Dublin, May 24, 2021 (GLOBE NEWSWIRE) -- The "Autonomous Construction Equipment Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
Autonomous Construction Equipment Global Market Report 2021: COVID-19 Growth and Change to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global autonomous construction equipment market.
Major players in the 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
The global autonomous construction equipment market is expected to 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%.
Most of the construction companies are facing heavy equipment operator shortage throughout the world. Manufacturers are more focused towards technology such as robotics and automation primarily to combat labour shortages along with finishing up their tasks faster, reduce wastage and provide high yields with improved quality.
Experts believed that, one of the best solutions to combat labour shortage is to automate construction equipment, especially in remote areas, for repetitive tasks and in locations with significant labour shortages. Therefore, shortage in labour or skilled workforce is driving the Autonomous construction equipment market.
Safety and cyber security issues have always been a major challenge in the autonomous construction equipment market. To automate construction equipment, regardless of the control system used, cybersecurity always remains a key concern as it is challenging to control the potential damage that could be caused by hacking of heavy equipment.
It presents remote access for hackers to exploit system vulnerabilities of communication systems between vehicles and infrastructure. Threats associated with the protection and safety of the personal information is always being a major concern, limiting the growth of the Autonomous construction equipment market.
The market covered in this report is segmented by autonomy into partial/semi-autonomous. It is also segmented 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.
Making existing equipment autonomous is the growing trend in Autonomous construction equipment market. Companies are interested in automation but implementation cost for deployment of technology is high. Therefore, construction companies are planning to rent autonomous machines to stay competitive by using new technology without the potential barriers of high investments. This is mainly avoiding costs associated with purchasing a construction equipment.
For instance, cost of owning a commercial truck may add up to roughly $8,500 annually according to the statistics. To reduce the overall expenses, they are working on solutions to make their existing equipment autonomous. Built Robotics, is providing a manufacturer-agnostic solution to clients that wants to automate their machine by which customer could make their machinery autonomous without sacrificing manual operating capabilities. With more machines to be likely become autonomous in the future, promising developments are on the horizon.
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 operation. The deal will focus on heavy civil earthmoving activities on renewable energy projects that Mortenson is building in North America.
Key Topics Covered:
1. Executive Summary
2. Autonomous Construction Equipment Market Characteristics
3. Autonomous Construction Equipment Market Trends and Strategies
4. Impact of COVID-19 on Autonomous Construction Equipment
5. Autonomous Construction Equipment Market Size and Growth
5.1. Global Autonomous Construction Equipment Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Autonomous Construction Equipment Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Autonomous Construction Equipment Market Segmentation
6.1. Global Autonomous Construction Equipment Market, Segmentation By Autonomy, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Autonomous Construction Equipment Market, Segmentation By product type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Earth Moving Equipment
Material Handling Equipment
Concrete & Road Construction Equipment
6.3. Global Autonomous Construction Equipment Market, Segmentation By application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Autonomous Construction Equipment Market Regional and Country Analysis
7.1. Global Autonomous Construction Equipment Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Autonomous Construction Equipment Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Hitachi Construction Machinery Co. Ltd.
Volvo Construction Equipment
Built Robotics Inc.
Royal Truck & Equipment
Case Construction Equipment
Deere and Company
For more information about this report visit https://www.researchandmarkets.com/r/6u6lvu
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