Heavy equipment oil coolers, commercial engine cylinders, and other heavy equipment parts are an essential part of the construction market, which is growing into an extremely lucrative industry. A few years ago in 2011, North America held the largest share of construction equipment revenue, earning roughly $25.8 billion. On a global scale, the value for heavy equipment oil coolers and other types of construction machinery and tools is projected to exceed $75 billion by 2024.
According to Construction Week Online, a Global Market Insights report states that during the next eight years, the global construction sector will hit the $75.1 billion mark.
In addition to the growing demand for heavy equipment oil coolers and other pieces of construction equipment, the revenue increase will be attributed to much lower administrative overheads, regulation compliance, and less expensive maintenance costs.
"The industry is characterized by increasing natural gas drilling activities, coupled with augmentation of the highway network and formation of smart cities," read the GMI report. "This will lead to a corresponding demand in the construction equipment market, and also give impetus to the rental sector."
The types of equipment that manufacturers are designing will certainly contribute to the growing market, as well, because the new technology is so advanced that fewer problems are bound to occur with machinery. Developers have already begun working on autonomous and semi-autonomous construction machines that will both reduce energy consumption and improve whatever construction task it's designed to accomplish.
"Developing technology with greater efficiency and accuracy in material handling has placed high emphasis on safety and productivity at the workplace," added the GMI report.
Although the market is certainly growing, there will still be need for regular service maintenance, a strong emphasis on onsite safety, and purchasing of heavy equipment components for machinery and construction performance. No matter what job you or any of your employees are performing, you'll want to make sure you have the right tools for the job and are following all the necessary safety precautions to avoid serious injury.
If you want to check out the over 100,000 high quality heavy equipment parts that will help you on the job, contact Long Island Heavy Equipment today.