Report: Global Mini Excavators Market to Surpass $8 Billion by 2021
According to Global Mini Excavators Market 2017-2021 from Technavio, the worldwide mini-excavators market is expected to grow to $8.43 billion by 2021, due to the following factors:
- Unprecedented demand for energy expanding utilities sector
- Demand from rental market
- Increasing adoption of mini excavators in other applications
Unprecedented Demand for Energy Expanding Utilities Sector
Power and energy related projects continue to rapidly develop worldwide. The work of mini excavators on these sites varies from laying cables to carrying out maintenance activities. Mini excavators are extensively used in the installation, maintenance, and repairing of electric transmission networks and gas pipelines. Hence, growth in the utility segment will contribute to the increase in the volumes of mini excavators.
“The utility segment is experiencing extreme transformation due to various factors like climate change and resource scarcity, technological inventions, rapid urbanization, and a shift in global economic power,” Gaurav Mohindu, a lead construction research analyst at Technavio, said. “The converging effects of these technological advances like the growth of distributed generation and policy measures have resulted in new forms of competition and changes in customer behavior, which are transforming the power industry.”
Demand from Rental Market
Renting equipment has been a large-scale business in the United Kingdom, the U.S., and some European nations for a long time. In the United Kingdom, rental organizations use approximately 80% of all apparatus sold. Rental equipment has proven to be a vital division for some excavator manufacturers as an important client source as well as a working division. Emerging economies in Brazil, Russia, India, China, and South Africa represent a potential rental market as construction activities and industrial development continues to grow in these countries.
“Financial constraints, stringent regulations, and growing expenses of proprietorship make rental an appealing option for many contractors and other users. The capacity of rental organizations to tailor both the equipment and financial-related bundles to address the specific issues of individual clients will drive the market growth in the coming years,” added Gaurav.
Increasing Adoption of Mini Excavators in Other Applications
Mini excavators are increasingly being adopted in other applications as they are compact and versatile with a range of attachments, such as undercutter bars, hydraulic brush cutters, tie inserters, and tie tampers, all of which can be outfitted with a single machine. They are also gaining popularity in emerging markets due to the cost advantage they provide over conventional backhoe loaders.
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