Construction Robotics is Strikes Technological Innovations and Future Opportunities a CAGR of 23.3% by 2027

construction-robotics-market

According to a recent report published by Allied Market Research, titled, Construction Robotics Market by Application (Demolition, 3D Printing, Material Handling, and Surveillance), Sales Type (New Sales and Aftermarket) and End User (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027. The construction robotics market was valued at $2.5 billion in 2019, and is expected to reach $7.9 billion by 2027, registering a CAGR of 23.3% from 2020 to 2027.

Drivers, restraints, and opportunities

Improved quality, productivity, and safety and adoption of 3D printing in the construction industry drive the growth of the global construction robotics market. However, expensive nature of equipment hinders the market growth. On the other hand, emergence of automation in the construction sector presents new opportunities in the coming years.

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COVID-19 Scenario

Manufacturing of robotic equipment stopped due to lockdown imposed by governments. There has been lack of sufficient workers, shortage of raw materials, and disruption of supply chain. Manufacturing activity would start slowly as governments lift off restrictions.
The demand for robots decreased due to stoppage of construction activities across the globe to prevent the cross-contamination. The demand is expected to rise during the post-lockdown.

The surveillance segment to maintain its lead position during the forecast period

Based on application, the surveillance segment accounted for more than four-fifths of the global construction robotics market in 2019, and is estimated to maintain its lead position during the forecast period. This is due to large scale usage of drones for supervision on construction sites. However, the 3D printing segment is projected to manifest the highest CAGR of 45.4% from 2020 to 2027, owing to rise in awareness regarding the 3D printing technology.

The residential segment to maintain its dominance in terms of revenue by 2027

Based on end user, the residential segment accounted for the highest market share in 2019, contributing to more than two-fifths of the global construction robotics market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 23.9% from 2020 to 2027. This is due to surge in usage of automation equipment in residential construction activities.

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Asia-Pacific, followed by North America, to offer lucrative opportunities

Based on region, Asia-Pacific, followed by North America, held the highest market share in 2019, contributing to more than two-fifths of the global construction robotics market, and is projected to continue its leadership status by 2027. Moreover, this region is expected to portray the fastest CAGR of 26.0% during the forecast period. This is due to huge adoption of automated equipment in construction activities.

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