Ground Engaging Tools (GET) Market – Overview
Ground engaging tools (GET) are tough wear-resistant metal components which come in direct contact with the ground during excavation and construction activities. These tools have two basic functionalities i.e. increasing the machine productivity and protecting the comparatively expensive components from wear and tear. GETs include blades, bucket teeth, and cutting edges which are mainly used in mining and construction machinery such as excavators, loaders, scrapers, and dozers.
Ground Engaging Tools (GET) Market – Drivers and Restraints
The global urban population is increasing significantly, putting pressure on existing urban services such as road networks and public transport. Rising number of smart cities is one of the major factors which necessitates better infrastructure and their maintenance. The smart cities offer improved infrastructure by setting up highly efficient transportation systems. Demand for affordable housing has increased along with the growing demand for transport, and social and utility infrastructure. Governments across the globe have launched various plans to provide affordable housing at reasonable interest rates. These measures are expected to drive the growth of the construction industry, thereby impacting the growth of the ground engaging tools (GET) market over the forecast period.
According to World Urbanization Prospects, around 54% of the global population lived in urban areas in 2014 which is anticipated to increase to 68% by 2050, thereby boosting the growth of construction machinery. Increasing government initiatives toward infrastructure improvement in emerging countries such as China and India is likely to supplement the market growth over the forecast period. Introduction of eco-efficient mining processes is another factor set to contribute to industry growth over the forecast period.
Uncertainty in the mining industry is one of the major factors restricting industry demand for Ground Handling Tools. Moreover, longer life cycle of these products is a major challenge to manufacturers, preventing repetitive sales of the products, thereby shifting their focus toward providing maintenance services of GETs.
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Ground Engaging Tools (GET) Market – Segmentation
The global ground engaging tools (GET) market can be segmented based on product, end-use, and region. On the basis of product, the industry is classified into excavators, loaders, and others. Excavators are expected to dominate the ground engaging tools (GET) market as their new sales are influenced by newer technologies which ensures improved output, higher performance, cost-effectiveness, and efficiency. Construction and mining are the end-users of ground engaging tools. On the basis of region, the ground engaging tools (GET) market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region dominated the ground engaging tools (GET) market in 2017 and the trend is anticipated to continue. Increasing investments in infrastructure, growing population, and increasing standard of living in the region are driving the improvements in infrastructure. The Chinese government has planned to upgrade the country’s infrastructure through various projects such as 7918 Network (also known as the National Trunk Highway System) and national high-speed railway. Therefore, rail infrastructure is expected to grow at a faster pace compared to other networks in the country. The government of India is investing heavily in railway tracks, roads, airports, and in overall infrastructure development, thereby leading to the need for heavy construction machineries.