Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Autonomous Construction Equipment Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global autonomous construction equipment market is expected to decline from $9.53 billion in 2019 to $8.46 billion in 2020 at a compound annual growth rate (CAGR) of -11.28%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. manufacturing. The market is then expected to recover and reach $14.05 billion in 2023 at CAGR of 18.45%.
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North America was the largest region in the autonomous construction equipment market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
Making existing equipment autonomous is the growing trend in 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 avoid costs associated with purchasing a 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 market covered in this report is segmented by autonomy into partial/semi autonomous. It is also segmented by product type into earth moving equipment; construction vehicles; material handling equipment; concrete & road construction equipment and by application into road construction; building construction; others.
In June 2019, Mortenson, a U.S.-based, top-20 builder, developer and leading renewable energy contractor, has announced a strategic partnership with a San Francisco-based developer of autonomous robotic equipment technology, Built Robotics. Built Robotics builds robotic upgrade kits for common construction equipment such as bulldozers, excavators and skid steers. Combined with its proprietary software, it designs autonomous equipment with multilayer safety systems to ensure 100 percent safe operation. The deal will focus on heavy civil earthmoving activities on renewable energy projects that Mortenson is building in North America.
Scope of the Report:
Markets Covered:
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
Companies Mentioned: Komatsu Ltd; Caterpillar Inc.,; Hitachi Construction Machinery Co., Ltd.; Volvo Construction Equipment; Built Robotics, Inc.
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Autonomous Construction Equipment indicators comparison.
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Influence of the Autonomous Construction Equipment Market Report:
-Comprehensive assessment of all opportunities and risks in the Autonomous Construction Equipment market.
-The detailed study of business strategies for the growth of the Autonomous Construction Equipment market-leading players.
-Conclusive study about the growth plot of the Autonomous Construction Equipment market for forthcoming years.
-In-depth understanding of Autonomous Construction Equipment market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Autonomous Construction Equipment market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Autonomous Construction Equipment Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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