Dublin, Dec. 31, 2020 (GLOBE NEWSWIRE) -- The "Autonomous Construction Equipment Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the global autonomous construction equipment market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
The global autonomous construction equipment market reached a value of nearly $9,529.7 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.5% since 2015, and is expected to grow at a CAGR of 10.2% to nearly $14,051.6 million by 2023.
Growth in the historic period resulted from rise in construction activity, strong economic growth in emerging markets, low interest rate environment and need for safety in construction. Factors that negatively affected growth in the historic period were a lack of experience in using autonomous technology, oil price volatility, fluctuating raw material prices, and geo-political tensions. Going forward labour shortage, faster economic growth, technological advances, and government efforts to improve economies post COVID-19 are expected to drive the market. Safety and cybersecurity issues, geo-political tensions and coronavirus pandemic are major factors that could hinder the growth of the autonomous construction equipment market in the future.
The autonomous construction equipment market is segmented by automation level into partial/semi-autonomous and fully autonomous. The partial/semi-autonomous market was the largest segment of the autonomous construction equipment market by automation level, accounting for $9,249.1 million or 97.1% of the total market in 2019. The fully autonomous market is expected to be the fastest-growing segment going forward at a CAGR of 36.3%.
The coronavirus has had significant impact on the construction industry, with equipment manufacturers and other market players struggling to stay afloat amidst decreased demand, staff shortages, factory shutdowns, logistical and supply chain disruptions, and travel restrictions. The pandemic has also caused unemployment in the construction sector. For example, in the US close to a million employees in the industry lost their jobs in April, bringing its unemployment rate above 16%.
These disruptions in the construction market have a direct impact on autonomous construction equipment manufacturers as well. In recent years, industry giants such as L&T have digitally transformed 60% of their construction business by installing sensory equipment and gateways and the trend of adopting automated solutions in the construction sector will well continue during and after the COVID-19 pandemic. The crisis has led to rapid adoption of automation technologies as businesses are trying to build resilience from future similar disruptions. There is an increase in R&D spending to develop new standardized building systems to speed up and automate elements of design and construction. More players are investing in automation of on-site processes in construction equipment manufacturing.
The top growth potential in the autonomous construction equipment market by automation level will arise in the partial/semi-autonomous market, which will gain $3,834.7 million in global annual sales by 2023. The top growth potential in the autonomous construction equipment market by product type will arise in the earth moving equipment market, which will gain $2,030.4 million in global annual sales by 2023. The top growth potential in the autonomous construction equipment market by application will arise in the building construction market, which will gain $2,538.9 million in global annual sales by 2023. The autonomous construction equipment market size will gain the most in the USA at $1,058.0 million.
To take advantage of the opportunities, the publisher recommends the autonomous construction equipment companies should artificial intelligence driven construction equipment, IoT based autonomous construction equipment, focus on mergers and acquisitions, provide competitively priced offerings, expanding in emerging markets, set up authorized distributors and sales representatives, direct marketing, and participate in trade shows and events.
The global autonomous construction equipment market is segmented -
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; Other
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Yingchuang Building Technique Co.
Kobelco Construction Machinery Co
Sany Heavy Industry
Yingchuang Building Technique Co
Deere and Company
Hitachi Construction Machinery Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/3ugte6
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