FREMONT, CA: Technavio, a market research company, in its latest research report states that many segments of the global construction market will be driven by the growing demand from emerging markets during the forecast period from 2016 to 2020.
The related markets also forecasted by Technavio research analysts set to gain positive growth in revenue during this period include concrete and cement market, handling and lifting equipment market, and aerial work platform truck market.
Global Concrete and Cement Market
The global concrete and cement market is estimated to grow at a CAGR of 8% by the year 2020. Growing demands of prefabricated construction is the key contributor for growth of the segment. Prefabricated structures decrease the chaos and congestion of on-site constructions by being constructed off-site and then transported on-site. This method is preferred for a broad range of construction activities as it saves time and decreases the cost incurred.
According to the report, the APAC region is set to occupy almost 64% of the total concrete market share by 2020 due to predicted increase in investments in the infrastructure sector in the region.
Global Handling and Lifting Equipment Market
With advancements in the handling and lifting equipment technology, this sector is estimated to surpass USD 100 billion by the year 2020. Factors such as the extensive use of cranes for various range of construction activities, manufacturing and warehousing applications are set to steadily grow this market.
Global Aerial Work Platform Truck Market
The Aerial work platform (AWP) truck market is estimated to grow at a CAGR of over 18% by 2020. The aerial work platform contributes a significant portion of the global construction market and is in great demand globally due to the increasing investments by construction companies. The AWP trucks can also be used in disaster management activities and maintaining electrical and telecommunication lines and boosts productivity as it keeps personnel safe. They are powered by electricity, gas, hydraulics, and pneumatics and are widely used for delivering materials to construction sites.