LOS ANGELES, December 11, 2019 (Newswire.com) - A report published by QY Research titled, “Global Hybrid Excavators Sales Market Report 2019,” is projected for the period of seven years, which states that the global Hybrid Excavators Sales market was valued at over US $628 million in 2018 and is anticipated to reach more than US $2 billion by the end of 2025. The global market is expected to exhibit an exponential CAGR of 20.1% from 2018 to 2025.
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Construction and Mining Industry- Boosting Factors for the Growth of the Market
Concerns regarding rising energy consumption and the need to save energy due to the increasing energy crisis, along with rapid environment deterioration, have led to a demand for energy-saving Hybrid Excavators. Hybrid Excavators have low emissions due to the usage of electric power, which has resulted in reducing fuel consumption, thereby fostering the growth of the market. These Excavators increase productivity, offer greater mobility, flexibility and also increase lifting capacity.
Construction Sector: The main application of the Hybrid Excavators is largely in the construction sector for small and large scale housing projects. Excavators are also used in road construction, for installing marine structures and for excavations. This is expected to boost the growth of the market over the next few years.
Mining industry: The Hybrid Excavators are used in mining, as they provide faster mining operations and are extensively used to mine hundreds of cubic meters per hour. High capacity excavators are used in reserving coal, iron, and minerals. These excavators are highly efficient in bulk moving, digging, and heavy lifting purposes, offering scope for the market.
Road Construction- A major Application Segment to Propel Market Growth
The application segment is bifurcated into Road, Mining, Construction, and Others. Hybrid Excavators used in road construction are mainly designed for leveling work, breaking asphalt, lifting stones, and moving debris. They are also used in rebuilding roads and for transferring or replacing soil as they offer enhanced productivity and efficiency. The type segment is segregated into above 30 tons, 20-30 tons, and below 20 tons.
Asia-Pacific: Largescale Infrastructure Development Expected to Create Opportunities
Increasing infrastructure development and the booming construction industry in developing economies such as China and India are expected to boost the Hybrid Excavators Sales Market in the Asia-Pacific region. Rapid development in the region has led to increased mining activities, which require a large amount of digging and extraction, thereby increasing demand for Hybrid Excavators.
Developing Advanced Solutions - A key Priority of the Key players
Some of the key players operating in the global Hybrid Excavators Sales Market are Komatsu, Hitachi, Caterpillar, Kobelco, Hitachi, Takeuchi, Sumitomo, Hyundai Heavy Industries, and Sunward. Market players are keen to develop new hybrid systems to offer advanced efficient solutions.
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Source: QY Research, Inc.