(EMAILWIRE.COM, June 11, 2021 ) Making existing equipment autonomous 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 avoiding costs associated with purchasing 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 to be likely become autonomous in the future, promising developments are on the horizon.
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 position and the surroundings. It assures benefits like improved safety, increased productivity, and reduced unscheduled maintenance. The market consists of revenue generated by the companys manufacturing autonomous construction equipment by the sales of these products.
Autonomous Construction Equipment Market Report Segments:
1) By Autonomy: Partial/Semi-Autonomous
2) By Product Type: Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Concrete & Road Construction Equipment
3) By Application: Road Construction, Building Construction, Others
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Autonomous Construction Equipment Market Size Forecast:
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%.
Major Players in the Autonomous Construction Equipment Market:
Hitachi Construction Machinery Co., Ltd.
Volvo Construction Equipment
Built Robotics, Inc.
Royal Truck & Equipment
Case Construction Equipment
Deere and Company
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Autonomous Construction Equipment Global Market Report 2021: COVID 19 Growth And Change To 2030 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, autonomous construction equipment market segments and geographies, autonomous construction equipment market 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.
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