Heavy Equipment Orders Surge on Infrastructure Demand
Contractors should expect longer equipment lead times as backlogs at Caterpillar, Manitowoc, Komatsu and Volvo CE climb.
Updated on Nov. 6, 2026 in Construction
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Four heavy equipment makers, Caterpillar, Komatsu, Manitowoc, and Volvo Construction Equipment, reported third-quarter growth driven by infrastructure and energy projects. For construction firms, rental fleets, and equipment dealers, the strong order books point to continued demand for machinery and tight delivery schedules.
Why it matters
Heavy infrastructure and energy projects are lifting order volumes across the sector, and Manitowoc attributes its crane demand to large, long-lasting nuclear projects that require many cranes. Backlogs at several manufacturers are at or near records, which signals that buyers are locking in equipment ahead of time rather than waiting.
Manitowoc's $1.1 billion backlog has grown for four consecutive quarters, and Caterpillar's record $78 billion backlog nearly doubled from a year earlier. Volvo CE's third-quarter order intake reached $717.9 million, up 16%, while its deliveries rose 8% to $737.5 million.
The players
Caterpillar
Illinois-based heavy equipment manufacturer whose power generation and construction machinery sales make it a bellwether for the global construction sector.
Komatsu
Japanese construction and mining equipment maker with a global dealer network and broad exposure to infrastructure and mining markets.
Manitowoc
Milwaukee-based maker of cranes whose products are central to large construction and nuclear projects.
Volvo Construction Equipment
The construction equipment division of Volvo Group, which is expanding U.S. production and launching a dedicated mining line.
The details
Caterpillar plans to triple its 2024 capacity for large reciprocating engines by 2030 and will use its Winston-Salem, North Carolina plant as a second assembly and test location. Volvo CE has begun production at its Shippensburg, Pennsylvania facility on its first excavators and large-wheel loaders, an expansion expected to cut lead times by more than six weeks. Manitowoc's cranes are tied to large nuclear builds, including deliveries to the Hinkley Point project in the UK.
Timeline
Nov. 3, 2026: US midterm voting on data center ballot measures
Nov. 4, 2026: Manitowoc reports third-quarter earnings
Jan. 1, 2027: Volvo Mining launches as part of Volvo CE
2029: Earliest delivery window for Caterpillar large reciprocating engine orders
2030: Target year for Caterpillar's triple-capacity goal
Market Landscape
The four results sit inside a broader pattern in which manufacturers are adding production capacity, as seen in Volvo CE's Shippensburg expansion and Caterpillar's plan to triple its large-engine capacity by 2030. Demand is concentrated in power and infrastructure, while the US electorate's rejection of 40 of 41 local ballot measures limiting data center construction across 10 states suggests local opposition has not slowed that build-out.
Operators should plan for longer lead times and tight equipment availability as backlogs run high, and factor those delays into project schedules and procurement. Firms that rent or sell heavy machinery may see strong near-term demand, while contractors without firm equipment commitments face rising competition for the same units.
The takeaway
The sector's order books point to sustained demand through the end of the decade, so contractors should review equipment lead times with suppliers now. Watch Manitowoc's Nov. 4 earnings call for signs of whether the roughly half-of-backlog shipment forecast for the fourth quarter holds.
What happens next
Manitowoc reports its third-quarter earnings on Nov. 4, 2026, and Volvo Mining launches as part of Volvo CE on Jan. 1, 2027.
Further reading
For more on the forces shaping equipment orders, see the Construction section.
Source note: This article includes information reported by Joc.
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