According to a new market research report published by Credence Research “Global Telematics in Heavy Equipment Market (Technology (Cellular, Satellite); Application (Agriculture, Construction, Mining) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the telematics in heavy equipment market is set to grow with a CAGR of 10.9% during the forecast period.
The telematics in heavy equipment market is driven by increasing digitalization and use of advance equipment among the industrial sector. Over the past decade, the industrial facilities are consumes by the potential of digital work sites, particularly advance equipment with data communication capabilities. These equipments, such as telematics, GPS, not only allow operators to track the equipment, but also enable them to monitor the overall functioning of the equipment. This information can significantly enhance the operational efficiency and safety at the worksites.
The integration of the IoT based into the heavy equipment is also acting as a major driver for the growth of the market. Moreover, the increasing adoption of the Industry 4.0 Revolution and automation across the industrial facilities are also augmenting the demand for telematics in heavy equipment. However, the complexity of the software solution used for managing the telematics data is inhibiting the growth of the market.
The telematics in heavy equipment market is categorized based of application into agriculture, construction, and mining. Construction sector accounted for more than 60% share in the revenue in 2018. The growing integration of the telematics into the machineries and tools for the fleet management is driving the market growth. Furthermore, the growing need among the construction sector to reduce the cost of operation and enhance the operational efficiency is further driving the market growth. On the other hand, agriculture sector is projected to grow significantly during the forecast period.
Asia Pacific’s telematics in heavy equipment market is projected to grow considerably during the forecast period. The market growth is driven by the increasing demand for the advance equipment across the construction industry. The advancement in the wireless communication technologies is also driving the demand for the telematics solution in heavy equipment. Furthermore, the growing trend of automation of IoT is accelerating the market growth in the region.
The prominent vendors of the telematics in heavy equipment market are DPL Telematics, Trimble Inc, ACTIA Group, Geotab Inc, Heavy Construction Systems Specialists Inc, GPS TRACKIT, LHP Telematics LLC, Navman Group, LoJack Corporation, ORBCOMM Inc, TelliQ AB, Teletrac, Telogis, Topcon Corporation, The Morey Corporation, and Zonar Systems Inc.
Browse the full report at https://www.credenceresearch.com/report/telematics-in-heavy-equipment-market
The Global Telematics In Heavy Equipment Market is Segmented into:
|Segmentation||By Technology Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page