NEW YORK, Dec. 16, 2021 /PRNewswire/ — The global ride-on power trowel market size is projected to reach US$ 137 Mn, exhibiting growth at 4.6% CAGR between 2022 and 2032, predicts Fact.MR. Increasing infrastructure development activities across emerging economies is anticipated to propel the growth in the global ride-on power trowel market over the forthcoming years.
Ride-on power trowels are used to extract, polish, and smoothen concrete surfaces during the floating and finishing processes. These are primarily deployed in garages, warehouses, airports, industrial structures, and residences owing to the requirement of enormous loads in these places.
As per Fact.MR, need to smoothen and level surfaces is likely to surge at a fast pace in the near future owing to the rising number of large warehouse and airport construction projects across the globe.
For instance, according to the Australian Government’s Department of Infrastructure, Transport, Regional Development and Communication, from September 2020 to 21, around 1.168 million passengers were carried domestically and internationally by flights.
Hence, rising number of air passengers is set to result in the high demand for new airports and in turn, drive the ride-on power trowel market.
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“Increasing demand for mechanized concrete finishing in places with large surfaces is anticipated to augment the growth in this market. Besides, urgent need for state-of-the-art construction equipment from laborers due to the heavy load involved in building activities is also set to drive the market,” says a Fact.MR analyst.
- Based on country, the U.S. is expected to surpass US$ 33 Mn owing to the increasing usage of construction equipment.
- GCC countries are anticipated to generate a revenue share of US$ 21 Mn on the back of the upcoming event of FIFA.
- In terms of region, North America is set to dominate the global market by holding the lion’s share with expansion of construction industry in the U.S.
- Middle East and Africa is likely to hold about US$ 20 Mn in 2022 because of the increasing adoption of advanced technology.
- Europe is projected to account for approximately 23.4% of the market share in 2022 stoked by the increasing construction in residential sector in the U.K. and Germany .
- Based on product type, the mechanical ride-on trowel segment is anticipated to reach US$ 93 Mn by 2032.
- High demand for mechanical ride-on trowels owing to their low maintenance requirements, high operator comfort, and superior maneuverability is set to boost the market.
- Rapid expansion of the commercial real estate sector in developed countries is anticipated to drive the market over the forecast period.
- Increasing demand for advanced troweling methods to surge the efficiency and smoothen high-tolerance concrete floors is likely to bolster the growth in …….