Construction applications' increasing demand for intelligent excavators is boosting the market's expansion. Intelligent excavators are now widely used in construction due to their advantages, including increased productivity and operator comfort. Another significant element propelling the expansion of the global intelligent excavators market is the rising demand for these excavators from emerging economies.
The market for intelligent excavators has been primarily driven by the increase in demand for machinery that can automate various construction jobs. The demand for this has arisen as a result of rising labour expenses and the requirement to cut down on time waste at building sites. With advancements in artificial intelligence technology and rising demand for automated machinery in the construction industry, the intelligent excavator market is anticipated to expand quickly. Additionally, during the anticipated period, improvements in sensor technology are also anticipated to drive market expansion.
The benefits that intelligent excavators provide are driving the market's rapid growth. The intelligent excavator can autonomously change its direction and speed in response to the terrain. Additionally, it contains a self-diagnostic mechanism that aids in finding any machine flaws. As a result, production is increased and downtime is decreased. Additionally, because the intelligent excavator can be controlled remotely, fewer operators are required.
The intelligent excavator is a type of excavator that performs digging operations automatically by utilising sensors, computer vision, and artificial intelligence. A laser rangefinder, an inertial navigation system, and a GPS system are all included in the intelligent excavator's setup. These tools aid the intelligent excavator in locating and orienting itself. A camera on the intelligent excavator also takes pictures of the excavation scene. A computer then uses the photos to analyse them and create a three-dimensional map of the excavation site.
At a CAGR of 7.1% over the forecast period, the market for intelligent excavators is anticipated to increase from USD 5.72 billion in 2021 to USD 10.57 billion by 2031. (2021-2031).
During the projection period, the market expansion will be fuelled by the rising popularity of autonomous excavators as well as the incorporation of sophisticated technologies like sensors and cloud services in construction equipment.
The main factors limiting the market for intelligent excavators are their expensive price, the operators' lack of familiarity with them, and their high maintenance expenses. However, these barriers are anticipated to disappear during the projection period because of the development of technology and ongoing company investments in R&D.
Several significant companies compete in the intelligent excavator market. AB Volvo, Caterpillar Inc., John Deere & Company, JCB Inc., Komatsu America Corp., Bobcat Company LLC, Hitachi Construction Machinery Co., Ltd., Hyundai Heavy Industries Co., Ltd., and Kobelco Construction Machinery Co., Ltd. are a few of these important firms.
The Wheeled Type to Emerge as the Most Lucrative Segment
The Track Type and Wheeled segments of the Intelligent Excavator market are separated by type. Given that it allows for the development of building projects on uneven terrains, the track type segment is anticipated to hold the largest share in the Intelligent Excavator market in 2021.It also has a variety of applications in the mining and building industries. Due to the rising demand for track type excavators and the growing acceptance of intelligent excavator systems in the mining, construction, agriculture, and forestry industries, the wheeled type is anticipated to see the highest CAGR growth over the course of the projection period.
The Most Popular Application Segment is Construction
Construction, transportation, mining, and others are the market segments for intelligent excavators based on application. During the anticipated period, the Intelligent Excavator market's largest application category is anticipated to be Construction. During the anticipated period, the Intelligent Excavator market's Application segment for transportation is anticipated to grow quickly. The mining category is predicted to have the third-largest market share over the projection period. The Asia Pacific region (APAC) will provide Appropriate Financing Options Geographically speaking, the intelligent excavator market is split into North America, South America, Asia Pacific, Europe, the Middle East, and Africa. Due to the presence of major manufacturers like Caterpillar, Inc. in this area, the Asia Pacific is predicted to hold the greatest market share for intelligent excavators. During the projected period, the intelligent excavator market in the Asia Pacific is anticipated to rise due to the rising demand for construction machineries such as excavators due to increased infrastructure development and rapid industrialization in the emerging economies of China and India.
COVID-19 Impact and Market Status
Every industry in every region—including Europe, Asia Pacific, Latin America, the Middle East & Africa, and North America—has been negatively impacted by the ongoing COVID-19 pandemic. Many construction projects have been put on hold due to workforce shortages as a result of the lockdown enforced by governments in numerous nations throughout the world, which has led to a fall in the demand for intelligent excavators. However, the sector is projected to recover from this crisis as the majority of the halted projects are set to resume with the gradual easing of lockdown restrictions across multiple countries, including China and India.
Latest Innovations in the Global Intelligent Excavator Market: A Snapshot
• Caterpillar Inc. unveiled Cat® Command for dozing on the new dozer models D6 XE and D7 XE in September 2017. The new command enhances blade control and secure operation in challenging situations, allowing operators to work more productively.
• Komatsu introduced intelligent excavators with KOMTRAXTM Technology in February 2018, which offers real-time data on equipment performance and location.
• The 320G/325G Compact Utility Loaders were introduced by John Deere in October 2018 with a revised operator station that increases user comfort and convenience.
Intelligent Excavator Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 10.57 billion|
|Growth Rate||CAGR of 7.1% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||AB Volvo, Caterpillar Inc., John Deere & Company, JCB Inc., Komatsu America Corp., Bobcat Company LLC, Hitachi Construction Machinery Co., Ltd., Hyundai Heavy Industries Co., Ltd., and Kobelco Construction Machinery Co., Ltd. are a few of these important firms.|
Key Segment of the Intelligent Excavator Market
By Type Overview 2021-2031, (USD Billion)
• Track Type
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa