Major players in the autonomous construction equipment market are Komatsu Ltd, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Built Robotics, Inc., Cyngn, Royal Truck & Equipment, Case Construction Equipment, and Deere and Company.
The Global Autonomous Construction Equipment Market is expected to decline from USD 9.53 billion in 2019 to USD 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 USD 14.05 billion in 2023 at CAGR of 18.45%.
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 companies manufacturing autonomous construction equipment by the sales of these products.
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 USD 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.
Most of the construction companies are facing heavy equipment operator shortage throughout the world. Manufacturers are more focused towards technology such as robotics and automation primarily to combat labor shortages along with finishing up their tasks faster, reduce wastage and provide high yields with improved quality. Experts believed that, one of the best solutions to combat labor shortage is to automate construction equipment, especially in remote areas, for repetitive tasks and in locations with significant labor shortages. Therefore, shortage in labor or skilled workforce is driving the Autonomous construction equipment market.
Safety and cyber security issues have always been a major challenge in the autonomous construction equipment market. To automate construction equipment, regardless of the control system used, cybersecurity always remains a key concern as it is challenging to control the potential damage that could be caused by hacking of heavy equipment. It presents remote access for hackers to exploit system vulnerabilities of communication systems between vehicles and infrastructure. Threats associated with the protection and safety of the personal information is always being a major concern, limiting the growth of the Autonomous construction equipment market.
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Global Autonomous Construction Equipment Market
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