Increase in demand for coal, metal, and mineral mine; rapid urbanization & industrialization; and surge in residential & non-residential construction activities drive the growth of the hydraulic attachments for demolition market.
WILMINGTON, Del., Feb. 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydraulic Attachments for Demolition Market, by Type (Breaker/Hammer, Crusher/Shear, Pulverizer, Grapple, and Others), Application (Mining and Excavation, Earth Moving, and Demolition), End User (Construction, Mining, Waste management & Recycling, and Utility): Global Opportunity Analysis and Industry Forecast, 2024-2033." According to the report, the global hydraulic attachments for demolition market was valued at $4,136.7 million in 2023, and is projected to reach $7,133.1 million by 2033, registering a CAGR of 5.6% from 2024 to 2033.
Prime determinants of growth
Europe stands out as a primary user of hydraulic attachments for demolition, owing to the expansion of the earthmoving and demolition industry. In addition, exponential growth of the global population due to increasing migration has led to rapid urbanization and infrastructure development, which, in turn, are anticipated to boost the demand for hydraulic attachments for demolition. Moreover, rise in governments infrastructure investment and advancements in hydraulic attachments technology are expected to offer lucrative opportunities during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $4,136.7 Million |
Market Size in 2033 | $7133.1 Million |
CAGR | 5.6 % |
No. of Pages in Report | 220 |
Segments covered | Type, Application, End User, and Region |
Drivers | Increase in demand for coal, metal, and mineral mine. Rapid urbanization & industrialization. Surge in residential & non-residential construction activities. |
Restraints |
Lack of skilled and qualified operators High initial costs and equipment investment |
Opportunities | Rise in demand for technologically advanced equipment in the mining sector Government investments in the building infrastructure sector |
The breaker/hammer segment to maintain its leadership status throughout the forecast period
Depending on type, the breaker/hammer segment held the highest market share in 2023, accounting for more than one half of the hydraulic attachments for demolition market revenue and is estimated to maintain its leadership status throughout the forecast period. The grapple segment is projected to register the highest CAGR of 8.9% from 2023 to 2033, owing to high efficiency of grapples in breaking and demolishing structures, providing faster and more precise results, enhancing productivity and minimizing manual labour.
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The earth moving & demolition segment to maintain its leadership status throughout the forecast period
Depending on application, the earth moving & demolition segment held the highest market share in 2023, accounting for more than four-fifths of the market and is estimated to maintain its leadership status throughout the forecast period. The mining & excavation segment is projected to register the highest CAGR of 6.2% from 2023 to 2033. This is attributed to increasing demand for efficient and specialized equipment, driven by rise in construction activities and infrastructure development globally.
The construction segment to maintain its lead position during the forecast period
On the basis of end user, the construction segment accounted for the largest share in 2023, contributing to more than two-thirds of the market revenue. However, the waste management & recycling segment is expected to portray the largest CAGR of 9.2% from 2023 to 2033. This attributed to growing emphasis on sustainable practices and the need for advanced equipment to facilitate efficient material recovery and waste processing.
Europe to maintain its leadership status throughout the forecast period
Region wise, Europe held the highest market share in 2023, accounting for more than one-third of the hydraulic attachments for demolition market revenue and is estimated to maintain its leadership status throughout the forecast period. However, Asia-Pacific is projected to register the highest CAGR of 6.8% from 2023 to 2033. This is attributed to rapid urbanization, increase in construction activities, and infrastructural development, thereby creating a robust demand for advanced demolition equipment across diverse industries.
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Leading Market Players: -
- Caterpillar
- Atlas Copco AB
- Epiroc AB
- Montabert SAS
- Sandvik AB
- Genesis Attachments
- Soosan Heavy Industries Co., Ltd.
- OKADA
- Indeco
- Xcentric
The report provides a detailed analysis of these key players in the hydraulic attachments for demolition market. These players have adopted different strategies such as investments and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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