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Smart Construction Equipment Market Trends

Report ID: GMI11319
Published Date: Sep 2024
Report Format: PDF

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Smart Construction Equipment Market Trends

Smart construction equipment is witnessing significant technological advancements in IoT, AI, and automation technology. IoT facilitates real-time data collection and monitoring, enabling construction equipment to communicate and coordinate more effectively on-site, thereby enhancing operational efficiency and reducing downtime. AI optimizes equipment performance by analysing data to predict maintenance needs, improve decision-making, and automate complex tasks. Automation technology, including autonomous and semi-autonomous machinery, reduces human error, increases productivity, and enhances safety on construction sites. Collectively, these technologies offer significant cost savings, precision, and speed, making them highly attractive to construction companies aiming to improve project outcomes.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of smart construction equipment was worth over USD 19.2 billion in 2023 and is expected to register over 12.8% CAGR from 2024 to 2032, due to the surging construction activities in developing countries worldwide.

Smart construction equipment industry from the IoT segment is expected to reach over USD 21 billion by 2032, due to its transformative impact on construction operations.

North America smart construction equipment industry is expected to surpass USD 17.8 billion by 2032, due to strong presence of leading industry players and the rapid adoption of advanced construction technologies in the region.

Komatsu Ltd., Caterpillar Inc., John deere, Liebherr group, Kubota Corporation, JCB, Terex Corporation, Doosan Infracore Co., Ltd., Hitachi Construction Machinery Co., Ltd., and Sany Group, are some of the major smart construction equipment companies worldwide.