The overall stone crusher equipment market is set to garner immense traction in the ensuing years, solely on account of the rise in construction and infrastructure activities across the world. According to the United Nations, close to 68% of the world’s population will be residing in urban areas by the year 2050. As per property investment management Colliers International, huge cities are known to invest a massive amount of capital in property development. Indeed, cities such as New York and London solely dominate this space, followed by Tokyo, Los Angeles, and Paris. Given that contractors across these cities are dedicatedly investing in traditional infrastructure, the worldwide stone crusher equipment market size is likely to receive massive momentum in the years ahead.
UK stone crushing equipment market, by product, 2018 & 2025 (USD Million)
The construction of roads is becoming rather mandatory, as nations need to expand infrastructure to accommodate the growing population. In addition to building new roads, cities also need to maintain existing roads, so they remain smooth and operational for a longer duration. This fiscal year, West Virginia received $200 million as extra state funding to pave and repair secondary roads throughout Mountain State. The roads go along 3,000 miles within the district and comprise 171 bridges. Restoration or paving is an expensive process and always requires heavy equipment such as stone crushers to process necessary materials. Therefore, the increasing efforts to expand road networks along with maintenance works will continue to drive stone crusher equipment market over the forecast period.
No economy will be able to function appropriately without minerals and the products obtained via mineral processing, making the mining industry a lucrative application arena for the stone crusher equipment market. Major mining companies are always on a lookout for mineral deposits that can be mined and processed economically. In a nutshell, this sector plays an important role in augmenting the global economy, with national governments of several countries who export minerals relying heavily on the mining companies to boost their economic performance.
The mining sector is also the primary provider of essential raw materials that help facilitate the assemblage of new materials or products, especially for the manufacturing industry. Stone crushers are extensively used throughout various material processing operations in the mining industry. Thus, major investments in the mining sector will spur the demand for crushing aids, thereby propelling stone crushing equipment industry share. For instance, mining giant Rio Tinto is speeding up exploration at its Western Australia-based copper find Winu, which is said to be the company’s next pivotal copper project. Projects like these will require stone crushers as they progress, thereby presenting more growth prospects for stone crusher equipment market.
Unveiling North America stone crushing equipment Market trends
In terms of the regional spectrum, the North America stone crushing equipment industry is susceptible to immense growth over the ensuing years. According to research by Global Market Insights, Inc., the North America market is anticipated to grow at a CAGR of 7% between 2019 to 2025. One of the key drivers fueling this growth is the booming construction industry in the U.S. Add to it, the massive increase in the nation’s population is also expected to generate a huge demand for residential construction.
According to The Associated General Contractors of America, Inc., the construction expenditure of the U.S. public & private sectors collectively amounted to a massive $1.329 trillion through 2018. In the private construction segment alone, residential projects recorded an expenditure rise to 6.4 percent while non-residential projects recorded an expenditure surge to 3.5 percent. As the demand for residential establishments increases, not only in the U.S. but also Mexico and Canada, the North America stone crusher equipment market will register a commendable upsurge in remuneration.
In addition, commercial construction is also slated to grow in the continent, owing to more consumer spending and government investments in office buildings and retail spaces. Mining is also a significant contributor to the economy of the U.S. across several levels including extraction and processing, which further adds up to the North America stone crusher equipment market growth.
Overall, the expansion of the market growth is primarily driven by the increasing need for construction and infrastructure as well as development in the mining sector. A research report by Global Market Insights, Inc., predicts stone crusher equipment market to surpass a valuation of $8.5 billion by 2025.