PUBLISHER: The Insight Partners | PRODUCT CODE: 1871409
PUBLISHER: The Insight Partners | PRODUCT CODE: 1871409
The North America piling machines market is projected to grow significantly, reaching approximately US$ 2,192.92 million by 2031, up from US$ 1,613.75 million in 2023, with a compound annual growth rate (CAGR) of 3.9% during this period.
Executive Summary and Market Analysis
The market is divided into three main regions: the United States, Canada, and Mexico. Key drivers for the growth of the piling machines market include increased infrastructure development, a rising need for renovation and repair, and rapid urbanization. The construction sector's expansion is a primary factor contributing to this market's growth in North America.
In October 2023, the Canadian government, along with British Columbia, allocated over US$ 10 million for the establishment of three new water and wastewater facilities. This investment aims to enhance municipal services in Fraser Lake, Burns Lake, and the District of Mackenzie, which is expected to stimulate the construction sector and, consequently, the piling machines market.
North America is a significant player in the oil and gas industry, with the United States being a leading producer of natural gas and crude oil globally. In 2022, the U.S. had the highest natural gas production capacity, followed by Canada and Mexico. Notable natural gas fields include Ixachi in Mexico and the Coulomb Phase 2 field in the U.S. The number of oil and gas rigs has also seen a substantial increase, with the U.S. rising from 436 rigs in 2020 to 721 in 2022. This surge in oil and gas exploration and production activities is driving the demand for piling machines across the region.
Market Segmentation Analysis
The North America piling machines market is categorized by product type and method.
Market Outlook
The global demand for energy is escalating due to population growth, with countries like India, the U.S., and China leading in energy consumption. The U.S. Energy Information Administration (EIA) predicts that energy consumption in the U.S. will continue to rise through 2050, driven by economic and population growth. Natural gas is increasingly recognized for its potential in electricity generation and other industries. Additionally, the ongoing energy uncertainties in Europe, exacerbated by the Russia-Ukraine conflict, have led to a push for greater natural gas utilization.
Countries such as the U.S., China, India, Vietnam, and South Korea are experiencing heightened demand for crude oil, fueled by advancements in their manufacturing sectors and supportive government policies. The EIA estimates that major shale basins in the U.S. will enhance their natural gas production capacities in 2024, with shale production expected to rise significantly by 2035.
Country Insights
The North America piling machines market is primarily composed of the U.S., Canada, and Mexico, with the U.S. holding the largest market share in 2023. The demand for infrastructure development, renovation, and urbanization is particularly strong in the U.S., where the construction sector is thriving. Key construction projects such as the Gordie Howe International Bridge, Madison Square Garden Sphere, and various airport expansions are anticipated to further drive the piling machines market.
Company Profiles
Key players in the piling machines market include Liebherr-Werk Nenzing GmbH, Junttan Oy, Bauer AG, Soilmec SpA, and many others. These companies are focusing on strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence and offer innovative solutions to customers.