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Piling Machine market size is forecast to reach US$5.8 billion by 2027, after growing at a CAGR of 3.1% during 2022-2027.
HYDERABAD, TELANGANA, INDIA, October 28, 2022 /EINPresswire.com/ — Piling Machine market size is forecast to reach US$5.8 billion by 2027, after growing at a CAGR of 3.1% during 2022-2027. Piling machines are used to drive piles and make drills into the ground to provide foundational support for various infrastructure structures such as bridges, buildings, and others. Hydraulic hammer or hydraulic system is an advanced piling system with low noise and vibrations. A vibratory pile driver is a machine that installs piling into the ground by applying a rapidly alternating force to the pile. Rapid urbanization along with the growing number of infrastructure projects in developing nations is one of the major factors driving the market for piling machines during the forecast period. According to the U.S. Census Bureau, Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of US$1,568.8 billion, which is above the revised June estimate of US$1,563.4 billion. The growing oil & gas extraction activities along with increasing mining of different materials such as coal, copper, and metals among others are also supporting the market growth during the forecast period.
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Key takeaways:
This IndustryARC report on the Piling Machine market highlights the following areas –
1. The Asia Pacific is expected to register the highest CAGR of 3.9% during the forecast period (2022-2027). Rapid urbanization, emerging economies, and increasing construction activities are the major factors driving the market growth.
2. The piling rings segment is expected to hold a major market share between the forecast period 2022-2027.
3. Development of the mining sector in Peru and Chile, due to abundant reserves of minerals, such as gold and copper, is estimated to drive the market during the forecast period.
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Segmental Analysis:
1. The piling rings segment accounted for approximately 36% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Piling rings are used for different applications, such as foundation reinforcement, cast-in piles, and installing diaphragm walls among others.
2. The increasing commercial constructions such as complexes, hospitals, hotels and restaurants, and retail spaces is driving the regional growth during the forecast period. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. According to FDI India, approximately US$26.08 billion FDI equity Inflows in Construction Development during April 2000 – March 2021.
3. The construction segment accounted for approximately 28% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. The growing number of infrastructure projects such as metro rail, and bridges in developing nations is driving the market growth for the construction segment. Piling machines are used for drilling activities in the soil in the construction industry.
Competitive landscape:
The top 5 players in the Piling Machine industry are:
1. Atlas Copco
2. BAUER Aktiengesellschaft
3. BSP International Foundations
4. Soilmec S.p.A.
5. Casagrande Group
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