The Global Autonomous Construction Equipment Market Report 2020 Delves Into The Autonomous Construction Equipment Industry’s Recovery After The COVID-19 Crisis

(Autonomous Construction Equipment Companies Included: Komatsu, Caterpillar, Hitachi Construction Machinery, Volvo Construction Equipment, Built Robotics, Cyngn, Royal Truck & Equipment, Case Construction Equipment, Deere and Company)

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London, Aug. 05, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s Global Autonomous Construction Equipment Market Report 2020, the COVID-19 crisis has led to rapid adoption of automation technologies as businesses are trying to build resilience to similar disruptions in the future. While the coronavirus has had a significant impact on the construction industry, with equipment manufacturers and other market players struggling to stay afloat amidst decreased demand, staff shortages, factory shutdowns, logistical and supply chain disruptions, travel restrictions, as well as unemployment, these disruptions have had a direct impact on autonomous construction equipment manufacturers as well. In recent years, industry giants such as L&T have made advances in autonomous construction equipment by installing sensory equipment and gateways and thus digitally transforming 60% of their construction business. The trend of adopting fully autonomous construction equipment solutions in the construction sector will continue during and well after the COVID-19 pandemic. There is therefore an increase in research and development spending to get new standardized building systems to speed up and automate elements of design and construction.

The Business Research Company’s report titled Autonomous Construction Equipment Market Global Report 2020-30: COVID-19 Growth And Change covers major autonomous construction equipment companies, autonomous construction equipment market share by company, autonomous construction equipment manufacturers, advances in autonomous construction equipment, insights on the worldwide autonomous construction equipment market, autonomous construction equipment infrastructure market size, and autonomous construction equipment market forecasts. The report also covers the global autonomous construction equipment market’s segments: by autonomy, partial/semi-autonomous; by product type, earth moving equipment, construction vehicles, material handling equipment, concrete & road construction equipment; by application, road construction, building construction, and others.

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The global autonomous construction equipment market is expected to decline from $9.53 billion in 2019 to $8.46 billion in 2020 at a rate 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. The market is then expected to recover and reach $14.05 billion in 2023 at a rate of 18.45%.

Growth in autonomous construction equipment market in the historic period resulted from an increase in construction activity, strong economic growth in emerging markets, a low interest rate environment and need for safety in construction. Factors that negatively affected growth of the market in the historic period were a lack of experience in using autonomous technology, oil price volatility, fluctuating raw material prices, and geo-political tensions. Going forward, labor shortage, faster economic growth, technological advances, and government efforts to improve economies post-COVID are expected to drive the market. However, safety and cyber security issues, geo-political tensions and coronavirus pandemic are major factors that could hinder the growth of the autonomous construction equipment market in the future.

Autonomous Construction Equipment Market Global Report 2020-30: COVID-19 Growth And Change 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 segments and geographies, autonomous construction equipment trends, autonomous construction equipment drivers, autonomous construction equipment restraints, leading competitors’ revenues, profiles and autonomous construction equipment market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the autonomous construction equipment market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Some other key autonomous construction equipment companies in the market include Komatsu, Caterpillar, Hitachi Construction Machinery, Volvo Construction Equipment, Built Robotics, Cyngn, Royal Truck & Equipment, Case Construction Equipment, and Deere and Company.

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