Transparency Market Research has published a new report, titled “Excavators Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” As per the report, the demand for excavators is increasing on account of their applications such as residential construction, sewage disposal, commercial construction, and mining. Excavators are also in demand as they are used for excavating different forms of soil and this will boost the growth of the global excavators market. The flourishing construction sector will drive the growth of this market especially in Asia Pacific where there are many construction and infrastructure activities that are taking place.
The growth in the mining sector is also benefitting the growth of the market. In the mining sector, excavators are used for the extracting of ores. In the waste management sector, excavators are used for carrying large heaps of waste matter from one place to another in order to dispose them. In the constructions and infrastructure sector, excavators are used to place large rocks, armours as well as move the construction materials. They are also used to move the construction waste. All these factors make excavators and important tool in the construction, mining, and waste management sectors. As the amount of waste is increasing tremendously, there is a dire need for effective waste management, which will create a heightened need for excavators in the forecast period and this will drive the growth of the market.
On the basis of geography, the global excavators market is segmented into North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these, it is Asia-Pacific which is currently leading in the global excavator market. The report also predicts that Asia Pacific will continue to hold the dominant thing status within the excavators market on account of the growth in the infrastructure and construction activities as well as rapid urbanization in emerging countries such as India and China. In addition to this, rapid growth in the population will also result in the booming construction sector. This in turn will drive the demand for excavators. These two countries are also witnessing a tremendous rise in the number of road and bridge construction and this will also create the need for excavators.
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Apart from Asia Pacific, North America and Europe will also emerge as lucrative markets for excavators. In Europe, the UK, France, and Germany are key markets where excavators are being used on a large scale. In the Middle Eastern Africa is growing rapidly in countries such as turkey and Saudi Arabia. As the Middle East and Africa have the largest oil and gas sector, they offer immense growth opportunities for the excavators market. This is because excavators are used extensively for the mining of oil in this region.