Construction Machinery: Trends to Watch

Steady market growth among factors set to drive progress.

As the global construction industry recovers from the impacts of the COVID-19 pandemic and heads toward growth, new trends strengthening the sector are emerging.

Promising growth

The COVID-19 pandemic negatively impacted most of the world's major industries and the heavy machinery market is no exception. It forced many commercial activities to a halt and workers to stay at home. It also affected the production of heavy equipment, disrupting the global supply chain.

The good news is the world is beginning to recover and construction worldwide has picked up. OEMs are starting to recoup their mid-pandemic losses and the heavy equipment market is heading steadily toward a promising level of growth. According to Market Research Future's analysis, the construction equipment market will exhibit a CAGR of 6.4 percent from 2021 to 2027, taking its initial value in 2020 from $125.27 billion to $184.2 billion.

Autonomous machinery

Wisconsin-based Conger Industries identifies several factors contributing to a shortage in skilled laborers such as heavy machinery operators. Its list includes a decline in training programs, the 'Great Recession' back in 2008 forcing professionals in construction to move to other fields, and retirees who are not passing on their skills and knowledge to younger workers. These circumstances lead to a decline in the number of qualified workers today.

Fortunately, autonomous heavy machinery can perform basic and complex tasks while being monitored or operated remotely. This helps companies delegate tasks more efficiently and increase productivity while putting less strain on qualified workers. In agriculture, for instance, Valtra and Elisa's new jointly produced tractor can be remote-controlled with the power of 5G communication, a 360-degree camera and a VR helmet worn by an off-site driver.

Meanwhile, in construction, Built Robotics, Inc. has been equipping heavy machinery with LiDar scanners, sensors and cameras to digitally map environments and trigger alerts when a collision is imminent. Implementation of these combined technologies has enabled the company to deploy heavy machinery that can efficiently complete thousands of hours of work with 100 percent safety.

Augmented reality

Augmented reality gives architects and design professionals the power to create an exact 3D model of the project they can share with stakeholders before any actual building is even started. This visual representation allows for more efficient planning by helping to identify potential structural pitfalls and areas where costs could be saved. Also, thanks to AR, workers can monitor the progress of a project simply by navigating an AR-generated model, making better collaboration possible between teams physically present at the jobsite and those working elsewhere.

While AR and autonomous machines are yet to go mainstream, sourcing professionals should stay alert for new developments in these fields and opportunities for customers to utilize them. For the present, rising demand in the coming years means that now is the time to be sourcing heavy machinery and building relationships with suppliers able to meet the technological challenges of changing landscapes in construction, agriculture and other applications.