Paving and Concreting Equipment Market: Introduction
- Paving and concreting equipment are used to prepare and refurbish concrete and asphalt. A paving machine, also called as paver, is used to lay asphalt on roadways, bridges, walkways, and parking areas. Concreting equipment usually includes concrete batching plant, concrete mixers, and concrete pumps. A concrete batching plant is used for homogenous mixing and blending of concrete ingredients. Concrete mixers are divided into two major categories – batch mixers and continuous mixers.
Key Drivers of the Global Paving and Concreting Equipment Market
- Rapid urbanization and increasing investment in infrastructure development are driving the demand for paving and concreting equipment across the globe. Construction companies are increasingly preferring advanced machineries and tools for efficient execution of their projects. Private builders and government authorities use high-performance construction equipment to meet the infrastructure needs of emerging metropolitan areas.
- Furthermore, the introduction of new construction materials drives the demand for advanced construction machines. The need and compatibility of the machines may vary for different materials, and hence customers are looking for integrated solutions suitable to different applications that can minimize the maintenance cost and overall investment in equipment and machines.
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COVID-19 Pandemic Impact on the Paving and Concreting Equipment Market
Major customers of paving and concreting equipment are from the construction industry and are using the services through rental channels. Customers and service providers are expected to renew and update the service contracts to face the economic crisis through mutual understanding and contribution. Furthermore, the progress of some projects is restricted due to the shortage of labor and the city-wide shutdowns.
Key Players Operating in the Global Market
Key companies are heavily spending on R&D to launch advanced machines and equipment for paving and concreting. Most of the companies are focusing on regional expansion, mergers & acquisition, new product launches, and technological advancement in order to ensure the product offerings are according to the evolving needs of end-use industries. Further, strategic partnerships with dealers and distributors allow companies to serve customers in untapped markets.
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Asia Pacific to Become a Major Market for Paving and Concreting Equipment by 2030
- By geography, the global paving and concreting equipment market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. The country-level analysis and forecast of the Europe market covers the paving and concreting equipment market in the U.K., Germany, France, and Rest of Europe.
- Rapid urbanization has increased construction activities across developing countries of Asia Pacific. For instance, 50% of the demand for construction activities in India comes from the infrastructure sector, while the rest comes from industrial activities, residential and commercial development etc. Furthermore, different governments in the region have initiated numerous measures to boost urban infrastructure.
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Some of the major companies identified in the global paving and concreting equipment market are:
- GOMACO Corporation
- HEM Paving
- Rexcon LLC
- Power Curbers Inc
- Terex Corporation
- Allen Engineering Corporation
- BHAI Pumpcrete Pvt. Ltd.