Heavy Equipment Makers Report Growth on Infrastructure Demand
Caterpillar, Komatsu, Manitowoc and Volvo Construction Equipment cite infrastructure and energy projects in third-quarter results.
Updated on Nov. 6, 2026 in Construction
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Caterpillar, Komatsu, Manitowoc and Volvo Construction Equipment reported growth in third-quarter results driven by infrastructure and energy projects. Manitowoc's equipment orders rose 38% year over year to $676.4 million, and Caterpillar's order backlog nearly doubled to a record $78 billion.
Why it matters
Demand from large infrastructure and energy projects is raising order volumes across the heavy equipment sector. Manitowoc's crane demand is tied to long-lasting nuclear projects that require many cranes.
Manitowoc's $1.1 billion backlog has grown for four consecutive quarters, and it expects roughly half to ship in the fourth quarter. Caterpillar expects to sell and ship 58% of its $78 billion backlog within the next 12 months.
The players
Caterpillar
Caterpillar is a major American manufacturer of construction and mining equipment and power generation systems.
Komatsu
Komatsu is a Japanese manufacturer of construction, mining and utility equipment with a large global dealer network.
Manitowoc
Manitowoc is a Milwaukee-based manufacturer of cranes and lifting equipment used in large construction projects.
Volvo Construction Equipment
Volvo Construction Equipment is the construction equipment division of the Swedish vehicle maker Volvo Group.
The details
Volvo Construction Equipment's order intake grew 16% to $717.9 million in the third quarter, and production has begun at its Shippensburg, Pennsylvania facility on the division's first excavators and large-wheel loaders. Caterpillar plans to triple its 2024 capacity for large reciprocating engines by 2030, using its Winston-Salem, North Carolina facility as a second assembly and test location.
Timeline
Nov. 4, 2026: Manitowoc reports third-quarter earnings.
Jan. 1, 2027: Volvo Mining launches as part of Volvo Construction Equipment.
2029: Earliest delivery window for Caterpillar's large reciprocating engine orders.
2030: Caterpillar's target date for tripling large reciprocating engine capacity.
Market Landscape
Manitowoc's crane orders are tied to the large nuclear reactor build-out, with the extraction citing over 30 large reactor projects in Europe and at least 10 in the US. The order growth across four manufacturers suggests the energy build-out is broadening demand beyond traditional road and site construction.
Longer lead times on heavy equipment can delay project schedules for contractors and their customers. Volvo CE's Shippensburg expansion is expected to reduce lead times by over six weeks once fully operating.
The takeaway
Backlogs at several major equipment makers are now at or near record levels, which signals sustained demand from energy and infrastructure work. Buyers and contractors should expect order lead times to remain a factor in project planning.
What happens next
Volvo Mining launches as part of Volvo Construction Equipment on January 1, 2027, with initial customer markets in Sweden, Norway and Finland.
Further reading
For more on how large projects are shaping contractor demand, see Construction.
Source note: This article includes information reported by Joc.
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