Chinese government revealed a commitment of US$ 173 billion for transport infrastructure projects by the end of 2024, alongside a US$ 19.6 billion investment for 32 railway projects in the Yangtze River Delta region.
Company Profiles
Key players in the Asia Pacific concrete pumps market include Alliance Concrete Pumps Inc., Concord Concrete Pumps Inc., DY Concrete Pumps Inc., Zoomlion Heavy Industry Science and Technology Co Ltd, XCMG Construction Machinery Co Ltd, Sany Heavy Industry Co Ltd, Liebherr-International AG, AJAX Engineering Limited, BETONSTAR, Sebhsa, Putzmeister America, Inc., CIFA S.p.A., KCP Concrete Pumps Ltd., Sermac Srl, and LUTON Group, among others. These companies are employing various strategies, including market expansion, product innovation, and mergers and acquisitions, to enhance their product offerings and increase market share.