According to a new report by Precedence Research, the value of the global construction equipment market topped $136.3 billion in 2020, driven primarily by rapid industrialization, quickening urbanization in underdeveloped and developing countries, and technological advancements in the industry.
Governments boosting investments in building infrastructure
The construction equipment market is defined by equipment used extensively in construction of roads, highways, commercial buildings, residential buildings, excavation, digging, and many more activities associated with building and construction.
Governments the world over are now boosting investments in building infrastructure as a consequence of booming urbanization and rapid industrialization. This is resulting in a surge in demand for the latest and most technologically advanced construction equipment. What’s more, this equipment is more and more additionally expected to be eco-friendly, fuel-efficient, deliver improved productivity, and drive down costs.
Timelapse photography emerging as valuable construction tool
Timelapse photography, for example, is emerging as a significant and valuable tool towards construction project monitoring as well as bringing powerful communications technology to the industry. A construction time lapse camera from the Enlaps brand, for example, offers an important value-add to construction project documentation while contributing towards showcasing and marketing the completed work. What’s more, video documentation has the potential to motivate in-house teams and allows for real-time project progress tracking.
Time lapse construction cameras lend towards creating a project portfolio allowing monitoring from a variety of points of view. It’s also valuable as a store of record to evaluate any accidents, errors, theft, or other problems that might emerge on the construction site. Project managers and other stakeholders have the potential to browse through available data or monitor progress in real-time and detect and forestall costly problems before they arise.
Top-drawer construction cameras now bring 4K and 6K, double-sensor, triple-format, 32Mpx imaging for unparalleled video editing possibilities. Bundled software has the potential to generate professional time lapse videos with a single click with advanced processing and algorithmic selection of the best possible angles and images. Optimally managed and controlled, always-on cameras can be accessed at a glance for real-time jobsite monitoring.
Trends accelerating or dragging equipment market
The trend towards construction equipment rentals is but one seen to be accelerating the market. Equipment rental services keep working capital in builders’ hands, the better for bringing efficiently in daily operations. Rising urbanization in developing nations such as India, China, and many African countries is fostering growth in the rental services market. Renting equipment for your construction business is simply more cost-effective in many situations. When you rent the equipment, you also leave the wear and tear repairs in the rental business’s hands freeing you up to handle your business, not worrying about fixing equipment or updating it.
On the downside, the necessary drive toward sustainability and environmentally conscious building practices are dragging the market somewhat. Construction equipment at present lends significantly towards ozone-damaging emissions and affects air quality. Increasing government regulations to reduce national carbon footprints are expected to hamper growth in the market in forthcoming years, according to the Precedence Research report.
Initiatives and strict regulations surrounding CO2 emissions are a major challenge for the construction industry right now, but this also presents an opportunity for innovation and technological progress. Europe is expected to lead the market during the period forecast by the report as demand for new residential units, commercial space, and skyscrapers accelerates there. Furthermore, the continent is leading technological advancements in construction equipment innovation, and this is further expected to contribute towards additional growth.