Netherlands Construction Equipment Market Report 2023-2029: Investments Under the ‘National Growth Fund’ by the Government are Expected to Support the Sales of Construction Machinery – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Netherlands Construction Equipment Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The Netherlands construction equipment market is expected to grow at a CAGR of approximately 4.61% from 2022 to 2029. Increasing government investment under the ‘National Growth Fund’ and rising construction of residential buildings and renewable energy projects are expected to propel market growth.
Additionally, USD 1.42 billion would be disbursed from the National Growth Fund for the development of artificial intelligence, regenerative medicine, quantum technology, health data infrastructure, and hydrogen/green chemistry. NGF is also expected to contribute USD 97 million to the research program to develop a revolutionary robot lab.
The investments stimulated by the government ‘fund’ towards developing the country’s public infrastructure are expected to boost the Netherlands construction equipment market. Hutchison Ports and Terminal Investment Limited (TIL) has planned to build a new terminal in the port of Rotterdam.
The project will be launched in phases, and the operation is expected to commence in 2027. The total length of the terminal is 2.6 km and will comprise five deep-sea berths.
The Netherlands construction equipment market by volume is expected to reach 41,121 units by 2029. Dutch government’s National Growth Fund (NGF) in 2021 intended an investment valuing USD 19.68 billion to support transport infrastructure, innovation, and R&D in the country between 2021-2025.
The government had also set aside USD 3.4 billion of investment for ten projects to promote economic growth in the country. The NGF also aims to support the expansion of Amsterdam’s North-South metro line with an investment of approximately USD 1.48 billion.
Gemeente Vervoerbedrijf (GVB), a municipal transport operator in Amsterdam, has announced an investment of USD 515.67 million in the project. The rail infrastructure projects, like the Delft-Schiedam Line upgrade, are supported by an investment of USD 2.46 billion.
The government’s Roadmap for offshore wind energy in 2030 involves adding 3.5 GW of wind energy by 2023 and 7 GW by 2024-2030. Additionally, the Flevonice Solar PV Park project in Flevoland is expected to increase crane sales in the Netherlands construction equipment market. The project is estimated to start its commercial operations in 2023 with an estimated value of USD 33,779 million.
The project is supposed to be constructed over 11.8 hectares of land. Geodis has announced the development of a new Venlo warehouse, a 9,000 sq meter facility. The French company has also invested in building a sustainable logistics campus which would be a 130,000-meter square in the country. The expected completion year is 2023. Such growth initiatives by the government are a significant contributor to the growth of the Netherlands construction equipment market.
MARKET TRENDS & DRIVERS
Investments Under the ‘National Growth Fund’ by the Government Are Expected to Support the Sales of Construction Machinery
Under the transport infrastructure, National Growth Fund has planned to invest in developing and maintaining the public transport infrastructure in regions of The Hague, Zoetermeer, and Rotterdam.
Government Focus on Renewable Energy Projects is Expected to Boost the Demand for Construction Equipment
In the year 2020, the Dutch government claimed that by the year 2050 Netherlands’ total energy would be retrieved from sustainable sources. It confirmed that, at a minimum, 4.5 GW of offshore wind turbines would be operational by 2023.
Incremental Development of New Residential Buildings is Expected to Encourage the Sales of Construction Equipment
In its Recovery & Resilience Facility (RRP), the Netherlands government has planned to liquidate USD 97.54 million a year during the next ten years to supply new homes in the country. The European Construction Industry Federation (FIEC) published that the output in the residential sector will increase by 3.6% in 2021 with a growth rate of 8.9%.
Country’s Tight Labor Market Situation is Expected to Hamper the Development of Construction Projects
According to the Dutch Central Bureau of Statistics (CBS) 2021, the country is facing a growing employment crisis as the total number of job vacancies has surpassed the number of unemployed people.
There were approximately 371,000 jobs vacant in the country during the same period. CBS has also confirmed that 4.9 million people in the country have full-time jobs, and 4.5 million work fewer hours. Technology and IT, construction, production, transport, and logistics are some industries facing labor crises.
Hitachi Construction Machinery
Volvo Construction Equipment
Other Prominent Vendors
Hyundai Construction Equipment
KEY QUESTIONS ANSWERED:
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What is the expected number of construction equipment units sold by 2029 in the Netherlands construction equipment market?
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Who are the key players in the Netherlands construction equipment market?
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