Markoorsig

The Spain construction equipment market is projected to achieve a compound annual growth rate (CAGR) of over 7% van 2022 aan 2028, reaching a value of more than $7 billion by 2028. This growth will be primarily driven by government investments in infrastructure, hydraulic infrastructure, and renewable energy projects.

The COVID-19 pandemic had a negative impact on Spain’s economy, leading to a 4.3% contraction in GDP in 2020 and a decline in demand for construction equipment. However, the Spanish Institute of Foreign Trade (ICEX) predicts that the GDP will grow by 5.5% in 2022 en 3.8% in 2023.

Notable infrastructure projects currently underway in Spain include the Punta Norte Residential Complex (USD 220 miljoen), the Palencia-Aguilar de Campoo High-Speed Railway LinePalencia Norte-Amusco section (USD 114 miljoen), the Cadiz Photovoltaic Solar Complex 233.6 MW (USD 134 miljoen), the Sabinar Photovoltaic Complex 252 MW (USD 213 miljoen), the Olmedilla Hive Solar Plant 169 MW (USD 94 miljoen), the Trujillo Solar Power Plant Complex 125 MW (USD 80 miljoen), the Sinova Wastewater Treatment Plant (USD 72 miljoen), and the Calatorao Solar Plant 50 MW (USD 47 miljoen).

The Spanish government plans to invest USD 26.2 billion in rail infrastructure projects over the next five years. The construction sector is projected to contribute 22% of Spain’s GDP by 2020. Daarbenewens, the government has allocated around USD 82 million for water infrastructure investment in Seville in 2021. These investments form part of the 2030 plan, which aims to transform, modernize, and adapt to meet societal demands and address climate change challenges. Infrastructure projects like the Punta Norte Residential Complex and the Palencia-Aguilar de Campoo High-Speed Railway LinePalencia Norte-Amusco section are expected to stimulate growth in the construction sector.

Spain is currently processing 697 renewable energy projects, including 467 solar parks, 211 wind farms, two hydroelectric proposals, en 17 hybrid plants, with a combined capacity of 66,000 MW. Capital Energy Solar PV has prepared three solar PV projects, totaling 305 MW and involving an investment of USD 142.5 miljoen, to be installed in the Madrid region. These projects, such as La Vega (130 MW), Albares (100 MW), and Cruz (75 MW), require more than 529,000 solar panels.

The Ministry of the Ecological Transition and the Demographic Challenge (MITECO) expects a total investment of USD 13.1 billion in green policies in 2021, funded through the national budget and EU contributions. This investment aims to promote decarbonization, mitigate depopulation, and foster the circular economy. In 2021, USD 740.1 million was invested in hydraulic infrastructures, and an additional USD 102.5 million will be invested through public entities and state-owned companies, bringing the total hydraulic investment to USD 842.7 miljoen.

Increased investments in transport infrastructure, hydraulic infrastructure, and renewable energy sectors will drive the demand for excavators, backhoe loaders, and fixed and tower cranes. The renewable energy projects, in particular, will support the demand for mini excavators and cranes in the Spanish market.

According to the National Confederation of Construction (CNC), 75.6% of construction projects in Spain experienced delays in the last three months, while the remaining 24.4% met deadlines but incurred increased costs. Daarbenewens, the average construction price rose to 22.2%.

In 2020, the Spanish Council of Ministers approved a Draft Bill on Climate Change and Energy Transition, outlining the country’s climate policies. Spain had planned to produce 120% more fossil fuels than would be compatible with limiting global warming to 1.5ºC, according to the UNEP’s Production Gap 2019 report. gevolglik, Spain’s decision to control fossil fuel exploration may directly impact the demand for construction equipment in the oil and gas industry, including excavators, cranes, tower cranes, and mobile cranes.

The manufacturing industry in Spain experienced declines of 1.8% in 2019 en 8% in 2020. This decline can be attributed to the country’s reliance on raw materials for manufacturing. Furthermore, the COVID-19 pandemic disrupted the supply chain, further impacting the manufacturing industry in 2020.

The construction sector is facing a labor shortage due to the significant impact of the COVID-19 pandemic. This shortage will result in project delays and subsequently affect construction equipment sales, leading to decreased demand in the Spanish market.

High-top EC-H cranes capable of handling heavy loads up to 50t are in high demand in Spain. These powerful machines are needed for lifting prefabricated elements and heavy loads in dam, power station, and mining projects. The use of prefabricated elements is increasing, necessitating larger lifts and a shift away from very small tower cranes to larger equipment.

Telematics technology improves productivity, reduces costs, and provides contractors and equipment owners with data to predict and prevent downtime and maintenance. Similar to its impact on automobiles, enabling technologies such as cameras, sensors, and machine-monitoring systems will enhance the operator’s job performance, make machines safer, and improve the overall lifecycle costs of excavators. IoT-based remote monitoring of construction equipment is gaining popularity in both developed and developing countries. With the help of IoT, excavator performance and efficiency are expected to improve through access to more data than ever before. Telematics thus plays a vital role in the construction equipment industry.

The Material Handling segment is the largest in the Spanish construction equipment market, followed by earthmoving and road construction equipment. Excavators and forklifts have been the fastest-growing segments. Government investments in infrastructure development, renewable energy, and the construction industry will drive the demand for excavators and forklifts. Spain is currently the largest forklift market globally due to the equipment’s flexibility, affordability, and suitability for lifting and moving materials over short distances, making it highly popular in the Spanish construction market. The demand for telematics in excavators is driven by various civil engineering and residential projects, while large tower cranes are in demand for real estate and affordable housing projects in Spain. The infrastructure investments planned for 2021 will further stimulate growth in the construction industry, and Spain has attracted significant foreign direct investment in the renewable energy sector in 2021.

Marksegmentasie

The market is segmented based on various factors, including type and end user.

Segmentation by Type
Earthmoving Equipment – Excavator, Backhoe Loaders, Motor Graders, Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Material Handling Equipment – Crane, Forklift & Telescopic Handlers, Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Road Construction Equipment – Road Rollers, Asphalt Pavers

Segmentation by End Users
Konstruksie
Manufacturing
Mining
Ander

In 2021, earthmoving equipment held a significant share of 7.7% in the overall construction equipment market. However, it is projected that the Spain earthmoving construction equipment market will witness substantial growth, reaching a total of 8,057 units by the year 2028. This represents a compound annual growth rate (CAGR) van 8.55%. The dominance of earthmoving equipment in the market can be attributed to its extensive utilization in various sectors such as infrastructure development, construction projects, and renewable energy initiatives.

Furthermore, the construction industry played a vital role, accounting for a considerable share of 63.8% in the overall construction equipment market in 2021. Looking ahead, it is anticipated that the utilization of construction equipment in this sector will continue to rise. By 2028, the construction industry is projected to utilize around 64,855 units of construction equipment, showcasing a CAGR of 7.59%. The construction industry holds significant importance in driving the country’s GDP growth. Bowendien, government-led initiatives aiming at infrastructure development are expected to act as a catalyst for increased construction activities throughout Spain.

Mededingende landskap

The prominent participants in the Spain construction equipment market include Caterpillar, Volvo CE, Komatsu, Liebherr, and Kubota. These companies collectively accounted for approximately 33% of the market share. Daarbenewens, other notable vendors in the industry are XCMG, SANY, JCB, Kobelco, Zoomlion, Hitachi Construction Equipment, and Hyundai Construction Equipment.

Key Questions Answered

What is the estimated market size of the construction equipment industry in Spain?

The construction equipment market in Spain is anticipated to reach a value of USD 7.1 billion by the year 2028.

How many units of construction equipment are projected to be sold by the year 2028?

Based on estimates from the research, approximately 97,658 units of construction equipment are expected to be sold by the year 2028.

What is the anticipated growth rate of the Spain Construction Equipment Market?

The Spain construction equipment market is forecasted to grow at a compound annual growth rate (CAGR) van 7.19% during the period of 2022 aan 2028.

How many units of earthmoving equipment were sold in Spain in 2022?

According to analysis conducted by the research, approximately 4.9 thousand units of earthmoving equipment were sold in Spain in the year 2022.

Which companies serve as distributors of construction equipment in Spain?

The major distributors of construction equipment in Spain include LVP Cranes, Centrocar, ITT Bobcat OF, AURTENECHE MAQUINARIA, SUR KOMAT MAQUINARIA, and Finanzauto.