The report forecasts the global pile driving equipment market to grow at a CAGR of 6.47% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend that is boosting market growth is the emergence of innovative piling technologies. To increase the performance and efficiency of pile driving equipment, manufacturers are developing various technologies such as load testing, integrity testing, and sonic drilling. Sheet piling is increasingly gaining popularity and it is a part of the foundation process. Reinforced concrete sheet piles and steel sheet piles are generally used for deep excavations.
According to the report, a key growth driver is the rise in public infrastructure development. The increased investment in infrastructure development worldwide has resulted in a surge in the number of construction projects. This, in turn, will propel the demand for pile driving equipment during the forecast period. The global infrastructure spending will likely reach $9.1 trillion by 2025, as compared to $4.1 trillion in 2012. Thus, $78 trillion is anticipated to be spent between 2014 and 2025 for the development of infrastructure globally.
What will the market size be in 2020 and what will the growth rate be?
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What is driving this market?
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