Robotic Process Automation Is A Key Technology Being Implemented In The Autonomous Construction Equipment Market - By The Business Research Company
The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, March 22, 2023 /PRNewswire/ -- As per The Business Research Company's Autonomous Construction Equipment Global Market Report 2023, the global autonomous construction equipment market size will grow from $11.8 billion in 2022 to $14.05 billion in 2023 at a compound annual growth rate (CAGR) of more than 18%. The global autonomous construction equipment market size is then expected to grow to $20.3 billion in 2027 at a CAGR of more than 9%. Going forward, rapid urbanization and a rise in construction activities will drive autonomous construction equipment market growth.
The autonomous construction equipment market is concentrated, with large players. Caterpillar Inc was the largest competitor with 28.6% share of the autonomous construction equipment market, followed by Komatsu Limited, Volvo Group, Hitachi Construction Machinery Co., Ltd., Doosan Corporation, CNH Industrial, Deere & Company and others. Companies operating in autonomous construction equipment market are focusing on technology advancement and developing new technology-based products to strengthen their position in the market.
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Robotic process automation is one of the technologies that autonomous construction equipment companies are adopting to improve efficiencies. By automating time-consuming and repetitive processes like data input, emailing and documenting, robotic process automation (RPA) can aid construction organizations in lowering errors. For example, in 2022, HP, an American information technology company, unveiled HP SitePrint, an autonomous robot that precisely prints construction site blueprints onto the ground. Customers in North America will have access to SitePrint through an early access program beginning in September 2022. In 2023, the business hopes to commercialize the robot on a larger commercial scale. The site layout procedure can be automated thanks to SitePrint. A touch screen tablet for remote control and setup, a light, small, autonomous robot, cloud tools to submit and prepare tasks for printing, a portfolio of inks for various surfaces, environmental circumstances, and durability needs are all included.
Furthermore, in 2021, Baubot, an Austria-based company that develops digital manufacturing processes an mobile robotics solutions for the construction industry, launched a new autonomous construction helper. The new Print Stones Baubot is an autonomous building assistant. With the use of a mobile manipulator, this new category-setting solution aims to assist in automating on-site building chores. The device has a 6-degree-of-freedom arm coupled to a tracked mobile base. The Baubot firm is a new initiative of Printstones GmbH, an Austrian startup specializing in the creation of mobile robotics solutions and digital manufacturing processes for the construction sector.
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Key segments that companies in the global autonomous construction equipment market should focus on include -
1) By Autonomy: Partial/Semi-Autonomous, Fully Autonomous
2) By Product Type: Earth Moving Equipment, Construction Vehicles, Material Handling Equipment, Concrete & Road Construction Equipment
3) By Application: Road Construction, Building Construction, Other Applications
According to autonomous construction equipment market analysis, Asia Pacific was the largest region in the autonomous construction equipment market, accounting for 36.8% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the autonomous construction equipment market will be North America and Western Europe.
View More Similar Market Reports:
Heavy Construction Equipment Global Market Report 2023
Building And Road Construction Equipment Global Market Report 2023
Construction Equipment Rental Global Market Report 2023
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