CHICAGO, Dec. 2, 2021 /PRNewswire/ -- The Singapore construction equipment market is expected to grow at a CAGR of 4.36% during the period 2021-2027.
Key Highlights Offered in the Report:
- 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.
Key Offerings:
- 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
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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.
Market Segmentation by Type
- Earth Moving Equipment
- Excavator
- Backhoe Loader
- Motor Grader
- Other Earth Moving Equipment
- Road Construction Equipment
- Asphalt Paver
- Road Roller
- Material Handling Equipment
- Crane
- Forklift and Telescopic Handler
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, etc.)
Market Segmentation by Application
- Construction
- Manufacturing
- Mining
- Others
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
- Increase in Stainless Steel Production
- Upgrade of Crane Attachments
- Introduction of Innovative Technology
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Why Should You Buy This Report?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of-
- Volume (Unit sales)
- Excavator Type
- Application
- Value (USD)
- Excavator Type
- Application
- Gain competitive intelligence about the economic scenario, advantages in Singapore, major projects and investments, market dynamics, and market share
- Examples of latest technologies
- Get presentation-ready format and easy-to-interpret data.
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the Singapore construction equipment market share.
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market.
Major Vendors
- Caterpillar
- Komatsu
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- SANY
- Volvo Construction Equipment
- Kobelco
- Doosan
- Liebherr
- Zoomlion
- Terex corporation
Other Prominent Vendors
- Hyundai Construction Equipment
- Sumitomo Heavy Industries Construction Cranes Co.
- LiuGong
- Hitachi Construction Machinery
- Kato Works
Distributors
- Tristan Equipment
- Tiong Lee Huat Machinery & Construction Pte Ltd
- Tiong Woon
- SIA & YEO Heavy Equipment
Explore our industrial machinery profile to know more about the industry.
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