PUBLISHER: The Business Research Company | PRODUCT CODE: 1409397
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409397
“Excavation And Demolition Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on excavation and demolition market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for excavation and demolition? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The excavation and demolition market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Excavation is the process of moving soil, rock, or other materials using explosives, equipment, or tools. It encompasses various activities such as earthmoving, trenching, wall-shafting, and tunneling. Demolition, on the other hand, involves the systematic destruction of existing structures.
The main types of excavation and demolition activities are categorized into building construction, heavy and civil engineering construction, specialty trade contractors, and land planning and development. Building construction involves the erection of various structural buildings. Equipment types used in these activities include earthmoving equipment, material handling equipment, heavy construction vehicles, and others. These types of equipment find applications in diverse sectors such as housing, healthcare, industrial, infrastructure, commercial, and educational projects.
The excavation and demolition market research report is one of a series of new reports from The Business Research Company that provides excavation and demolition market statistics, including excavation and demolition industry global market size, regional shares, competitors with an excavation and demolition market share, detailed excavation and demolition market segments, market trends and opportunities, and any further data you may need to thrive in the excavation and demolition industry. This excavation and demolition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The excavation and demolition market size has grown steadily in recent years. It will grow from $480.78 billion in 2023 to $491.81 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth observed in the historic period in the fields of excavation and demolition can be attributed to several factors. These include the overall growth in the construction industry, urban development initiatives, infrastructure projects driving the need for excavation and demolition activities, renovation and redevelopment projects, and a focus on environmental compliance. These factors collectively contributed to the demand for excavation and demolition services during the historic period.
The excavation and demolition market size is expected to see steady growth in the next few years. It will grow to $551.33 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The anticipated growth in the forecast period for excavation and demolition activities can be attributed to several factors. These include an increased focus on sustainable practices in construction, the implementation of smart city initiatives driving infrastructure projects, brownfield redevelopment projects, infrastructure renewal efforts, and the promotion of public-private partnerships. Major trends expected in this period include the adoption of remote operation and telematics for improved efficiency, the use of selective demolition techniques to minimize environmental impact, innovations in excavation equipment technology, the concept of urban mining for resource recovery from demolished structures, and the application of digital twin technology for enhanced project planning and management. These trends collectively contribute to the evolving landscape of excavation and demolition practices in the forecast period.
Government infrastructure initiatives are stimulating the excavation and demolition market. Infrastructure development involves enhancing essential services such as energy and transportation networks. Increased government focus on these projects drives demand for excavation, the foundational stage in construction. For instance, in November 2022, the U.S. Department of Transportation (USDOT) and the Federal Highway Administration (FHWA) invested $120 billion in Federal Highway projects and $20.4 billion in public transport development. An additional $3 billion and $3.9 billion were allocated to airport and waterway development respectively. This rise in government infrastructure projects significantly influences the excavation and demolition market.
The expansion of the mining industry is set to fuel the excavation and demolition market. Mining operations involve extracting minerals from the ground, requiring excavation and demolition for site preparation, mineral extraction, and infrastructure creation. In February 2023, the United States Geological Survey reported a $98.2 billion output in nonfuel mineral materials in 2022, a $3.6 billion increase from 2021. This growth in the mining sector directly impacts the demand for excavation and demolition services.
Technological advancements are a prominent trend shaping the excavation and demolition sector. Companies are integrating innovative technologies to fortify their market position. For instance, in August 2022, Rod Radar introduced Live Dig Radar technology, combining ground penetrating radar (GPR) with an excavator's digging bucket. This technology detects underground utilities during excavation in real time, overcoming existing limitations. The Live Dig Radar Excavate operates with standard excavator attachments, providing operators with real-time data on potential underground hazards while digging.
Major players in the excavation and demolition market are focusing on strategic partnerships to secure exclusive sales rights for XCMG earthmoving equipment in Ontario. These alliances involve leveraging mutual strengths and resources for shared benefits. For instance, in January 2022, CanLift Equipment Ltd., a Canada-based company specializing in aerial equipment and material handling, formed a partnership with Xuzhou Construction Machinery Group Co. Ltd. This collaboration not only introduces CanLift to new connections in construction machinery but also amplifies their commitment to delivering superior products and services. The partnership enables unrestricted client access to XCMG earthmoving machines, facilitating instant equipment purchases.
In December 2021, Congruex, a prominent US-based provider of end-to-end services for broadband providers, executed a strategic acquisition by acquiring Ohio Valley Excavating (OVE). This move reflects Congruex's commitment to expanding its service portfolio and acquiring specialized expertise in utility services. Through this acquisition, Congruex gains access to valuable capabilities in the excavation and utility space, aligning with its strategic objectives for diversification and enhancing its comprehensive service offerings. Ohio Valley Excavating, a distinguished US-based company, specializes in providing excavation services for commercial and industrial construction, along with emergency repairs.
Major companies operating in the excavation and demolition market report are VINCI SA, Actividades de Construccion y Servicios S.A., Bechtel Group Inc., Hochtief AG, Skanska AB, Balfour Beatty plc, Bouygues Construction SA, Kiewit Corporation, Koninklijke BAM Groep, Laing O'Rourke plc, Eiffage SA, Acciona SA, Sekisui House Ltd., China Railway Construction Corporation Limited, NVR Inc., Daiwa House Industry Co. Ltd., Ferrovial SA, Independence Demolition Inc., NorthStar Group Services Inc., Brandenburg Industrial Service Company, Penhall Company, Granite Construction Inc., AECOM Inc., Jacobs Engineering Group Inc., Fluor Corporation, Turner Construction Company, Clark Construction Group LLC, PCL Construction Enterprises Inc., McCarthy Building Companies Inc., The Whiting-Turner Contracting Company, M. A. Mortenson Company, DPR Construction, Gilbane Building Company, Hathaway Dinwiddie Construction Company, JE Dunn Construction Group Inc., Ryan Companies US Inc., Sundt Construction Inc., Swinerton Inc., Webcor Builders Inc
Asia-Pacific was the largest region in the excavation and demolition market in 2023. The regions covered in the excavation and demolition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the excavation and demolition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The excavation and demolition market includes revenues earned by entities by providing land levelling and earthmoving services for construction, repair, alteration, addition, replacement, maintenance, and remolding. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.