In the dynamic realm of construction technology, a transformative trend is reshaping how heavy lifting and logistics are executed. The global autonomous crane market is witnessing a meteoric rise, poised to revolutionize the construction landscape. With a projected net worth of approximately US$ 3,028.7 Million in 2022, this market is anticipated to soar to an astonishing US$ 21,585.7 Million by 2032. The driving force behind this growth is a compelling Compound Annual Growth Rate (CAGR) of 21.7% spanning this period. In this blog, we will delve into the current state of the autonomous crane market, explore the factors propelling its rapid expansion, and glimpse at the future trends that will shape its trajectory.
Autonomous cranes represent a paradigm shift in the construction industry. By eliminating the need for constant human intervention in crane operations, these advanced machines ensure precision and efficiency in lifting, moving, and placing heavy loads. The integration of AI-driven algorithms and sensors empowers autonomous cranes to optimize load distribution, navigate complex environments, and execute tasks with unparalleled accuracy.
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Since cranes are widely employed in the construction business, sales of automated cranes on the global market are anticipated to rise as well. Additionally, the need for autonomous mobile cranes is anticipated to increase as a result of evolving infrastructure sector requirements, such as increased safety and pleasant experience for the workers.
Moreover, to operate autonomous cranes effectively, skilled personnel are needed which poses a major challenge to the autonomous crane market opportunities. Contrarily, committing to long-term business agreements through contracts and pacts is anticipated to present the autonomous crane market participants with fruitful expansion opportunities.
Key Takeaways from the Autonomous Crane Market Study
- As per the autonomous crane market report of 2022, the total revenue share occupied by the static crane sector was nearly 30.5%.
- Due to the rising demand for autonomous crane services in the building and construction sector as well as the mining and excavation industry, the mobile crane segment is anticipated to develop at the quickest rate during the forecast years.
- Over the forecast years, the autonomous crane market segment dedicated to mining and excavation end-user verticals is anticipated to post a strong CAGR of 25%.
- Asia Pacific autonomous crane market is expected to register a CAGR of 24.7% due to its constantly expanding industrial sector in all emerging economies.
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Competitive Landscape for the Autonomous Crane Market
AIDrivers Ltd., Cargotec Corporation, Columbus McKinnon, INTSITE Ltd., Komatsu Ltd., Konecranes Plc, Schneider Electric, SMIE, Syracuse, and VOCA are a few of the major companies profiled in this research report.
Recent developments in the Autonomous Crane Industry
A rising number of AEC firms have begun to adopt high-end technologies such as automation and ML for optimizing their processes and creating autonomous engine cranes, like INTSITE Ltd., a Tel Aviv-based firm. To illustrate, INTSITE Ltd. revealed in 2018 that it received a US$ 1.35 Mn pre-seed investment from Terra Venture Partners as well as the Israel Innovation Authority to finance their autonomous small crane technology. To increase the security and efficiency at the construction sites, INTSITE has also planned to utilize the funding to further improve its platform, which employs image processing techniques to analyze real-time feeds from camera sensors.
Additionally, at the Aker Solutions Unmanned Demo Day in the year 2019, an autonomous engine crane guidance system created by Aker BP and Optilift AS was exhibited to businesses and the public. The technology is made so that a truck crane may handle freight logistics entirely on its own. This autonomous crane controlling system aims to let a crane dump and reload cargo from delivery cruise lines to stations without any assistance from the crew on deck.
Key Segments
By Vehicle Type:
- Static
- Mobile
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By Business Type:
- OEM
- Aftermarket
- Others
By End User Verticals:
- Building & Construction
- Marine & Offshore
- Mining & Excavation
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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