Paving Equipment Covering Ground

Many cities across the globe increasingly are constructing skyscrapers and ultra-high-rise buildings, supported by rapid urbanization and economic growth. Large-scale construction of this type of building will propel the demand for paving and concreting equipment. High-rise construction projects push the demand for a wide variety of equipment such as soil compactors, concrete pumps, and concrete distribution systems for successful completion. The vertical growth of the global construction sector is expected to fuel the demand for paving and concreting equipment.

The global paving and concreting equipment market size is expected to reach $32.47 billion by 2021 and grow at a CAGR (compound annual growth rate) of close to 12% during the period of 2017 until 2021.

Globally, more people are starting to reside in urban areas. This results in additional requirements for corporate office spaces, residential buildings, roads, sewage facilities, and transit systems. The number of mega-urban cities is increasing, leading to rapid and advanced infrastructural development projects. The construction projects and rapid addition of infrastructure leads to the growth of the paving and concreting equipment market. APAC (Asia Pacific) is the leading regional segment in the market, and is forecasted to generate the highest revenue and maximum incremental growth through 2021.

Saudi Arabia, India, and Qatar are investing heavily in the development of smart cities to provide better transportation facilities, improved healthcare facilities, advanced technologies, and enhanced traffic management systems.

The core of a smart city is the development of tourism infrastructure, buildings, utilities, transportation, healthcare, education, and telecom. These will boost the demand for equipment such as paving and concreting equipment during the forecast period, thus driving market growth.

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