(Newswire.net — September 6, 2021) — According to a report released by the Australian International Trade Administration and Mordor Intelligence, residential construction activities have been on a consistent rise. The Australian Bureau of Statistics shares the same view based on the steady increase within the spectrum of residential building construction activities in Australia. The reports specifically point to residential construction activities in terms of home upgrades and an assortment of general construction initiatives which are said to be significantly high.
Based on the fact that an approximate approximately 10% of Australia’s GDP and employment depends on this sector, current trends despite the impact of the pandemic are set to bring big benefits in terms of economic contribution. More than 100,000 new construction units which include but are not limited to dwelling units and private homes have been registered as of December 2020. This scenario makes it clear and presents that the industry is set for growth in the coming years and good news for construction equipment suppliers as construction equipment is used extensively for capital-intensive projects in order to maintain lower labor costs.
From mini excavators and standard excavators to dump trucks and crawler trucks these machines will be in high demand for the next few years. Market trends also indicate that concerns over safety and operating efficiency and automation have taken center stage which comes as good news for manufacturers such as Komatsu, Caterpillar, Hitachi, Kubota, and others who are already prepping for automated trucks and excavators that may also be remotely operated. It is expected that the construction sector will move into large-scale adoption of these technologies in order to remain competitive and relevant.
The mining industry in Western Australia for instance observed a rise in demand for dump trucks which was catered for by Komatsu via 12 Komatsu 830E dump trucks for Capcoal whilst the demand for wheel loaders was catered for by JCB emerged driven largely by government purchases. The Australian construction industry players are embracing and adopting new technologies rapidly in order to increase productivity and simultaneously reduce operating costs.
The Komatsu PC210LC-11, hydraulic excavator for instance caters to the demand for innovative machines via its intelligent machine control which is critical towards productivity enhancement and cutting costs which are attributed to over-excavating. Caterpillar, in response to industry trends launched three next-gen 20-metric ton excavators, (320 GC, 320, and the 323) that sport unprecedented operating and fuel
The report also revealed that the Australian construction machinery market is controlled by industry giants such as Komatsu, JCB, Sany, CAT, and Volvo with companies such as Kubota aiming for niche markets entirely. Construction equipment demand within the excavator hire industry is also growing steadily kicking up figures along the way for construction equipment imports for newer and more eco-friendly units. The ‘for hire’ players are playing a relevant and significant role towards keeping capital requirements lower for construction outfits as most are involved in small-scale projects that do not justify direct purchases due to the smaller margins that they generally target.