According to a new market research report published by Credence Research “Autonomous Construction Equipment Market (by Equipment: Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Concrete & Road Construction Equipment; by Autonomy: Partial Autonomous and Fully Autonomous) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the autonomous construction equipment are all set to change the dynamics of construction industry and projected to grow with a CAGR of 28.7% during the forecast period from 2018 to 2026.
Construction industry is considered as one of the least efficient industries; although, the industry has been registering market value of more than US$ 10 Tn consistently in past few years. Not only inefficient, but construction industry is also considered as one of the most perilous industry to work. Much of the blame for aforementioned negative goes to the lack of research & development besides cyclic nature and stringent government regulations. However, the industry is on the cusp of radical changes and welcoming new technologies such as autonomous construction equipment with arms open. Autonomous construction equipment getting ready to make the industry safer and more efficient by combining merits of robotics and advanced artificial intelligence supported by progressive GPS & navigation systems. Global mining enterprise Rio Tinto was among the first to introduce autonomous dump-trucks at Pilbara iron-ore mines in Western Australia. The Company is using 73 autonomous dump-trucks from 2015 and the instances supports the fact of autonomous construction equipment projected to live up to their promise for efficiency, productivity and safe operation.
Recognizing the opportunity, several construction equipment giants announced their participation in developing and commercializing autonomous construction equipment. In 2017, Komatsu entered into a strategic agreement with Nvidia to develop GPU chips to visualize and analyze constructions sites. This was an integral part of Company’s smart construction initiative for promotion of autonomous construction equipment. In other instances, global leaders including Caterpillar, Hitachi Construction Machinery and Volvo Construction Equipment announced their autonomous projects and started testing their equipment. This has certainly created a positive outlook towards autonomous construction equipment and potentially huge market in the making.
At first instance, autonomous construction equipment market may seem uncertain for new ventures and start-ups. However, Built Robotics, a start-up created by ex-Googler, developed a self-driving bulldozer and raised a sum of US$ 15 Mn for commercializing their product. Several other new ventures including Cyngn, Cooper Gray Robotics, and Fastbrick Robotics among others are making their presence felt in the market. These companies are raising subsequent amount of money and can prove disruptive to market giants. Few of the notable players mapped in the market study includes 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 among others.
The complete report is available at https://www.credenceresearch.com/report/autonomous-construction-equipment-market
Key Analysis Covered:
- Forthcoming trends in autonomous construction equipment market and growth prospects for leading construction equipment manufacturers
- Advanced technology playing vital part in design and development of autonomous construction equipment and its impact on future generation of construction equipment
- Most appropriate market estimation for different autonomous construction products and their credible growth throughout the forecast period
- Largest and fastest growing segments in terms of equipment and automation
- Most prominent markets to watch out for the autonomous construction equipment market in coming years