Dublin, March 20, 2024 (GLOBE NEWSWIRE) -- The "Site Preparation Contractors Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The global site preparation contractors market has grown strongly in recent years. It will grow from $291.98 billion in 2023 to $312.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed during the historical period can be attributed to construction and real estate development, infrastructure projects, population growth and urbanization, government investment, and natural disaster recovery efforts.

The site preparation contractors market is expected to see strong growth in the next few years. It will grow to $420.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The expansion anticipated in the forecast period can be attributed to the adoption of sustainable construction practices, the implementation of renewable energy projects, urban redevelopment initiatives, government investments in infrastructure, and growth in commercial and industrial construction. Prominent trends expected in the forecast period encompass the utilization of diverse soil stabilization techniques, collaboration with ecosystem restoration efforts, adaptation to climate change challenges, support for prefabrication and modular construction, and increased government funding and infrastructure investments.

The site preparation contractor market is anticipated to experience growth driven by the increasing expenditure in construction projects. As highlighted in a statistical report by the United States Census Bureau in March 2023, construction spending in the United States grew from $1.54 trillion in November 2020 to $1.84 trillion in November 2022, marking a substantial 16.3% increase. Consequently, the growth in the construction sector is expected to propel the site preparation contractor market.

The expansion of infrastructure development is poised to be a significant driver for the site preparation contractor market. The Infrastructure Investment and Jobs Act (IIJA) in the United States, with a budget of $1.2 trillion announced in November 2021, is set to drive substantial improvements in roads, bridges, airports, railroads, clean water access, and broadband internet over the next decade. This substantial investment in infrastructure development is a key factor fueling the growth of the site preparation contractors market.

A noteworthy trend in the site preparation contractor market is the adoption of technological advancements. For example, Eyrus Inc., a US-based software business, launched Eyrus Evolved in December 2022 - an end-to-end solution offering real-time workforce data and analytics for better decision-making by general contractors. The platform utilizes construction IoT technology to automate operations, decreasing administrative overhead by 25%.

Major companies in the site preparation contractors market are focusing on the development of high-power tillers. Tillers, designed for soil preparation and cultivation, are gaining prominence. V.S.T Tillers Tractors Ltd., an India-based agricultural machinery company, launched the 95 DI Ignito Power Tiller in September 2021 - a 9 HP electric start power tiller suitable for tasks such as bund formation, de-weeding, and spraying. This innovation aims to enhance efficiency for small and marginal farmers.

In June 2022, LJA Engineering Inc., a US-based engineering consulting firm, acquired Innovative Land Consultants Inc., a move aimed at obtaining substantial expertise in project management, design, and land development planning. Innovative Land Consultants Inc. brings valuable services such as surveying, site design, and renderings to the portfolio of LJA Engineering Inc.

Asia-Pacific was the largest region in the site preparation contractors market in 2023. Asia-Pacific is expected to be the site preparation contractors market report fastest-growing region in the forecast period. The regions covered in the site preparation contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the site preparation contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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