According to a new market research report published by sheer analytics and insights, "The Global Piling Machine Market was valued at $5.9 Billion in 2020. Growing at a high CAGR of more than 4.25% between 2021 and 2031, it is estimated to reach $9.4 Billion by 2031", as per the latest market research report titled Global Piling Machine Market - industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Increasing product adoption in manufacturing facilities, commercial structures, residential premises, drilling platforms, power transmission plants, wind farms, mining bases, and solar power plants will promote global piling machine market growth. Moreover, rising infrastructural development spending will raise the piling machine market revenue share, especially in developing economies. Increasing investments for construction or infrastructure development are expected to accelerate the demand for piling machines during the forecast period.
Construction activities are the most critical part of any economic growth. It attracts investment and provide strength to the developed and developing economy. In 2021, Joe Biden provided a stimulus package of US$ 1.9 trillion for enhancing infrastructure with the main agenda of clean energy and transportation.
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In terms of products, piling rigs held the highest share of 39.9% in 2020. Due to their high flexibility and customization as per projects, these are mostly preferred. The increasing demand for piling rigs for the flexibility of affixing screw drills, vibratory hammers, and impact hammers is anticipated to drive the segment growth over the forecast period. Customized rigs are used for various applications, such as cast-in piles, foundation reinforcement, and diaphragm walls installation.
In terms of methods, the impact-driven segment held the largest share of 29.3% in 2020. The Air-lift RCD rigging method is expected to grow at the fastest rate through the forecast period. It uses a dual-walled drill tube to pass by the waste using high air pressure. Increasing usage of air-lift reverse circulation drilling in construction activities due to better positioning and penetration performance compared to impact and rotary boring is expected to strengthen the segment growth through the forecast period.
The Asia Pacific held a significant share of 42.28% in 2020. In 2020, China will lead the Asia Pacific market due to the increasing need for medical infrastructure due to Covid, commercial and residential buildings to demand increasing population. The rising commercial construction of the retail sector and complexes, industrial facilities, hotels, and restaurants across China and India is expected to increase the demands for piling machines.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Casagrande S.P.A., Watson Inc., BSP International Foundations, BAUER Group, TONTI TRADING S.R.L., Beijing SINOVO International (SINOVO Heavy Industry Co., Ltd), Soilmec S.p.A., International Construction Equipment, Liebherr, Junttan Oy, DELMAG GmbH & Co. KG, Changsha Tianwei Engineering Machinery Manufacturing Co., Ltd., MAIT S.p.A., Tescar, and Atlas Copco among others.
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The Global Piling Machine Market Has Been Segmented into:
Global Piling Machine Market: By Product
Global Piling Machine Market: By Piling Method
Global Piling Machine Market: By Region
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