Utility Equipment Market
Utility Equipment Market Study by Garbage Trucks, Street Sweeper, Static Compactors, Winter Maintenance Equipment, and Sewer & Drainage Equipment from 2024 to 2034
Analysis of Utility Equipment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Utility Equipment Market Outlook (2024 to 2034)
The global utility equipment market size is estimated to attain at US$ 12,186.6 million in 2024. During the forecast period, 2024 to 2034, the market is projected to grow with a 5.1% CAGR, and is expected to reach a valuation of US$ 20,040.6 million by 2034.
Key Market Growth Drivers
- The continuous digital development of the market is a major advantage. The utility equipment industry's future is shaped by the adoption of modern technologies like artificial intelligence, data analytics, and the Internet of Things. These technologies are improving operating efficiency, predictive maintenance, and overall infrastructure resilience.
- With utilities investing in technology like smart grids as well as energy storage globally, the industry indicates a considerable trend towards the integration of renewable energy. This indicates a shift away from traditional power sources and toward more sustainable energy techniques.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 12,186.6 million |
| Forecast Market Value (2034F) | US$ 20,040.6 million |
| Global Market Growth Rate (2024 to 2034) | 5.1% CAGR |
| Garbage Truck Growth Rate (2024 to 2034) | 5.4% CAGR |
| Municipal Utility Equipment Growth Rate (2024 to 2034) | 5% CAGR |
| North America Market Share (2024) | 27.8% |
| East Asia Market Share (2024) | 20.7% |
| Key Companies Profiled |
|
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What Factors are Responsible for the Growth of the Global Utility Equipment Market?
“A significant trend in the global utility equipment market is the shift towards electric vehicles.”
The growing popularity of electric utility vehicles is a major factor propelling the global market for utility equipment. Global government initiatives to promote environmentally friendly transportation are driving up the number of electric utility cars in utility fleets. Making the switch to electric vehicles lowers carbon emissions, in line with international environmental objectives.
Furthermore, operational efficiency is improved by the use of cutting-edge technology, such telematics and autonomous functions, in electric utility vehicles. In addition to addressing environmental issues, this expanding trend encourages technological advancement and modernization within the utility vehicle sector, which propels market expansion.
“Manufacturers are placing an increased focus on decentralized energy solutions.”
An important factor propelling the global utility equipment market is the increasing focus on decentralized energy solutions. The growing use of distributed energy resources, such as community micro grids as well as rooftop solar panels, is indicative of a move toward a more adaptable and resilient energy infrastructure.
This trend is consistent with the demand for a steady supply of electricity, particularly in areas vulnerable to natural disasters. The adoption of decentralized energy sources empowers customers, improves grid resilience, and promotes sustainability, boosting global demand for innovative utility equipment.
What are the Major Restraints to the Growth of the Utility Equipment Market?
“Cybersecurity threats pose a challenge to the various AI and ML enabled sensor technology.”
Threats from cyberspace are one of the challenges affecting the global utility equipment industry, especially as digitization grows. Challenges include the need for significant upgrades and aging infrastructure. Seamless integration is hampered by regional standards variations and regulatory complexity. Furthermore, changes in the price of raw materials have an effect on production costs, and a lack of competent labor impedes the adoption of new technologies.
In order to effectively handle changing needs and maintain the long-term viability and reliability of global utility infrastructure, the utility equipment industry must navigate these difficulties through ongoing innovation, smart investments, as well as international collaboration.
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How are Startups Trying to Establish a Strong Position in the Global Utility Equipment Market?
“Smart and sensor-based technology are the developments the startups are delving into.”
Startups in the utility equipment business are driving revenue growth via innovative strategies. Some concentrate on improving energy distribution and using AI for predictive maintenance as well as grid upgrading. Others set the pace for innovations in the integration and storage of renewable energy, satisfying the need for environmentally friendly alternatives.
New trash management startups provide smart bin technology and innovative recycling methods. Using blockchain technology to conduct safe energy transactions and using autonomous drones to examine utilities are two noteworthy advancements. These companies carve out niches, contributing to the dynamic expansion of the business and encouraging innovation by utilizing cutting-edge technology to meet changing industry demands.
Country-wise Insights
The utility equipment market is gaining immense traction in North America and East Asia. In 2024, The North America utility equipment market is poised to gain a 25.7% market share. The increased emphasis on electrification within the transportation sector is driving the utility equipment market in North America. The growing demand for electric cars, as well as the development of charging infrastructure, contribute to the region's developing setting of utility equipment requirements.
In comparison, it is projected that by 2024, East Asia would reach a market share of 35.8%. East Asia's rapid adoption of smart city projects is a unique factor driving the utility equipment market in the region. The need for state-of-the-art utility equipment is being driven by the integration of sophisticated utility technologies, such as intelligent grid systems and creative waste management solutions, which are in line with East Asia's commitment to sustainable urban growth.
What makes the United States a Potential Market for utility equipment?
“Updating the aging infrastructure with utility equipment to boost growth in the United States.”
| Attributes | The United States |
|---|---|
| Market Value in 2024 | US$ 2,686.6 million |
| CAGR from 2024 to 2034 | 5.4% |
| Projected Value in 2034 | US$ 4,566.2 million |
The market in the United States is expected to be valued at US$ 2,686.6 million in 2024, anticipated to gain a market share of 79.3% in 2024. Modernizing outdated infrastructure is a key driver of the utility equipment industry in the United States, especially in light of climate-related problems. Market expansion is facilitated by the move to decentralized energy sources, increased resistance to natural calamities, and the incorporation of grid modernization technology.
The United States places a strong focus on preserving dependable utility services, and investments by the private sector in smart technology and grid resilience further position the market for ongoing progress in meeting changing requirements for infrastructure and energy.
How will the Growth of the Utility Equipment Market Develop in China?
“Smart city initiative to accelerate the overall demand in China.”
| Attributes | China |
|---|---|
| Market Value in 2024 | US$ 1,498.4 million |
| CAGR from 2024 to 2034 | 6.1% |
| Projected Value in 2034 | US$ 2,721.5 million |
In 2024, the China market for utility equipment is expected to be valued at US$ 1,498.4 million. The industry is also projected to acquire a market share of 59.4% in the same year. China's market for utility equipment is fueled by the country's dedication to technical improvement, rising energy consumption, and fast urbanization. The government's emphasis on smart city projects encourages the use of advanced utility technology, such as smart grids as well as energy-efficient technologies.
The market is further stimulated by China's emphasis on robust infrastructure and environmental sustainability, which opens up possibilities for the integration of renewable energy sources and innovative waste management techniques. China's demand for economical, environmentally friendly utility solutions is reflected in the changing environment, which is supporting the Chinese utility equipment market's strong expansion.
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Category-wise Insights
What Kind of Utility Equipment will Gain Traction during the Forecast Period?
“The garbage trucks will be highly preferred as a popular utility equipment.”
| By Product | Value Share in 2024 |
|---|---|
| Garbage Trucks | 36.1% |
The garbage truck segment is estimated to hold 36.1% of the market share in 2024. During the forecast period, the segment is anticipated to expand at a 5.4% CAGR. The global utility equipment market is expected to see a rise in demand for garbage trucks because of increasing urbanization along with waste management issues. Municipalities are looking for effective garbage collection options due to growing populations. Modern trash trucks with features like waste sorting, pollution reduction, and route optimization are becoming more and more necessary.
Modern trash trucks are becoming a growing trend as governments throughout the world place more emphasis on sustainable waste management techniques. In order to meet the changing demands of urban garbage management, the global utility equipment market predicts a spike in demand for creative and environmentally friendly solutions.
What can be considered as the Most Significant End Use of the Utility Equipment?
“The municipal utility equipment will gain prominence in the global market.”
| By End Use | Value Share in 2024 |
|---|---|
| Municipal utility equipment | 84.3% |
The municipal utility equipment segment is anticipated to gain a market share of 84.3% in 2024. The municipal utility equipment segment is also anticipated to rise at a 5% CAGR during the forecast period.
Utility equipment has several uses, which makes it essential for municipal services. These equipment aid in the effective administration of the infrastructure related to gas, electricity, and water in municipal contexts. Smart meters and Internet of Things devices are examples of advanced technologies that facilitate data-driven decision-making and real-time monitoring.
Utility equipment's versatility and scalability enable it to meet the various demands of towns while facilitating the provision of vital services. Furthermore, new developments in sustainable practices and energy-efficient solutions complement the increasing focus on robust and environmentally friendly municipal utility systems, which promotes their wider adoption.
Competitive Landscape
To achieve scalability, the key companies in the global utility equipment market are utilizing advanced developments and technologies. Real-time monitoring and effective energy distribution are made possible by smart grid technologies, which combine automation with sensors integrated with IoT. Predictive analytics is being used by businesses to optimize maintenance schedules, reduce downtime, and foresee equipment problems.
Moreover, grid sustainability and resilience are improved by the integration of clean energy sources and energy storage technologies. To ensure worker productivity, augmented reality (AR) and virtual reality (VR) are being used for maintenance and training. Scalability is also facilitated by these technical developments working together to meet the changing needs of contemporary utility infrastructure.
Some of the key developments in this market are :
- In 2023, Dennis Eagle Inc. broke ground on their preparation for an 8,000-square-foot addition to allow for greater production. The extension will include a brand-new Aftermarket warehouse that has been engineered for efficiency, a new Goods-In Receiving space, a staging area for Production supplies, and additional offices. A conference room, a break and multimedia area for workers and visitors, open plan office space, and a remodeled foyer will be among the workplace facilities.
- In May 2022, FAUN Umwelttechnik GmbH & Co. KG debuted its new Enginius line of hydrogen-powered garbage trucks. Two weeks later, at the Hannover Messe, the firm got the inaugural H2Eco Award.
Segmentation of Utility Equipment Market Research
-
By Product:
- Garbage Trucks
- Street Sweeper
- Static Compactors
- Winter Maintenance Equipment
- Sewer & Drainage Equipment
-
By End Use:
- Municipal Utility Equipment
- Industrial Utility Equipment
- Airport Utility Equipment
- Others
-
By Region:
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What was the estimated value of the utility equipment market in 2019?
The global utility equipment market was valued at US$ 9,833.5 million in 2019.
What will be the outlook of the utility equipment market in 2024?
The global market for utility equipment is likely to be valued at US$ 12,186.6 million in 2024.
What is the market value for utility equipment in 2034?
Demand for utility equipment is projected to reach a market value of US$ 20,040.6 million by the end of 2034.
What is the adoption CAGR for utility equipment from 2024 to 2034?
Adoption of utility equipment is projected to develop at a CAGR of 5.1% through 2034.
At what rate is the market in North America predicted to rise?
The North America market for utility equipment is projected to garner a CAGR of 5.7% through 2034.
Utility Equipment Market
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