DUBLIN--(BUSINESS WIRE)--The "Autonomous Construction Equipment Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global autonomous construction equipment market.
This report focuses on the autonomous construction equipment market which is experiencing strong growth. the report gives a guide to the autonomous construction equipment market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global autonomous construction equipment market is expected to decline from $9.53 billion in 2019 to $8.46 billion in 2020 at a compound annual growth rate (CAGR) of -11.28%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The market is then expected to recover and reach $14.05 billion in 2023 at CAGR of 18.45%.
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North America was the largest region in the autonomous construction equipment market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
Changing existing equipment to autonomous mode is the growing trend in the 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 to avoid 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 likely to become autonomous in the future, promising developments are on the horizon.
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 for repetitive tasks, especially in remote areas 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, cyber security always remains a key concern as it is challenging to control the potential damage that could be caused by hacking heavy equipment. It presents remote access for hackers to exploit system vulnerabilities in 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.
Key Topics Covered:
1. Executive Summary
2. Autonomous Construction Equipment Market Characteristics
3. Autonomous Construction Equipment Market Size And Growth
3.1. Global Autonomous Construction Equipment Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Autonomous Construction Equipment Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Autonomous Construction Equipment Market Segmentation
4.1. Global Autonomous Construction Equipment Market, Segmentation By Autonomy, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Autonomous Construction Equipment Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.3. Global Autonomous Construction Equipment Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Autonomous Construction Equipment Market Regional And Country Analysis
5.1. Global Autonomous Construction Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Autonomous Construction Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Komatsu Ltd
- Caterpillar Inc.,
- 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/1zv809