Global demand and supply for piling equipment to soar

Technology enabled advances in hydraulic fracturing have led to a shift from conventional production of utilities to non-conventional shale gas and tight oil production. Shale gas and tight oil is produced in large quantities in the US and Canada and this is likely to result in an increase in foundation work in shale gas production facilities, thereby amplifying the demand for piling equipment. A shifting focus towards unconventional energy sources such as solar and wind energy to generate power is being underpinned by regulatory approvals and governmental support in countries such as India, China, and Japan. This is further anticipated to lead to increase in foundation work and thereby fuel the demand for piling equipment.

According to the analysis presented in the report, the global markets for piling equipment and piling supplies ? collectively estimated to be valued at US$ 5,117 million in 2018 ? are projected to reach a collective valuation of US$ 7,168.8 million towards the close of 2026, exhibiting CAGR of 3.7 per cent and 4.5 per cent, respectively during the period from 2018 to 2026. This growth can be attributed to the increasing regional investments in infrastructure projects, resulting in rising demand for piling equipment and supplies.