Market Size of Stone Crushing Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Stone Crushing Equipment Market Analysis
The global stone-crushing equipment market was valued at USD 5.55 billion in 2021 and is expected to surpass a net valuation of USD 8.45 billion by 2027 end, registering a solid CAGR growth of 7.25% over the forecast period.
Due to the COVID-19 pandemic, many industries, including the construction industry, witnessed a slump in investment in 2020. The mining, construction, and other infrastructure and housing activities were halted as the virus spread across the globe. However, 2021 was marked as the year of transmission where the industries witnessed recovery with ongoing active government construction and mining projects. In addition, with housing projects elevated, demand for building materials including cement, stone chips, and sand provided momentum to the adoption of stone crushers at the project sites.
The construction and mining industry is highly dynamic, and numerous factors, such as the overall economy, budgets, and global economic scenario, are influencing the market's growth. Volatility in these aspects affects the businesses of stone-crushing equipment OEMs, which will, in turn, affect the construction equipment demand. For instance, In November 2021, the US Congress passed a USD 1 trillion infrastructure spending bill. The infrastructure legislation proposes USD 550 million in new federal expenditure over the next eight years in the United States for the upgrade of roads and bridges, highways and to modernize the city transit systems and passenger rail networks.
Growing urbanization, increasing population, development of highways and infrastructure, increasing transportation, and growing mining activities will contribute to the growth of the stone-crushing equipment market. The global mining industry has been witnessing steady growth for the past few years, owing to a rise in mining exploration activities and the initiation of new mining projects in countries, such as Canada, the United States, Australia, India, Russia, and South Africa. Various players active in the market are launching their updated models with improved performance and capacity.
Considering these factors, demand for stone crushing equipment market is expected to witness high growth rate during the forecast period.
