The revenue of the Chinese construction machinery industry was 562.6 billion yuan ($91.81 billion) last year, a rise of 2.98 percent from 2011, according to data compiled by the China Construction Machinery magazine. Provided to China Daily

China's construction machinery industry is bracing for sluggish growth, with more domestic companies being forced to build plants overseas to grab market share there, industry insiders said.

Three Chinese construction equipment makers among the top 10 global firms in the sector saw steep revenue slides in the first quarter of the year, with Zoomlion Heavy Industry Science & Technology Development Co Ltd's revenue down 47.9 percent, according to data compiled by the China Construction Machinery magazine.

In total, 11 Chinese companies are in the magazine's Top 50 Construction Machinery Manufacturers List.

With Caterpillar Inc and Komatsu Ltd taking the lead, three Chinese companies - XCMG Group, Zoomlion and Sany Heavy Industry Co Ltd - are in the fifth, sixth and 10th places, respectively, almost the same as last year.

Half of the top 50 companies saw increased revenues. Nineteen of the companies on the list are from Europe and the United States. Meanwhile, 18 Asian companies saw declines.

"Although the revenue of the construction machinery industry in China has dropped, the downward trend is now stabilizing," said Su Zimeng, secretary-general of the China Construction Machinery Association.

The revenue of the Chinese construction machinery industry was 562.6 billion yuan ($91.81 billion) last year, a mere rise of 2.98 percent from 2011, and much lower than the 21.7 percent increase seen from 2010 to 2011.

"The solid growth of our industry in the last 10 years went hand in hand with China's robust economic growth. Now with the sluggish global economic scenario, it may be a good time for our companies to go abroad," Su said.

The Changsha-based Zoomlion, which posted a profit of $1.43 billion last year, has been making overseas acquisitions since the early 2000s. In 2001, it acquired the United Kingdom-based Powermole Co and bought Italian machinery maker Compagnia Italiana Forme Acciaio SpA, known as Cifa, in 2008.

"We'll not stop our acquisitions overseas," said Guo Xuehong, Zoomlion's vice-president.