The Singapore construction equipment market expects to be valued at USD 444.2 million by 2027.
In 2020, Singapore's economy shrank by 5% due to the slowdown in economic activities. The country's construction and manufacturing sector were negatively impacted due to its high dependency on foreign labors from countries such as Indonesia, Bangladesh, and India. The raw materials supply and labor availability were strongly disrupted due to the lockdown measures taken by Singapore government to control the spread of virus.
In 2021, the government has proposed a package worth USD 68 billion to offset the economic effects of COVID-19. Various healthcare development and civil engineering projects such as development of Deep Tunnel Sewerage System Phase 2, Avenue South Residence, Jurong Region line and Biopolis Phase6 are planned by the government. The Ministry of National Development is investing USD 315 million to develop the transport route in 2021.
By 2030, the Singapore government aims to boost manufacturing productivity by 50%. For this the government has set up Global Innovation Alliance that allows local technology and manufacturing companies to collaborate with global manufacturers and enhance productivity through technology collaborations.
The upsurge in the demand for electric vehicles in the global market has positive impact on the demand for semiconductors from Singapore. Also, the spike in infrastructure, transport projects and the expected growth in manufacturing industry due to government initiatives and surge in semiconductors demand will majorly push the sales of construction equipment market in Singapore.
Market Size & Forecast by Volume | 2021−2027
Market Size & Forecast by Value | 2021−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by type and application
Competitive Landscape – 10 key vendors, 5 other vendors, and 4 distributor profiles
Singapore Construction Equipment Market – Segmentation
The Singapore government has planned various infrastructure projects for redevelopment. The demand for earth moving equipment is expected to rise due to upcoming infrastructure projects in Singapore. Singapore's earth moving equipment market expects to reach 1,581 units by 2027.
The demand for bulldozers and trenchers is expected to rise in the Singapore market due to large construction projects such as Changi Airport Terminal 5, Tuas Mega Port, and redevelopment of Jurong lake district.
Road rollers are used to compact soil, gravel, concreate in road construction sites. Road rollers have high share in the road construction equipment market in Singapore due to the large number of road and transit projects in the pipeline. Singapore road roller market expects to reach 186 units by 2027.
In Singapore, several housing and commercial building projects were planned in 2021. The demand for construction projects rose to USD 28 billion according to the Building Construction Association Singapore in 2021.
Singapore Construction Equipment Market – Dynamics
Singapore's government is aiming to reduce carbon emissions by 2030. The demand for large excavators is expected to rise. Other vendors such as Hitachi, Komatsu, and Kobelco are also expected to follow the same trend and launch a large excavator segment in Singapore. Moreover, the demand for self-driving construction machinery that can perform repetitive tasks such as welding, pouring concrete, and demolition has surged in the Singapore construction industry. With the ongoing trend of switching to intelligent systems driven by IoT and data analysis for service, networking and sustainability, the construction equipment market is transitioning to become a more innovative industry. For instance, Investments in employee training can enable the Kobelco company to innovate new products and technologies, which will, in turn, enhance the product portfolio of Kobelco.
Key Drivers and Trends fueling Market Growth:
Government Investments for Power Generation via Renewable Energy Projects
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