June 16, 2020
According to the research report titled ‘Global Excavator Grapples Market Size study, by Type (Hydraulic and Mechanical), by Application (1-10 Ton Excavator, 10-25 Ton Excavator, 25-40 Ton Excavator and >40 Ton Excavator) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global excavator grapples market is expected to register significant growth over 2019-2026.
Notably, an excavator is a heavy equipment which comprises of a boom, bucket, dipper and a cab and is used for construction activities. The cab (House) is located on a rotating platform. On the other hand, a grapple is the claw or hook which is attached to the excavator and is utilized to hold or catch things during construction.
Swift industrialization and flourishing construction sector are driving the worldwide excavator grapples market growth. According to Statista, the global public sector spending in construction sector accounted for USD 292 billion in 2016 and reached USD 302 billion in the year 2018. Additionally, U.S. accounts for a substantial share in worldwide construction sector. The country invested around USD 1293 billion in the construction sector in the year 2019. Likewise, as per IBEF (Indian Brand Equity Foundation), the real estate sector in India was valued at USD 120 billion in 2017 and is predicted to reach USD 1 trillion by the year 2030.
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Increasing smart city projects and rapid urbanization are further aiding the market expansion. However, excavator grapples are expensive which may act as a restraining factor to the overall market growth.
By type, excavator grapples market is split into mechanical and hydraulic. Based on application spectrum, the industry is divided into more than 40 ton excavator, 25-40 ton excavator, 10-25 ton excavator and 1-10 ton excavator.
Considering the geographical landscape, Asia-Pacific excavator grapples industry is estimated to amass notable revenues in the forthcoming years. Rapid urbanization and industrialization along with booming construction industry are prime factors augmenting the regional demand.
The prominent companies operating in global excavator grapples industry are ACS Industries, Kinshofer, Paladin, Rockland, Volvo, Caterpillar, Komatsu, Doosan, Werk-Brau and Empire Bucket among others.