Dublin, December 31, 2020 (GLOBE NEWSWIRE) – Added to the report “Autonomous Construction Equipment Global Market Opportunities and Strategies to 2030: Growth and Change COVID-19” ResearchAndMarkets.com’s offering.
This report describes and evaluates the global autonomous construction equipment market. It covers 2015 to 2019, known as the historical period, and 2019 to 2023 named the forecast period, along with other forecasts for the periods 2023-2025 and 2025-2030.
The global autonomous construction equipment market reached nearly $ 9,529.7 million in 2019, after growing at a complex 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 historical period was due to increased construction activity, strong economic growth in emerging markets, a low interest rate environment and the need for safety in construction. Factors that have adversely affected growth in the historical period have been a lack of experience in the use of autonomous technology, volatility of oil prices, fluctuating prices of raw materials, and geopolitical tensions. Going forward labor shortages, accelerated economic growth, technological advances, and government efforts to develop economies in the wake of COVID-19 are expected to lead the market. Safety and cybersecurity issues, geopolitical tightening and coronavirus pandemic are key factors that may hinder the future growth of the autonomous construction equipment market.
The autonomous construction equipment market is segmented by a degree of automation to a degree / semi-autonomous and completely autonomous. The partial / semi-independent market was the largest segment of the automated construction equipment market by automation rate, accounting for $ 9,249.1 million or 97.1% of the total market in 2019. fully autonomous market is expected to be the fastest growing sector. at a CAGR of 36.3%.
The coronavirus has had a major impact on the construction industry, with equipment manufacturers and other market players struggling to stay afloat amid reduced demand, labor shortages, factory closures, supply and supply disruptions, and travel restrictions. The pandemic has also caused unemployment in the construction sector. For example, in the US nearly a million workers in the industry lost their jobs in April, bringing its unemployment rate above 16%.
These effects in the construction market directly affect manufacturers of autonomous construction equipment as well. In the last few years, business giants such as L&T have digitally transformed 60% of their construction industry with the installation of sensing equipment and gates and the trend will continue to adopt their own solutions. in the construction sector during and after the COVID-19 pandemic. The crisis has led to the rapid adoption of automation technologies as businesses try to build resilience from similar temptations in the future. There is an increase in R&D spend to develop new custom building systems to accelerate and automate elements of design and construction. More players are investing in on-site process automation in construction equipment manufacturing.
The highest growth potential in the automated construction equipment market according to the level of automation will rise in the part / semi-autonomous market, which will receive $ 3,834.7 million in global annual sales by 2023. The potential highest growth in autonomous construction equipment market by type of product rise in the earthmoving construction equipment market, which will receive $ 2,030.4 million in global annual sales by 2023. The highest growth potential in autonomous construction equipment market will be with construction appearing in the real estate construction market, which will receive $ 2,538.9 million in global annual sales by 2023. The market size of autonomous construction equipment will reach the majority in the US at $ 1,058.0 million.
To take advantage of the opportunities, the publisher recommends that automated construction equipment companies should offer machine-driven, automated construction equipment, IoT-based automated construction equipment, focus on unions and benefits, offers at provide competitive pricing, expand into emerging markets, establish authorized distributors and sales representatives, direct marketing, and participate in trade shows and events.
Markets covered:
The global automated construction equipment market is fragmented –
- By degree of automation: Part / semi-independent; Completely autonomous
- By product type: Ground moving equipment; Material Handling Equipment; Concrete & road construction equipment
- By Request: Road Construction; Building Construction; Others
Time series: Five years of history and foresight.
Data: Ratios of market size and growth to related markets, GDP allowances, per capita expenditure
Companies mentioned:
- Yingchuang Construction Technology Co.
- XCMG Group
- Kobelco Construction Machine Co.
- Sany heavy industry
- Zoomlion
- Fastbrick Robotics
- Fujita
- Yingchuang Construction Technology Co.
- Toyota Industries
- Kubota
- Tadano Limited
- Takeuchi Manufacturing
- JCB
- Liebherr-International AG
- Atlas Copco
- Corporal Terex
- Bobcat
- Deere and Company
- Cummins
- ELB equipment
- Caterpillar Inc.
- Komatsu Limited
- Volvo Group
- Corporal Doosan
- Hitachi Construction Machinery Co., Ltd
For more information about this report, visit https://www.researchandmarkets.com/r/3ugte6
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