The global Piling Machine Market size is expected to reach USD 6.72 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.6% from 2021 to 2028. The development of privately-owned construction firms in the UAE, India, and China is anticipated to augment the spending in the construction industry, thereby surging the product demand over the coming years.
Rising concerns over the adverse effects of underwater piling operations on marine life are foreseen to result in a negative impact on the demand for vibratory driver piling machines over the forecast period. The implementation of stringent noise and vibration control norms in residential areas and offshore locations is expected to result in high R&D spending for the development of low-noise and vibration machines, which is expected to positively impact the market growth.
Favorable government incentives for the deployment of alternative energy sources in the U.S. have resulted in the increasing installation of solar farms. The rising popularity of using self-propelled pile drivers for installing foundations for solar panels is expected to fuel the demand for other piling machines, mainly driverless piling machines.
Rising concerns regarding the effects of vibrations on the marine environment during piling operations have resulted in the enforcement of stringent regulatory norms in the U.K., Germany, the U.S., and New Zealand for the protection of the aquatic ecosystem. This is expected to result in the increasing demand for systems with lower vibrations.
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Piling Machine Market Report Highlights
- By product, impact hammer accounted for 29.71% share of the global revenue in 2020 on account of its easy operations and low price compared to other systems
- Based on piling method, the drilled percussive segment is estimated to expand at a CAGR of 3.4% from 2021 to 2028 on account of its inexpensiveness and reliability for drilling holes for pile installations
- China accounted for the largest share in Asia Pacific in 2020 owing to the increasing need for residential and commercial buildings, such as industrial facilities, complexes, hospitals, hotels and restaurants, and retail spaces, to cater to the growing population
- The market in Canada is estimated to expand at a CAGR of 2.5% from 2021 to 2028 on account of its transition from a natural resources-based economy to a high-tech, service-based economy
- Strategies adopted by market participants include distribution network expansion, new product developments, mergers & acquisitions, and partnerships in order to gain a competitive edge in the market