Delray Beach, FL, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Autonomous Construction Equipment Market is projected to grow from USD 4.40 billion in 2024 to USD 9.77 billion by 2030, at a CAGR of 14.2% from 2024 to 2030, as per the recent study by MarketsandMarkets™. The growth of the autonomous construction equipment market can be attributed to rising labor costs and their advantages in remote environments. This equipment also come with benefits such as cost efficiency, improved workplace safety, and a shift towards low-emission equipment. Alternatively, higher initial investments, regulatory compliance challenges, and infrastructure limitations are a few restraining factors that hinder the widespread adoption of autonomous construction equipment.
Browse in-depth TOC on "Autonomous Construction Equipment Market”
273 - Tables
80 - Figures
163 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128834361
List of Key Players in Autonomous Construction Equipment Market:
- Deere & Company (US)
- CNH Industrial (UK)
- Caterpillar (US)
- Komatsu Ltd (Japan)
- Libherr Group (Switzerland)
- Hitachi Construction Machinery Co., Ltd (Japan)
- Volvo Construction Equipment (Sweden)
- Doosan Bobcat (South Korea)
- Built Robotics (US)
- HD Hyundai (South Korea)
- Sandvik (Sweden)
- Driver: Growth In Infrastructure Development And Mining Activities
- Restraint: High Initial Investments
- Opportunity: Advancements in AI and Machine Learning
- Challenge: Complex Technological Integration
- Autonomous construction equipment with power below 100 HP to account for the largest segmental share
- Among industry verticals, construction to offer significant growth opportunities in the global autonomous construction equipment market
- Europe to be the second-largest regional market for autonomous construction equipment during the forecast period
Farm Tractors are estimated to have the largest market share in the autonomous construction equipment
Farm tractors are projected to lead the equipment segment for autonomous construction equipments. The demand is mainly driven by the shortage of skilled workforce, leading to increased labor costs, the need for this equipment mainly in vineyards, and a growing emphasis on precision agriculture. These tractors are effective for various applications, including crop tillage, seeding, and precision harvesting. Smaller tractors (<30 hp) are widely offered with autonomous functionality for crops such as grapes and strawberries. The most important reason is the high cost of labor in vineyards. According to certain secondary sources, it can be as high as USD 1000 per acre. utonomous tractors can enhance efficiency and reduce dependency on manual labor. The transition from traditional farming methods to organized and contractual farming will likely reduce dependence on manual labor. Also, the gap in each row for these crops is narrow, usually 6-8 feet, due to which these lightweight, small autonomous tractors reduce the soil compaction, operate precisely without damaging these cash crops used in vineries, and boost crop production.
Additionally, the growing emphasis on efficiency, productivity, and advancements in agricultural technology is expected to boost the demand for autonomous tractors.
Electric autonomous construction equipment is projected to be the fastest-growing segment.
Electrically driven semi- & fully autonomous construction equipment will grow fastest by 2030. The focus on improved productivity and worker safety and developing environmentally sustainable vehicles drive this market growth. Electric excavators and loaders are a few prime electric construction equipment with autonomous features like automated digging, automated grade control systems, etc. Furthermore, equipment like excavators & haul trucks operate with zero noise, which is critical in urban localities, and interact with respective equipment at the working site while monitored and managed from a centralized onsite control room. Additionally, electric propulsion of other equipment like farm tractors, haul trucks, and dozers with autonomous technology may bring promising growth opportunities. Though the adoption of electrically-propelled autonomous construction equipment is in the infancy stage, ongoing key developments in battery technology, enabling longer operational ranges and faster charging times, may help fuel the adoption. The integration of complex sensors and softwares required for autonomous functions in electric powered vehicles are easy compared to ICE powertrain due to simpler powertrain structure. Further, autonomous driving can help in optimize the energy consumptions in EVs with different autonomous features which will lead to increase in efficiency. Also, advancements in cameras, sensors, and data compression technology can enhance performance and efficiency, spurring the market demand for electric autonomous construction equipment.
Americas will hold the largest market share during the forecast period
Americas is estimated to have the largest market share in the autonomous construction equipment market during the forecast period. Key driving factors supporting the Americas market dominance include significant investments in research and development by OEMs & technology providers, favorable regulatory environments, and the rising need for automation to address labor shortages. The region has a robust infrastructure and a growing demand for mined materials such as metal, gold, copper, lithium, etc. This has prompted improved process efficiency and drawn the attention of fleet operators and OEMs to invest & develop automated equipment, primarily repetitive tasks. Prominent manufacturers such as Caterpillar and John Deere and players from other regions like Komatsu, Volvo, Hyundai, and Liebherr are transforming by continuously enhancing their product offerings with advanced technologies like artificial intelligence and machine learning. Hence, the strategic collaboration between leading equipment manufacturers and technology giants to support the growing demand for efficient operations in industries like construction, mining, and agriculture is accelerating the market growth of the autonomous construction equipment market in the region.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=128834361
Recent Developments:
- In February 2024, Deere & Company launched the 9RX tractor models, equipped with an 830 HP option. The 9RX tractor was available as three different high HP four-track models: 9RX 710, 9RX 770, and 9RX 830. These tractors would feature rear implement ethernet, enhanced visibility elements, a backup alarm, a 330-Amp alternator, a brake controller and valve, and required connectors, controllers, and harnesses.
- In May 2024, Hitachi Construction Machinery Co., Ltd. developed a "Real-Time Digital Twin Platform,” creating a virtual version of a construction site using real-time data. This platform allowed the monitoring and management of construction activities and the operation of autonomous machinery from a remote location via the Internet.
- In August 2023, New Holland, a subsidiary of CNH Industrial, launched T4 Electric Power, an electric utility tractor with autonomous features. The tractor had a 110-kWh lithium-ion battery pack with 74 horsepower. The tractor had a travel range of 8 hours on a single charge and could recharge up to 100% in just 1 hour using fast charging. It also offered autonomous capabilities like Follow Me Mode, Invisible Bucket, and 360-degree awareness, using cameras and sensors in the Smart Roof.
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. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
UK +44-800-368-9399
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/
