Industry revenue of “construction machinery manufacturing“ in the U.S. 2011-2023
The market for construction machinery in the U.S. is expected to witness tepid growth over the next few years growing from 32.5 billion U.S. dollars in 2018 to just 33.7 billion U.S. dollars in 2023. Near stagnant population growth which limits the number of residential and non-residential projects, the growing popularity of the online shopping model and more offshore hi-tech jobs, are the primary reasons for restricted growth in the country’s residential and non-residential construction sectors.
Energy related mega-projects to drive spending
The U.S. has only recently become a powerhouse in energy having primarily been an importer of oil and gas for the last 10-20 years. Now, it is not only energy independent but also a major exporter of Liquefied Natural Gas (LNG). Therefore the public and private sector is expected to spend heavily on building the required infrastructure to keep pace with these growing oil and gas production and distribution trends. Robin Rorick, director of the American Petroleum Institute, estimates this amount to be as much as 1.3 trillion U.S. dollars through 2035 with these spending levels driving the demand for related machinery.
Energy related mega-projects to drive spending
The U.S. has only recently become a powerhouse in energy having primarily been an importer of oil and gas for the last 10-20 years. Now, it is not only energy independent but also a major exporter of Liquefied Natural Gas (LNG). Therefore the public and private sector is expected to spend heavily on building the required infrastructure to keep pace with these growing oil and gas production and distribution trends. Robin Rorick, director of the American Petroleum Institute, estimates this amount to be as much as 1.3 trillion U.S. dollars through 2035 with these spending levels driving the demand for related machinery.
