Global construction and mining machinery/equipment market to reach 8.22 lakh units by 2012, according to a recent report brought out by Global Industry Analysts (GIA). After witnessing a lull period of over two years due to global recession which affected the construction industry severely, the equipment market is expected to come back stronger post 2010 as the global economy is recovering.
“Huge demand for construction equipment is expected to come from developing countries with growing need to construct highways, oil refineries, power plants, office buildings, and other infrastructure projects. Asia-Pacific is forecast to register robust growth in the construction machinery segment, especially in countries such as Indonesia, India, South Korea, and China. Among these nations, China is expected to account for the largest share of the overall demand for new products globally, followed by North America,” the report added.
China is also projected to emerge as the fastest growing market for construction and mining machinery worldwide. Wheeled Loaders represents the largest machinery segment in the Chinese market, accounting for about 63% share in 2010. Crawler Excavators represent another major segment.
Growth in mining equipment demand is expected to be driven by growth in China, as the country is expected to continue generating half of the demand for novel mining equipment. “In addition to China, Australia and India are other major markets in Asia-Pacific region, where demand related to mining equipment is high,” the report added.
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