The construction equipment market is projected to grow at a CAGR of 4.52% during the forecast period, to reach a market size, in terms of value, of USD 199.18 Billion by 2025 from USD 140.53 Billion in 2017.
Autonomous construction equipment to bring changes in the construction industry during the forecast period
The construction equipment is an important requirement of the construction business. It is required to perform several infrastructural activities. To revolutionize this product, the concept of self-driving or autonomous equipment is gaining traction in the recent years. The autonomous concept will allow the operators to manage the machines instead of just working on the field. The autonomous equipment is equipped with GPS devices, sensors (radar and LiDAR), and video cameras to control the functioning of the vehicle remotely with the help of a tablet or smartphone. The self-driving equipment can do several tasks. Safety is another major reason why contractors are responding well to the automated equipment. The autonomous equipment works with the help of high-end technology such as LiDAR, RADAR, advanced telematics, and sensor-based solutions, which increases the incremental cost of technology and implementation.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=179948937
Big players such as Komatsu, Caterpillar, Hitachi, and Volvo are already working toward the development of this project.
The constant R&D efforts by construction equipment manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the market of the autonomous construction equipment in the coming years.
Lack of standardization and high production cost are major challenges for manufacturers
The local or regional manufacturers in the construction equipment market must abide by the norms or emission standards regulated by the governing body. However, as emission regulations vary in different regions, a lack of standardization for engine technology hampers the export of these systems. For instance, while the reduction of emission is a mandatory requirement in Europe, the developing countries such as South Africa have no such requirement. Sometimes, this lack of standardization prevents manufacturers from sourcing raw materials or inventory, which also hampers the export business. The manufacturers thus produce a low volume, which results in high manufacturing cost. On the other hand, the European Commission and EPA have mandated the upgrading of engine technology to stage III/IV/V and Tier 3/4. This has increased the demand for aftertreatment devices such as SCR and DPF, which comply with the upgraded technology.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=179948937
Also, the demand for equipment depends on the new construction activities or the approval of the infrastructural projects. Thus, the cost of production is high due to the low volume of production. Thus, a lack of standardized technical norms and the high cost of manufacturing are hindering the construction equipment market.
Browse Related Reports:
Farm Equipment Market – Global Forecast to 2025
by Tractor Power Output (<30,31–70, 71–130, 131–250, >250), Drive (2WD, 4WD, & Autonomous), Combines, Baler, Sprayer, Implement (Plow & Cultivate, Sow, Harvest, Plant Protection & Fertilizer), Rental, & Region
OTR Tires Market – Global Forecast to 2025
by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States