Utility Equipment Market to Grow at 5% through 2031, owing towards Maintaining Environmental Hygiene & Waste Management
NEW YORK, Sept. 9, 2021 /PRNewswire/ -- Global utility equipment sales are set to be valued at over US$ 10.7 Bn in 2021, with steady long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031. Obligatory use of garbage trucks, sewer drainage vehicles, and winter maintenance equipment is boosting demand for utility equipment across regions.
Key factors driving demand for utility equipment are advent of smart technologies, rising infrastructure development, increasing focus on rental business, and surging requirement for high speed utility equipment.
Product launches, partnerships, and acquisitions are being witnessed on a large scale in this landscape.
- Global Environmental partnered with U.S. Hybrid to provide fuel cell sweepers to Caltrans. Global is manufacturing fuel cell street sweepers at its facility in San Bernardino, CA.
- Two new products were launched in the Scrubmaster B400-R series. The Scrubmaster B400 RH is equipped with a 150-litre dirt hopper and automated high dump, whereas, the Scrubmaster B400 RM collects coarse dirt in two 44-litre dirt hoppers for manual emptying.
- Fujian Longma Environmental Sanitation Equipment Co., Ltd. announced the product layout and development of energy products such as e-compression garbage trucks, e-garbage bin carriers, e-detachable container garbage trucks, electrical self-loading and discharging garbage trucks, and electrical road washing and sweeping trucks.
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Key Takeaways from Market Study
- Persistence Market Research predicts healthy growth in demand for street sweepers owing to the need for aesthetic appearance of streets and reduction of PM emissions, dirt, and debris.
- Advancements in technology are anticipated to have a positive impact on the market owing to increased efficiency and reliability of products.
- Demand for electric utility equipment is expected to surge significantly compared with conventional ones, owing to increasing environmental regulations on emission standards.
- Airport sector to hold 1/3 share in the global utility equipment industry.
- Government initiatives toward developing perfect waste management infrastructure could bolster consumption of utility equipment.
- Acquisitions and product launching are the two dominant key development activities observed in the market.
- The global utility equipment market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -5.1%.
- Market in Russia is projected to expand at a CAGR around 6%, while that in the U.S. at 4.2% through 2031.
- Market in GCC countries and India is set to rise at 4.5% CAGR over the next ten years.
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"Enhanced awareness about waste management and environmental problems will propel consumption of utility equipment," says a Persistence Market Research analyst.
Industry Competition
The market is fragmented with key players accounting for more than one-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Bucher Industries AG, Dongfeng Motor Group Co., Ltd., McNeilus Truck & Manufacturing, Inc., Dennis Eagle Ltd., FAUN Umwelttechnik GmbH & Co.KG, Aebi Schmidt Holding AG, Zoomlion Heavy Industry Science & Technology Co. Ltd., etc.
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Find More Valuable Insights
The research report analyzes demand for utility equipment. The global utility equipment market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per the Persistence Market Research scope, the market has been analyzed on the basis of product, end use, type, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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