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.
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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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