DUBLIN–(BUSINESS WIRE)–The “Australia Construction Equipment Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The Australia construction equipment market size is expected to grow at a CAGR of approximately 3.80% from 2022 to 2029.
The earthmoving construction equipment segment accounted for the largest share of the Australia construction equipment market in 2022. In the Earthmoving Segment, excavators accounted for the largest share in 2022.
The Bruce Highway upgrade program is one of the largest projects in Queensland, which aims to improve safety and flood resilience and increase capacity along the highway between Brisbane and Cairns. The programs will include 99 new bridges, 372 km of roadside safety barriers, and 85 km of pavement rehabilitation.
Melbourne, focusing on green infrastructure, has planned to improve urban amenities and quality of life and develop landscape connectivity. The green roof project is a joint investment between the Department of Environment, Land, Water and Planning and the City of Melbourne, each contributing USD 1.25 million. The project is designed to be 1500 square meters which the University of Melbourne will utilize for its R&D.
Another project, Coffs Harbour Bypass, includes a 14 km bypass, which aims to improve connectivity, road transport network, and safety. The project has a value of USD 1.1 billion, and the construction is expected to finish by 2027.
Another highway upgrade project is in the pipeline, the Newell Highway Heavy Duty Paved Upgrade [HDPU]. With an estimated value of USD 257 million, the project plans to include five new overtaking lanes, widening roads, intersectional improvements, and 27 km of repaved roads.
MARKET TRENDS & DRIVERS
Government’s Infrastructure Investment Program to Propel Sales of Construction Equipment
The country has a robust pipeline of public sector-funded projects. The 2022-2023 budget announced the investment of USD 12.0 billion over ten years to important infrastructure projects across the country, such as road and rail. Additionally, the government promised the investments to exceed USD 146 billion between 2021-2025.
Further, the country’s largest infrastructure projects include WestConnex worth USD 11.3 billion, Sydney Metro (USD 12 billion), and Melbourne Metro Tunnel (USD 11 billion). Moreover, the government of South Australia committed to investing USD 18.6 billion in building new and upgrading infrastructure.
Increased Investment In Renewable Energy Projects To Boost The Demand For Material Handling Equipment
The country’s Powering Australia plan focuses on projects that reduce emissions by boosting renewable energy. Moreover, the Community Solar Banks program expects to provide approximately USD 68.9 million, which will help Australian households access cheap solar-powered energy.
Moreover, the government has invested over USD 4.1 billion in renewable energy generation & energy storage. South Australia attracted approximately USD 4 billion in foreign investment for power generation projects such as wind, solar PV, solar thermal, batteries, pumped hydro, compressed air, and thermal storage.
INDUSTRY RESTRAINTS
Skilled Labor Shortage In The Country To Hamper Construction Activities In The Region
In 2022, National Skill Week’s chairman reported a critical skilled labor shortage in the construction sector, hampering the project delivery timelines. It was predicted that the shortage would reach 100,000 vacancies by 2023.
Home Builders Institute (HBI) announced that the construction industry would need to generate 740,000 new jobs annually to align with the industry’s skilled labor demand. However, the country’s aging population is adding further pressure. It has been projected that by 2066, older people in Australia will account for 21% to 23% of the total population.
The Scarcity of Industrial Space May Hamper The Pace of Warehouse Development Projects
There is a chronic scarcity of warehouse supply in the Australian market due to tight industrial land. Completion dates of new projects have been delayed in the pipeline, and the average rents have also increased significantly over 2022.
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KEY QUESTIONS ANSWERED:
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2022 – 2029 |
| Estimated Market Value in 2022 | 14006 Units |
| Forecasted Market Value by 2029 | 18180 Units |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Australia |
For more information about this report visit https://www.researchandmarkets.com/r/hca2oa
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