The Latin America, Middle East and Africa Construction Equipment Market would witness market growth of 5.1% CAGR during the forecast period (2021-2027).
A dragline excavator is also a piece of heavy construction equipment that is typically employed for deeper excavations. It comprises a long boom along with a cable suspension of the digging bucket from the top of the boom. Dragline excavators can also be used for various projects, such as underwater excavations, port building, and silt removal in aquatic bodies, among other things.
Tower cranes are fixed cranes that are used in the construction process of tall structures for hoisting purposes. This sort of machinery can readily lift heavy objects such as steel trusses, pre-stressed concrete blocks, and frames to the desired height. They are consisted of a mast, which works as a vertical support tower, a jib, which serves as the operating arm of the crane, a counter jib, which works as the counterweight of the crane, and an operator cabin in order to manage the entire crane.
East African countries, such as Kenya, Ethiopia, and Rwanda, are substantially investing in infrastructure development. Kenya's government, for example, initiated "the Big Four" project in 2018, an ambitious infrastructure development program aimed at encouraging the construction industry, ensuring food security, and providing affordable housing and healthcare. Additionally, the Middle East's considerable oil and gas reserves would bolster the region's demand for mobile cranes.
Moreover, due to the growth of large-scale infrastructure programs across the GCC countries, the Gulf Council Corporation has the largest share of the regional market in the Middle East and Africa. Similarly, due to moderate infrastructure spending, Latin America's construction sector is also observing stable growth in recent years.
The Brazil market dominated the LAMEA Construction Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,244.9 million by 2027. The Argentina market is anticipated to grow at a CAGR of 5.7% during (2021 - 2027). Additionally, The UAE market would experience a CAGR of 4.8% during (2021 - 2027).
Based on Product, the market is segmented into Earth Moving Machinery, Material Handling Machinery, and Concrete & Road Construction Machinery. Based on Earth Moving Machinery Type, the market is segmented into Excavator, Loader, and Others. Based on Material Handling Machinery Type, the market is segmented into Crawler Cranes, Trailer Mounted Cranes, and Truck Mounted Cranes. Based on Concrete & Road Construction Machinery Type, the market is segmented into Concrete Mixer & Pavers, Construction Pumps, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Construction Equipment Market is Predict to reach $136.7 Billion by 2027, at a CAGR of 3.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Caterpillar, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Komatsu Ltd., Liebherr-International AG, Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., Hitachi Construction Machinery Co., Ltd. (Hitachi ltd.), Hyundai Heavy Industries Co., Ltd. (Hyundai Construction Equipment Co., Ltd.)
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