Pune, Maharashtra, October 30 2020 (Wiredrelease) Graphical Research –:According to the Graphical Research new growth forecast report titled Europe Construction Equipment Market value is set to be over USD 38 billion by 2026. The construction equipment market in Europe is driven by supportive government investments for the development of robust infrastructure. Government authorities in Europe are increasingly using automated equipment to establish a wide network of utility distribution systems to support the increasing requirements of the population. The introduction of large infrastructural projects in renewable energy, smart technology, and transportation is anticipated to contribute to the regional market growth. For instance, in March 2019, the Danish Parliament announced the construction of an 18 km long tunnel between Denmark and Germany through its Fehmarn Belt Fixed Link project. In July 2017, the UK government announced the London Cross Rail Project to establish a wide railway network, connecting several cities in Europe.
The ongoing COVID-19 pandemic is expected to hamper the construction industry in Europe. Several industry challenges such as a halt in major construction projects and the shortage of capital & labor are impacting the market in 2020. For instance, the UK government announced an indefinite delay in the London Cross Rail project due to the unavailability of sufficient funds. The government is expected to resume construction post reduction in the impact of the pandemic. Plummeting demand for new construction machinery due to rising financial insecurities among construction contractors is also expected to restrict the industry size in 2020.
Earthmoving & road-building equipment is expected to witness high market penetration in Europe due to the rapid development of infrastructure projects for enhanced road transport facilities and improved accessibility to remote areas. The large-scale expansion of road networks has created a huge demand for fine-quality construction machinery, boosting industry growth. The ongoing development and automation of railways & road transport in countries including Russia and the UK will drive demand for earthmoving and road-building equipment. Furthermore, increasing mechanization in infrastructure activities is expected to drive the construction equipment market growth over the forecast timeline.
Key companies operating in the Europe construction equipment market include JCB, AB Volvo, Komatsu Ltd., Palfinger AG, Sany Group, Manitowoc, Hitachi Construction Machinery, Caterpillar, Inc., and Deere & Co. These players are focusing on expanding their presence in Europe. For instance, in June 2018, JCB announced its plans to invest USD 40 million in its German manufacturing plant to increase its production capabilities.
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