by Compaction machines are heavy construction equipment used for compacting soils and materials during earthworks, road construction and infrastructure development projects. These machines help to increase the density of the compacted materials and ensure the stability of the foundations and sub grades of roads, buildings, dams and other structures. They come in different types depending on the application like rammers, vibratory plates and rollers which are used for compacting granular materials, soils and asphalt during construction activities. The growing construction industry across both residential and non-residential sectors has been driving the demand for compaction machines over the past few years.
The global Compaction Machines Market is estimated to be valued at US$ 5620.2 million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing construction industry has been a major driver of the compaction machines market over the past decade. Rapid urbanization and population growth have led to increasing construction of residential and non-residential buildings as well as infrastructure projects like roads, railways, bridges etc around the world. Additionally, the focus on upgrading aging infrastructure in developed economies has also created strong demand for earthmoving and compaction equipment like compactors. Another key driver has been the increasing utilization of vibratory rollers and plates for compacting hot and cold asphalt mixes during road construction. The compaction of asphalt layers is essential to achieving the desired grade, thickness and strength specifications which has boosted adoption of asphalt compaction machines.
Segment Analysis
The compaction machines market is dominating by the Static segment. Static compaction machines account for nearly 60% of the global market. Static machines are primarily used for compacting granular soils, crushed aggregate bases, and subbases prior to paving. Their effectiveness at achieving target densities with fewer passes and greater consistency across the compacted surface area compared to lightweight vibratory machines leads to their higher preference.
PEST Analysis
Political: Regulations promoting investment in infrastructure development especially in road construction are boosting demand. Environmental norms regarding emissions may increase development of electric machines.
Economic: Growth in construction sector especially road infrastructure due to government spending is major driver. rising income levels in developing nations augmenting demand for compaction machines. High initial cost may hinder market growth to some extent.
Social: Rapid urbanization and growing population is increasing need for housing and transportation infrastructure which requires compacted soil and aggregate for construction works.
Technological: Intelligent compaction technology integrated machines providing real-time compaction measurements enabling efficient rolling patterns are gaining traction. Use of IoT and telematics aids fleet management and maintenance of compaction machinery.
Key Takeaways
The global Compaction Machines Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising infrastructure investment globally. The global compaction machines market is estimated to be valued at US$ 5620.2 million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the market currently accounting for over 35% of the global sales in 2023. Expanding road networks, growth in real estate and rising government expenditure on infrastructure development projects in China, India are fueling demand in the region. North America is another major market for compaction machines owing to revamping of aging infrastructure and highways network in US. Presence of leading manufacturers such as Caterpillar, Volvo, Atlas Copco and growing construction expenditure makes the region an important market.
Key players operating in the compaction machines market are Caterpillar, Volvo Construction Equipment, Atlas Copco, BOMAG, Sakai America, Hamm AG, Wacker Neuson, The Toro Company, Doosan, Mikasa, Hitachi, Belle Group, Ammann Group, and others. Caterpillar is the global market leader with widest product portfolio for mining, infrastructure, and construction application. Volvo, Atlas Copco, and BOMAG also have strong presence worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
