Ground Engaging Tools (GET) Market: Introduction
Ground engaging tools (GET) are tools that engage directly with the ground or materials to protect heavy equipment. Ground engaging tools are high wear-resistant metal components that come in direct contact with the ground during construction and excavation activities. GET options are available for popular machine categories for many industries. For example, GET equipment is often equipped to the buckets of excavators and loaders and to the blades of dozers, graders, and snow plows. Ground engaging tools are important as they protect expensive machine components, reduce operating costs, and maximize machine performance.
Key Drivers of the Ground Engaging Tools (GET) Market
The global urban population is increasing significantly, putting pressure on existing urban services such as road networks and public transport. Rising number of smart cities is one of the major factors which necessitates better infrastructure and their maintenance. Smart cities offer improved infrastructure by setting up highly efficient transportation systems. Demand for affordable housing has increased along with the growing demand for transport, and social and utility infrastructure. Governments across the globe have launched plans to provide affordable housing at reasonable interest rates. These measures are expected to drive the growth of the construction industry, thereby impacting the growth of the ground engaging tools (GET) market over the forecast period.
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Innovations and Advanced Technology Creating Opportunities in the Ground Engaging Tools (GET) Market
Innovations in ground engaging tools (GET) are boosting the life expectancy of machine parts and increasing production, while decreasing the overall cost of machine ownership. Advanced GET comes with products focused on improving undercarriage lifetime and reducing the cost per hour of operation for mining, large construction, and oil & gas markets. Manufacturers are introducing new technology such as forged ground engaging tools that are designed to extend the life on the teeth of a bucket wheel excavator. This specific GET uses a special locking mechanism to make smooth changes during field operations. These factors create new opportunities for the product in the market.
Restraints of the Ground Engaging Tools (GET) Market
Uncertainty in the mining industry is one of the major factors restricting industry demand for ground handling tools. Moreover, longer life cycle of these products is a major challenge to manufacturers. This prevents the repetitive sales of the products, thereby shifting the focus toward providing maintenance services of ground engaging tools (GET). All these factors create hurdles and restrain the growth of the ground engaging tools market.
Asia Pacific the dominant market
China and Japan are the largest markets for ground engaging tools (GET). Increase in investments in infrastructure, growing population, and better standard of living in the region are driving the improvements in infrastructure. The Chinese government has planned to upgrade the country’s infrastructure through various projects such as 7918 Network (also known as the National Trunk Highway System) and national high-speed railway. These factors are imparting a robust impetus to the expansion of the ground engaging tools (GET) market, offering new opportunities in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level.
Some of the major companies identified in the ground engaging tools (GET) market are:
- Caterpillar Inc.
- Hitachi Construction Machinery
- Atlas Copco
- John Deere
Ground Engaging Tools (GET) Market: Research Scope
Ground Engaging Tools (GET) Market, by Type
- Motor Graders
- Others (Rippers and Scrapers etc.)
Ground Engaging Tools (GET) Market, by Application
- Mining & Quarries
The report on the ground engaging tools (GET) Market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
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