DUBLIN--(BUSINESS WIRE)--The "Autonomous Construction Equipment Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global autonomous construction equipment market is expected to grow from $10.02 billion in 2021 to $11.86 billion in 2022 at a compound annual growth rate (CAGR) of 18.5%. The market is expected to grow to $18.53 billion in 2026 at a compound annual growth rate (CAGR) of 11.8%.
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, and Deere and Company.
The autonomous construction equipment market consists of sales of autonomous construction equipment which works on wireless communication technologies, by interfering with radio signals from other equipment, receiving commands, and reporting status.
The equipment includes hardware retrofit and sensors added to get machine and process feedback, as well as knowledge of the position and the surroundings. It assures benefits like improved safety, increased productivity, and reduced unscheduled maintenance. The market consists of revenue generated by the company's manufacturing autonomous construction equipment by the sales of these products.
The main product types of autonomous construction equipment are earth moving equipment, construction vehicles, material handling equipment, concrete, and road construction equipment. Earthmoving equipment is large machinery, mainly heavy-duty vehicles designed for earthwork construction tasks. The autonomous construction equipment is partial/semi-autonomous and fully autonomous. The various applications involved are road construction, building construction, and other application.
Asia-Pacific was the largest region in the autonomous construction equipment market in 2021. Noth America was the second-largest region in the autonomous construction equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Most construction companies are facing heavy equipment operator shortages throughout the world. Manufacturers are more focused on technology such as robotics and automation primarily to combat labor shortages along with finishing up their tasks faster, reducing wastage, and providing high yields with improved quality.
Experts believed that one of the best solutions to combat labor shortages is to automate construction equipment, especially in remote areas, for repetitive tasks and in locations with significant labor shortages. Therefore, shortage in labor 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 the 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 personal information are always being a major concern, limiting the growth of the Autonomous construction equipment market.
Making existing equipment autonomous is a growing trend in the autonomous construction equipment market. Companies are interested in automation but the 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 construction equipment.
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, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Autonomous Construction Equipment Forecast Market, 2021-2026F, 2031F, $ 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, 2016-2021, 2021-2026F, 2031F, $ Billion
- Partial/Semi Autonomous
- Fully Autonomous
6.2. Global Autonomous Construction Equipment Market, Segmentation By product type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Earth Moving Equipment
- Construction Vehicles
- Material Handling Equipment
- Concrete & Road Construction Equipment
6.3. Global Autonomous Construction Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Road Construction
- Building Construction
- Other Applications
7. Autonomous Construction Equipment Market Regional And Country Analysis
7.1. Global Autonomous Construction Equipment Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Autonomous Construction Equipment Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/o0tr11
