Autonomous Construction Equipment Market By Equipment (Earth Moving Equipment, Construction Vehicle, Material Handling Equipment, Concrete & Road Construction Equipment), By Autonomy (Partial Autonomous, Fully Autonomous) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Moderately paced construction industry is getting ready for automation revolution with construction equipment giants introducing their ace products in market. Autonomous construction equipment can be operated with little or no human intervention for performing a predefined task. Autonomous equipment has potential to propose exceptional combination of efficiency productivity and safety which is a rare sight in construction industry. Realizing the market prospects, major international construction equipment manufacturing companies are buckling up to contribute to the market progression that estimated to grow with a CAGR of 28.7% throughout the forecast period. The market size projected to triple its size in next few years with several more companies other than traditional construction equipment manufacturers striving to enter the market with cutting-edge technology.

Autonomous Earth Moving Equipment Holds Potential to Unleash Market Potential in Coming Years

At present, construction vehicle leads the pack of autonomous construction equipment followed by material handling equipment. Dumps trucks and hauling trucks were the first commercial breed of autonomous construction equipment to work on job sites. For instance, 73 autonomous hauling trucks were used at the iron-ore mine in Pilbara, Western Australia in 2015. Besides construction vehicles autonomous material handling equipment including cranes, forklifts, hoists, and conveyors among others already experiencing paradigm shift towards automation. However, with companies testing their autonomous shovels, diggers and dozers extensively, autonomous earth moving equipment estimated to surpass construction vehicles and material handling equipment in terms of market value in the next few years.

Construction Equipment Gradually Shifting from Partial to Fully Autonomous Stature

Autonomy of construction equipment is a slow and continuous process and is trying to catch pace with development in autonomous cars. However, the amount of research & development involved in driverless cars is way ahead compared to construction equipment. Autonomous construction equipment lacks depth of artificial intelligence which is a prime requirement for any fully autonomous machines. Achieving partial autonomy was a big milestone and construction equipment expected to continue with partial autonomy before they get ready for complete independence. Consequently, partial autonomous construction equipment leads the market and projected to continue their dominance throughout the forecast period. However, beyond forecast period fully autonomous construction equipment projected to surpass partial equipment making them the things of past.

Construction and Mining Industry in Asia Pacific Creating Positive Outlook to Autonomous Construction Equipment Market    

Booming construction and mining industry in Asia Pacific is setting platform for autonomous equipment market to flourish. Countries in Asia Pacific are welcoming autonomous equipment for construction and mining which is a rare sight in terms of accepting new technology compared to North America and Europe. Home to few of the most dominant companies in the field, Asia Pacific projected to witness rapid growth in terms of product development and commercialization of autonomous equipment in coming years. However, companies in Europe and North America estimated to emerge considerably during the forecast owing to the pace with which equipment is evolving in these regions. However, the technology will take considerable amount of time to reach market of developing region including Middle East & Africa and Latin America.

Market Segmentation

by Equipment (2016–2026; US$ Bn)

• Earth Moving Equipment
• Construction Vehicles
• Material Handling Equipment
• Concrete & Road Construction Equipment
•  

by Autonomy (2016–2026; US$ Bn)

• Partial Autonomous
• Fully Autonomous
•  

Geography Segment (2016–2026; US$ Bn)

• North America
  
  • U.S.
  • Canada
• Europe
  
  • U.K.
  • Germany
  • France
  • Rest of Europe
• Asia Pacific (APAC)
  
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Rest of the World (RoW)
  
  • Middle East & Africa
  • Latin America

Steps Taken by Autonomous Equipment Manufacturers will Decide the Faith of Market Growth    

The faith in autonomous construction equipment market lies within the development process undertaken by leading companies as well as new ventures. At present, established as well as start-up companies are playing their part in designing, developing and promoting autonomous construction equipment. Their efforts are slowly starting to pay-off with few of the early commercial models tagged with success. These companies are engaged in the continuous process of product development with an intent to get a jump start in the market with vast potential. 

However, participation of industry giants and start-up companies has already made the market highly competitive and the market anticipated to become more fragmented in coming years. The research study includes recent development of some of the most promising companies including 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.