Research Nester released a report titled “Autonomous Heavy Equipment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global systemic inflammatory response syndrome treatment market in terms of market segmentation by automation level, by product type, by application and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The autonomous heavy equipment market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Increasing investment in the construction and manufacturing unit and rapid urbanization is expected to fuel this market’s progress. Indian government introduced various scheme like Housing for all by 2022, PMAY and Smart Cities Mission which are increasing the demand of autonomous heavy equipment market in India.
On the basis of type, the market is segmented into partial/semi-Autonomous and fully autonomous. Out of which, partial/semi-autonomous holds the highest share in the market due to its lower cost and less maintenance. Although, with the increasing technology, fully autonomous is also expanding its business.
On the basis of product type, the market is segmented into earth moving equipment, material handling equipment, and concrete and road construction equipment, out of which earth moving equipment holds the highest revenue in the market because they can exhibit a wide range of earthworks like removing dirt and rocks, demolition works, laying foundations, and grading soil. There are various types of earth-moving equipment like excavators, backhoe loaders, bulldozers, skid-steer loaders, and trenchers.
On the basis of application, the market is segmented into road construction, building construction and others. However, building construction holds a major share in the market. Increasing population, increasing investment in industrialization, and rapid urbanization is to fuel the market. Although, with all this, road construction is also expanding its business.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR, owning to the increasing population, rapid urbanization and increasing investment of government and private organization in industrialization.
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Increasing innovation in the field of technology to Drive Market Growth
In June 2019, Mortenson, a U.S.-based, leading renewable energy contractor and developer, has announced a strategic partnership with a San Francisco-based developer of autonomous robotic equipment technology to build robotics.
The growth of the market can also be attributed to the increasing innovation in the field of technology, for instance involvement of robots. Robotics upgrade kits for common construction equipment such as bulldozers, excavators and skid steers.
However, high cost of equipment and high maintenance, strict government regulations and limited number of skilled labors restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global autonomous heavy equipment market which includes company profiling of The major players dominating the 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 profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global autonomous heavy equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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