According to a new report published by Allied Market Research titled, “North America Shotcrete Equipment Market by Technique, System, Application, and Equipment: Opportunity Analysis and Industry Forecast, 2020–2027,” the North America shotcrete equipment market size was valued at $612.4 million in 2019, and is anticipated to generate $785.1 million by 2027. The market is projected to experience growth at a CAGR of 4.9% from 2020 to 2027.
Rapid development of shotcrete technology and raw materials is expected to foster the market growth during the forecast period. Furthermore, economic and technical efficiency of shotcrete and sustainability of the shotcrete process are likely to drive the growth of the market. Moreover, increase in the demand for low-cost housing is expected to offer major opportunities for the North America shotcrete equipment market growth. The transportation of concrete mix is expected to affect the growth of the shotcrete equipment market during the forecast period.
Underground construction is dominated application segment for shotcrete equipment market during the forecast period as it is mainly used to strengthen the substrate by using Sprayed Concrete Linings (SCL) as a temporary or permanent lining, considering the time, and cost required.
Rapid urbanization in the economies, such as Canada and Mexico, led to an upsurge in construction activities, which majorly boosts the growth of the shotcrete equipment market. In 2019, the underground construction application segment accounted for approximately 59.8% of the market in terms of value, and is expected to maintain its dominance throughout the forecast period.
The shotcrete equipment market is segmented into different techniques such as wet-mix and dry-mix. The wet-mix segment accounted for 78.3% of the market revenue in 2019, owing to the fact of its versatility and time reduction in shotcreting. Further, research in enhancing the properties of shotcrete raw materials is expected to continue the growth of wet mix shotcrete process, making it a widely-used technique in the shotcrete equipment market.
Key Findings Of The Study:
- By country, Canada is projected to grow at the highest CAGR of approximately 5.1%, in terms of revenue, during the forecast period.
- By system, the robotic spraying segment is anticipated to grow with a CAGR 4.9%, in terms of revenue, during the forecast period.
- By equipment, the general equipment and auxiliary equipment segments dominated the market with a revenue share of over 40.0% and 32.0%, respectively, in 2019.
- A comprehensive analysis of the factors that drive and restrain the market growth is provided.
- The qualitative data in this report aims at the market dynamics, trends, and developments in the industry.
Impact Of Covid-19 On The North America Shotcrete Equipment Market
- The outbreak of Coronavirus took place in November 2019 and soon spread worldwide. It easily turned into a pandemic and has impacted the whole world, affecting human lives economically as well as on personal levels.
- It impacted the economies of several developed and developing nations, which has led to reduced GDP worldwide. Due to the nation-wide lockdowns, the production came to a halt.
- The demand supply change was disrupted and soon the economies fell down crashing the stock markets.
- The demand supply change was disrupted and soon the economies fell down crashing the stock markets. The building and construction segment also took a hit in the process and came to a complete stop.
- The above factors have impacted the growth of the North America shotcrete equipment market.