Artificial Intelligence
Global Construction Equipment Market is projected to be valued at USD 211.76 Billion by 2027, growing at a CAGR of 6.33%: Bonafide Research
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Clifton, New Jersey, Feb. 28, 2023 (GLOBE NEWSWIRE) — The demand for construction equipment globally is increasing rapidly due to economic growth, infrastructural activities, urbanization, population growth, technological advancements, and governmental policies. The global economy experienced a recovery following the significant slowdown caused by the COVID-19 pandemic in 2020. According to the International Monetary Fund (IMF), the global economy grew by an estimated 6.0% in 2021. Governments worldwide are investing in infrastructure development projects such as roads, bridges, airports, and railways, which require construction equipment, leading to a higher demand for such equipment. According to the United Nations, the global urbanization rate in 2021 was estimated to be around 56% of the world’s population living in urban areas. The American region has higher rates of urbanization than others, such as Africa and Asia. Technological advancements in construction machinery are helping to improve safety, increase efficiency, reduce costs, and enhance sustainability.
Key Takeaways:
- Global Construction Equipment Market grew historically at a growth rate of 3.49%.
- Earth Moving equipment held the highest share of 49.21% in 2021, driven by the increased use of Motor Graders and Excavators.
- The Asia-Pacific region leads the global construction equipment market with significant construction projects underway in China, India, Indonesia, and South Korea.
- Caterpillar & Komatsu are the leading players in the global construction equipment market.
- Key construction equipment manufacturers across the globe have launched their electric construction equipment to mitigate the use of conventional fuel vehicles, in line with their sustainability policies.
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Significant technological advancements in construction equipment like telematics and IoT, automation and robotics, artificial intelligence, electrification, augmented reality, and virtual reality has increased the efficiency and quality of construction globally. This enables remote monitoring, predictive maintenance, and other capabilities that can help improve equipment performance, reduce downtime, and enhance safety. Examples include autonomous excavators, bulldozers, and other heavy machinery. AI is being used to enhance the capabilities of construction equipment, including the use of computer vision to enable machines to recognize and respond to their environment and the use of predictive analytics to optimize equipment performance and reduce downtime. The electrification of construction equipment can help reduce emissions, lower operating costs, and enhance efficiency. This includes the development of electric excavators, bulldozers, and other heavy machinery. AR and VR are being used to enhance training and simulation capabilities, allowing operators to practice using equipment in a virtual environment before operating it on a construction site.
Most construction companies are facing heavy equipment operator shortages throughout the world. Manufacturers are increasingly focusing on technology such as robotics and automation to combat labor shortages while also completing tasks faster, reducing waste, and providing high yields with improved quality. Experts believe 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. Making existing equipment autonomous is a trend in the construction equipment market. Companies are interested in automation, but the implementation cost for the deployment of technology is high. Therefore, construction companies are planning to rent these machines to stay competitive by using new technology without the potential barriers of high investments.
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Construction machinery is used in construction projects to load and unload materials, drive tools, and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications. The main products of construction machinery are earthmoving, material handling, building and road construction equipment, and autonomous construction equipment. “Earthmoving” refers to machinery that is used for digging and moving large amounts of soil. The various applications involved are excavation and mining, lifting and material handling, earthmoving, transportation, and other applications. The various end-users involved are oil and gas, construction and infrastructure, manufacturing, mining, and other end-users. Increasing investment in infrastructure is anticipated to contribute to the construction machinery market’s growth.
Rising employment opportunities and a shift towards urban areas have led to increased public and private sector investments in the North America construction sector. Government initiatives, such as the Smart Cities Project under the U.S. Economic Development Program, support the regional construction equipment market. There are many smart city construction projects underway in North America. Hudson Yards is a massive development on Manhattan’s west side that includes residential and commercial buildings, parks, and cultural venues. Quayside is a waterfront development project in Toronto that is being developed by Sidewalk Labs, a subsidiary of Alphabet Inc. The project aims to create a connected and sustainable community that uses technology to improve urban living. The West Village development in Calgary is a mixed-use development that includes residential, commercial, and office space. The Battery is a mixed-use development located next to SunTrust Park, the home of the Atlanta Braves baseball team. The development includes residential, office, and retail space, as well as a hotel and a theater. The U.S. construction equipment industry will witness substantial growth owing to growing investments by suppliers and manufacturers in the installation of automated equipment in distribution centers and warehouses. Major players, such as Amazon and eBay, are investing significant amounts in the construction of warehouses for the storage of inventory.
The demand for cost-effective machines, combined with regulatory pressures for lower emissions, is pressuring construction equipment manufacturers to choose electric and hybrid vehicles over traditional hydraulic and mechanical vehicles. As a result, progress in the electrification of construction equipment is accelerating. Europe has established regulations requiring diesel engines to produce almost negligible NOx and SOx emissions. There are several ongoing smart city construction projects in Europe. Smart City Wien is a comprehensive urban development program that aims to make Vienna a more livable, sustainable, and innovative city. Porta Nuova is a redevelopment project in the heart of Milan that includes office and residential buildings as well as a large public park. The Edge is a state-of-the-art office building in Amsterdam that is widely regarded as one of the world’s most sustainable and intelligent buildings. The Urban Flows Observatory is a research project in Sheffield that uses sensors and data analytics to monitor air quality, traffic flows, and other aspects of urban life. Hafen City is a large-scale urban development project in Hamburg that is transforming a former industrial area into a vibrant, mixed-use neighborhood.
In the Asia-Pacific region, China is expected to stand as the largest market, followed by India, South Korea, and Japan, due to the presence of large construction equipment OEMs, huge infrastructure spending by the government, growing urbanization, and global companies entering into joint ventures with the local players to manufacture construction equipment in China. Songdo, in South Korea, is a planned city near Seoul that is being developed as a smart city from the ground up. Gujarat International Finance Tec City, or GIFT City, is a planned business district near Ahmedabad that is being developed as a smart city. Forest City, in Malaysia, is a massive mixed-use development in Johor Bahru that includes residential, commercial, and leisure facilities. Tianjin Eco-City, China, is a planned city near Beijing that is being developed as a model for sustainable urban development. Smart Nation, Singapore is a national initiative in Singapore that aims to use technology to improve the lives of citizens and businesses. In Indonesia, construction equipment sales are driven by the construction of manufacturing zones and growth in the mining industry. The market is characterized by the presence of considerable global players as well as some local players who have secured long-term supply contracts with major infrastructure companies.
Both Colombia and Chile have embarked on major road and highway construction programs as well as instigated projects for massive new tunnels and bridges. The market is driven by proactive initiatives by national governments to develop industrial and commercial sectors. The South American earthmoving equipment market is projected to witness robust growth through 2027 owing to the growth of transportation sectors and increased government investments in highway, metro, and airport construction projects. The FDI inflow in Latin America is expected to rise due to the growth in mining, renewable energy, and construction activities. The increase in metal prices such as gold, copper, and iron ores will attract investments in the mining projects in the region. There are several ongoing smart city construction projects in South America. Smart Santiago is a program that aims to make the Chilean capital a more connected and sustainable city. Porto Maravilha is a large-scale redevelopment project in Rio de Janeiro that aims to revitalize the city’s port area. Ciudad Creativa Digital is a planned development in Guadalajara that aims to create a hub for the digital and creative industries. Smart City Laguna is a planned development in Arequipa that aims to create a sustainable and connected community.
One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to the numerous growth opportunities in the infrastructure, residential, and non-residential sectors. Saudi Arabia, the United Arab Emirates, Oman, and Egypt are launching several infrastructure projects, including new megacities, railway projects, harbor projects, new airport projects, housing projects, and so on, all of which are expected to boost construction demand. The increased tourism is driving the construction of hotels and other hospitality centers in the Middle East region. Several smart city construction projects are currently underway in the Middle East and Africa. NEOM is a planned smart city located in the northwest region of Saudi Arabia. Masdar City is a planned city located in Abu Dhabi that is being developed as a sustainable and carbon-neutral community. King Abdullah Economic City is a planned city located on the Red Sea coast of Saudi Arabia. Vision 2030 is a comprehensive urban development program in Dubai that aims to make the city a global hub for business, tourism, and innovation. Konza Technopolis is a planned city located near Nairobi that is being developed as a hub for technology and innovation in East Africa.
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Recent Developments:
Komatsu India launched three new B-20 biodiesel-compatible excavators (Komatsu PC205-10MO Hydraulic Excavator, Komatsu PC500LC-10R Hydraulic Excavator, and Komatsu PC210LC-10M0 Super Long Front) in India during Excon 2022.
Volvo CE launched the EC550E excavator in India. The excavator is specifically designed for heavy-duty digging and mass excavation.
Caterpillar Inc. launched 303 CR mini excavators and 120 GC Motor graders in India. These two products were displayed at the Confederation of Indian Industry (CII) EXCON 2022 in Bengaluru, along with Caterpillar’s existing range of products, including excavators, motors, wheels, backhoes, and skid steer loaders.
Hitachi Ltd. announced the selling of a 50% stake in Hitachi Construction Machinery Ltd. to a joint venture between Itochu Corporation and investment fund Japan Industrial Partners Inc. for JPY 182.4 billion.
Considered in the Report
- Geography: Global
- Historic Year: 2016
- Base year: 2021
- Estimated year: 2022
- Forecast year: 2027
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Construction Equipment Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Application
6. Global Earth Moving Machinery Market Outlook
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Region
6.2.2. By Equipment
7. Global Material Handling Machinery Market Outlook
7.1. Market Size By Value
7.2. Market Share
7.2.1. By Region
7.2.2. By Equipment
8. Global Concrete and Road Construction Machinery Market Outlook
8.1. Market Size By Value
8.2. Market Share
8.2.1. By Region
8.2.2. By Equipment
9. North America Construction Equipment Market Outlook
9.1. Market Size By Value
9.2. Market Share
9.2.1. By Country
9.2.2. By Application
9.2.3. By Equipment
9.3. North America Earth Moving Machinery Market Outlook
9.3.1. Market Size By Value By Country
9.3.2. Market Share By Equipment
9.4. North America Material Handling Machinery Market Outlook
9.4.1. Market Size By Value By Country
9.4.2. Market Share By Equipment
9.5. North America Concrete and Road Construction Machinery Market Outlook
9.5.1. Market Size By Value By Country
9.5.2. Market Share By Equipment
9.6. US Construction Equipment Market Outlook
9.6.1. Market Size By Applications
9.6.2. Market Share By Equipment
| Market Segmentation | Details |
| By Equipment |
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| By Region | |
| By Country | |
| Company profiles |
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| Other Market Details |
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Related Reports:
The Global Construction Earthmoving Machinery market size was USD 72.41 billion in 2021 and is projected to nearly reach USD 96 billion by 2027. Generally, this equipment is considered an important resource for quarrying and demolition activities, which are expected to grow with industrial development. The use of excavators is growing exponentially owing to their demand in mining, quarrying, and demolition operations. The adoption of upgraded excavators reduces labor costs; tracking of work done at each stage of the process; and cost reductions in operational costs are the factors driving earthmoving equipment market trends. Among the various types of excavators, crawler excavators are the most trending and widely demanded type, owing to their higher capacity to carry weight and greater applicability in muddy conditions. As a result, to meet the demand for safer and faster removal of debris, excavators are the trending equipment for digging procedures that make it much easier and safer. A shift from conventional excavators to automated excavators is being observed, as technologically driven equipment is more efficient than traditional ones. Increasing initiatives and heavy investments by governments in building roads, bridges, tunnels, etc. are influencing the demand for earthmoving equipment. The key players focus on developing next-generation machinery, investing in operational excellence, and offering aftermarket services.
The Global Construction Material Handling Machinery market size is projected to reach USD 44 billion by 2027, growing at a CAGR of 7.30%. Dumpers, dump trucks, and tippers are commonly used on construction sites for material handling purposes. Dumpers are smaller and more compact than dump trucks, making them well-suited for use on smaller construction sites or in areas with limited access. Dumpers and dump trucks are essential equipment on construction sites, as they allow for efficient and cost-effective transport of materials. They are commonly used in the construction of roads, buildings, and other infrastructure projects and are often operated by skilled drivers who are trained in the safe operation of these vehicles. Rapid industrialization and increased demand for automation in material handling equipment are expected to fuel market growth over the forecast period. The market is expected to develop faster due to increased worker safety awareness, rising requirements for managing bulk materials effectively, and the rise of Industry 4.0 with greater Internet of Things use. The market for this product is expected to be driven by the rising need to reduce downtime and the focus on improving supply chain efficiency.
The Global Concrete and Road Construction Machinery market is projected to grow at a CAGR of 7.62% over the forecast period. The development of infrastructure in both emerging and developed countries propelled the building and road construction equipment market. Emerging and developed countries’ governments and private sectors are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming, which further acts as a major driver for the building and road construction equipment market’s growth. Cement and transit mixers are commonly used in concrete and road construction for mixing and transporting concrete. Both cement and transit mixers are essential pieces of equipment in concrete and road construction, as they allow for the efficient and effective mixing and transport of concrete. Cement and transit mixers allow for efficient mixing of concrete, ensuring that the ingredients are thoroughly blended and the mixture is consistent. They are cost-effective, and time-saving, offer customizable mixes and are versatile.
The Global Construction Equipment Rental Market is projected to reach a size of USD 111.70 billion by 2028, up from USD 82.43 billion in 2022. Furthermore, the market is expected to grow at a CAGR of 5.30% between 2023 and 2028. The increase in government spending on public infrastructure development has accelerated construction and mining activity in the world’s emerging economies. This factor has resulted in high market demand for construction equipment. Rising construction machine prices are encouraging construction companies and contractors to shift their focus to renting construction equipment. Furthermore, the emergence of advanced technologies and an increasing level of automation are expected to drive market growth. During the forecast period, advancements such as equipment service tracking and mapping and digital service for automated service improvements are expected to drive market growth. The global construction equipment rental market is expected to grow in the coming years due to an increase in mining and construction activity, particularly in developing countries. The global construction equipment rental market is expected to expand significantly in the coming years as new technologies such as mapping features, equipment service tracking, and automated service improvement become available. North America region is leading the market with over 30% market share in 2022, followed by Europe and Asia-Pacific. As for South America and Middle East & Africa, the construction equipment rental market is emerging.
The Global Tire Market is is expected to grow to more than 2700 Million tyres by the year 2027, with a CAGR of 6.57% for 2022-2027. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world. In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. The tire industry in the Asia-Pacific is quite vast and projecting swift expansion in the coming years due to improving economic conditions & living standards and growing inclination toward private ownership of vehicles. North America is the second largest market for tire with US as leading the global Tire market place. It is a matured market place with prominent industries for automobiles & tires that holds immense growth potential for automakers & tire manufacturers. However, Europe Tire market is flourishing owing to the continuously expanding automotive industry and increasing sales of vehicles in European countries along with the growing number of passenger cars and light commercial vehicles for regular transportation. Middle East and Africa region is showing moderate growth on the back of increased construction and mining activities in the region. On the other hand, the tire industry across South America is vast & expanding on the back of the more massive automotive sector, i.e., positively influencing the sales of tires.
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Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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About MarketsandMarkets™
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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports & Consulting
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Palletizer Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (Conventional, Robotic), Product Type (Bags, Boxes and Cases, Pails and Drums), Industry (Food & Beverages, Chemicals, Pharmaceuticals, Cosmetics & Personal Care, E-commerce and Retail) & Region – Global Growth Driver and Industry Forecast to 2029
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/robotic-palletizer-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/robotic-palletizer.asp
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