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1、FOCUSU.S.Machinery&ConstructionTheFutureofConstruction:ALong-AwaitedINDUSTRYUPDATEEquityResearch9March2020OverhaultoanIndustryThatNeedsItConstructionisinthetopthirdofU.S.industriesbyfragmentationandtopdecileinbroaderindustrials/materials.It’salsoamong
2、themostinefficientgloballyand~2.5-3.5xlessefficientthanmanufacturingandmining,similarlyoldindustries.Stakeholdersfromallendsofthemarkethavedeployedsignificantresourceshelpingtodisrupt,improve,andincreaseefficiencyinthisfragmentedindustry.Inconstructionm
3、achinery,largeOEMsarebuyingsmallerstartupsandhavetheirownventurearms(e.g.,CAT&DE).Constructiontechtransactionsbycountareup~3.5xinthepastfiveyears,up50%inM&A,andup25%inVCinvestmentfunding.Constructionhaslongbeenanindustrythathasavoideddigitaltechnology.W
4、hy?It’slikelyacombinationofanolderworkforce,slimprofitmarginsforinvestment(low-tomid-singledigitsonE&C,high-singletolow-doubledigitsformachinery),andjobprotection.Only30%ofprojectsintheconstructionindustrycompletedwithin10%ofplannedcostandschedule.Anexe
5、cutivefromKiewit(notcovered)saidtous:“Weneedtoadopttechintoourbusinessorourbusinesseswilldie.”Thisreportwalksthroughtheprogressthatmachinery,engineering,architectural,andcontractingcompaniesaremakingtodayandidentifiessoftwarecompaniesaheadofthepack.Comp
6、anieslikeCaterpillarandDeere,duetotheirlargeinstalledbaseandvastservicenetwork,arebestpositionedtoevolveinadeeperdataandtechnologicalworld,butthepaceofinvestmentneedstoincreaseforthemandpeers.Machinequalityisimprovingandcouldsavetheoperatorsignificantdo
7、llarsoverthetotallifeofthemachine.Intotal,wegettoa~25%costsavingsfromintegrationoftechnologyonamachinetototalcostofownership(TCO).ThelargestcontributortoTCOsavingsislowerunitidlehours.Telematicsenablesmanagerstowatchspecificoperator-leveldataandadjustbe
8、haviortocuthoursplacedonamachineandreducetheft.Byouranalysis,autonomycoulddriveanother25%toTCO.Caterpillar,andKomatsu(notcovered),bothhaveofferingsthatenableasemi-autonomoussolutionfordozersandexcavators.BuiltRobotics(notcovered)
