The growing focus of the construction enterprises in reducing the resource and material waste of the building materials during construction driving the growth of the construction robot market during the forecast period.
The Global Construction Robot Market was valued at USD 44.8 Mn in 2020 is expected to reach USD 110.7 Mn by 2027, with a growing CAGR of 13.8% during the forecast period.
Due to the rapid advancement in technology and high demand for construction works, the construction industry is facing challenges such as a shortage of skilled labor, inadequacy of resources, and the convergence of requisite technologies. These challenges have increased the demand for the Construction Robot market. A Construction Robot plays a significant role in automating solutions and delivering cost-effective operations. These robots have helped in automating laborious and dangerous tasks to keep labourers away from hazardous activities, enabling them to focus on productive work.
The rising population coupled with increasing urbanization significantly drives the growth of the construction robot market. For instance, according to the United Nations Population Division, the global population is projected to reach 9.5 billion by 2050, and the urban population is expected to account for a minimum of 64% share of it.
The growing attention of the construction companies in lowering the useful resourceS and material waste of the constructing materials during construction is anticipated to propel the adoption of the construction robots' market. Construction is one of the sectors in which a massive quantity of material is wasted due to conventional production process. For instance, in December 2020, Autodesk identifieD that while it is tough to get actual figures of the waste produced on a standard construction site, numerous construction companies have a concept that almost 30% of the overall weight of constructing materials transported to a constructing site is wasted.
Based on the product type, the global market has been segmented into a traditional robot, robotic arm, and exoskeleton. The traditional robot segment dominated the market in 2020 and the same trend is expected to be seen during the forecast period. Construction robots are being used as a replacement for the traditional heavy construction equipment/machines in most of the construction activities. However, the exoskeleton segment is expected to grow at the highest CAGR during the forecast period.
Based on the automation, the global construction robot market has been bifurcated into semi-autonomous and fully autonomous. The semi-autonomous segment dominated the market in 2020. These construction robots are designed to execute a task with certain levels of planning interaction conducted with a human supervisor. SAM, a semi-autonomous masonry robot, was built by Construction Robotics for bricklaying tasks in outdoor construction sites. However, the fully autonomous segment is expected to grow at the highest CAGR during the forecast period.
The high equipment cost is one of the major factor that hamperS the growth of the construction robot market. Moreover, the increasing automation at the construction sites is expected to provide significant opportunities construction robots. Furthermore, the unpredictable layout of the construction sites is one of the major challenges that limits the growth of the global construction robot market.
Global Construction Robot Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, The Asia Pacific region is expected to grow at a rapid pace owing to the presence of abundant natural resources like minerals, ores, among others, in countries like China, India, Australia, Malaysia, and other Asian countries. These countries carry out mining and construction activities to extract natural resources in the region. The construction industry of the region has started adopting construction robots for site inspection and for speeding up construction activities on site.
The Global Construction Robot Market Segmentation:
Global Construction Robot Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Construction Robot Market by Automation Outlook (Revenue, USD Million, 2021-2027)
Global Construction Robot Market by Function Outlook (Revenue, USD Million, 2021-2027)
Global Construction Robot Market by Application Outlook (Revenue, USD Million, 2021-2027)
The key players operating in the construction robot market are: