LONDON, Aug. 18, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the autonomous construction equipment market, the coronavirus has had a significant impact on the construction market, with equipment manufacturers and other market players struggling to stay afloat amidst decreased demand, factory shutdowns, logistical and supply chain disruptions, and travel restrictions. 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 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 autonomous construction equipment market players are investing in automation of on-site processes in construction equipment manufacturing.
The global autonomous construction equipment is concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 77.5% of the total market in 2020. Major players include Caterpillar Inc., Komatsu Limited, Volvo Group, Doosan Corporation, and Hitachi Construction Machinery Co., Ltd.
Asia-Pacific was the largest region in the global autonomous construction equipment, accounting for 35.4% of the total in 2020. It was followed by North America and Western Europe, and then the other regions. Going forward, the fastest-growing regions in autonomous construction equipment will be the Asia-Pacific and Middle East where growth will be at CAGRs of 17.0% and 15.7% respectively. These will be followed by Africa, and the North America, where the markets are expected to grow at CAGRs of 14.9% and 14.0% respectively.
The Business Research Company’s report titled Autonomous Construction Equipment Market – 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, Others), And By Region, Opportunities And Strategies – Global Forecast To 2023 covers major autonomous construction equipment companies, autonomous construction equipment market share by company, autonomous construction equipment manufacturers, autonomous construction equipment market size, and autonomous construction equipment market forecasts. The report also covers the global autonomous construction equipment market and its segments.
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The global autonomous construction equipment market is expected 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%.
Rapid advances in technology are expected to drive innovation in autonomous machinery, thus driving the market during the forecast period. Technologies such as 3D printing, IoT, artificial intelligence and big data analytics are being used in manufacturing, resulting in higher productivity, lower operating costs and higher margins.
According to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the market during the forecast period.
Autonomous Construction Equipment Market – Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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