The Business Research Company’s Autonomous Construction Equipment Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, July 14, 2021 /EINPresswire.com/ — The major players covered in the global autonomous construction equipment market are Komatsu Ltd, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Built Robotics, Inc., Cyngn, Royal Truck & Equipment, Case Construction Equipment, Deere and Company.
In June 2019, Mortenson, a U.S.-based, top-20 builder, developer and leading renewable energy contractor, has announced a strategic partnership with a San Francisco-based developer of autonomous robotic equipment technology, Built Robotics. Built Robotics builds robotic upgrade kits for common construction equipment such as bulldozers, excavators and skid steers. Combined with its proprietary software, it designs autonomous equipment with multilayer safety systems to ensure 100 percent safe operations. The deal will focus on heavy civil earthmoving activities on renewable energy projects that Mortenson is building in North America.
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Rapid advances in technology is expected to drive innovation in autonomous construction equipment, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing, thus resulting in higher productivity, lower operating costs and higher margins For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on the company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins – this allows companies to increase their product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. Such factors are expected to drive the advances in autonomous construction equipment and thus the market during the forecast period.
The global autonomous construction equipment market size is expected grow from $9.47 billion in 2020 to $10.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.13 billion in 2025 at a CAGR of 10%.
The market covered in this report is segmented by autonomy into partial/semi-autonomous, by product type into earth moving equipment, construction vehicles, material handling equipment, concrete & road construction equipment, and by application into road construction, building construction, others.
Autonomous Construction Equipment Market – By Automation Level (Partial/Semi-Autonomous, Fully Autonomous), By Product Type (Earth Moving Equipment, Material Handling Equipment, Concrete & Road Construction Equipment), By Application (Road Construction, Building Construction, Others), And By Region, Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provides autonomous construction equipment market overview, forecast autonomous construction equipment market size and growth for the whole market, autonomous construction equipment market segments, and geographies, autonomous construction equipment market trends, autonomous construction equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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