A lot of innovations are also taking place to develop equipment specifically customized solutions. There is an adaptation of control methodology concerning accuracy, repeatability and efficiency. There is a definite shift towards adoption of newer technologies for industries, as well which can be seen specifically in the crane system modulation. With changing times there is a demand for the MHE model, that yields a quicker ROI than ever before. Even companies, which are replacing or upgrading their existing range of material handling equipment are inclined towards technology, that is efficient. The Internet of Things (loT) is one of the hottest topics in the construction sector and with good reason. It influences the interaction of technological, economic, social, societal, and individual changes. loT is also being implemented in construction for data gratification and safeguarding of products.
According to a new market report published by Transparency Market Research Titled 'Telematics in heavy equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025", the global telematics in heavy equipment market is expected to reach a value of US$ 6,473.3 million (€5480.97 million) by 2025. The market is projected to expand at a CAGR of 15.1% during the forecast period from 2017 to 2025.
