Companies In The Autonomous Construction Equipment Market Adopt Artificial Intelligence To Strengthen Their Positions - By The Business Research Company
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LONDON, Nov. 16, 2022 /PRNewswire/ -- Companies in the autonomous construction equipment market are focusing on artificial intelligence (AI) to lead the market. AI-based technologies have been driving innovations in the autonomous construction equipment market. For example, in August 2022, Ception, an Israel-based startup, developing an AI-powered system for construction and mining mobile heavy equipment, launched an AI-based system, MineCept. It is a heavy vehicle-mounted system that gives operators, site managers, and safety managers access to real-time data and insights to enhance overall safety and operational effectiveness.
The global autonomous construction equipment market size grew from $10.02 billion in 2021 to $11.86 billion in 2022 at a compound annual growth rate (CAGR) of 18.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The autonomous construction equipment market growth is expected to reach $18.53 billion in 2026 at a CAGR of 11.8%.
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Rise In Demand For Infrastructure Development – A Key Driver For The Autonomous Construction Equipment Market
The expansion of building construction and infrastructure development is closely related to the demand for autonomous construction equipment and this is expected to fuel the autonomous construction equipment market growth. Autonomous construction equipment, including earth moving equipment, material handling equipment, and concrete and road construction equipment is widely used in the construction sector. The global construction output is estimated to grow from $10.7 trillion in 2020 to $15.2 trillion by 2030, supporting the demand for autonomous construction equipment market.
Asia-Pacific Was The Largest Region In The Autonomous Construction Equipment Market In 2021
Asia Pacific was the largest region in the autonomous construction equipment market and was worth $3594.87 million in 2021, as per the autonomous construction equipment market analysis. The autonomous construction equipment market in Asia Pacific is supported by the large construction industry in countries such as China and Japan. For instance, in 2021, China's construction market was valued at $2.6 trillion and Japan's construction market size was estimated at $844.1 billion. Government initiatives aimed at improving infrastructure in countries such as India and a low interest rate environment in countries such as Japan also support the market.
Hyundai Heavy Industries Group Acquired Doosan Infracore's Construction Equipment Business
In 2022, the Hyundai Heavy Industries Group, a South Korean conglomerate engaged in shipbuilding, heavy equipment, and machines, acquired Doosan Infracore's construction equipment business for an undisclosed amount. This acquisition boosted the companies into the ranks of the top 10 equipment OEMs (original equipment manufacturers) in the world with combined sales of more than $10 billion.
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