PORTLAND, Ore., Feb. 23, 2021
- Improved quality, productivity, and safety and adoption of 3D printing in the construction industry drive the growth of the global construction robotics market
PORTLAND, Ore., Feb. 23, 2021 /PRNewswire/ -- Allied Market Research published a report, 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." According to the report, the global construction robotics industry generated $2.45 billion in 2019, and is projected to reach $7.88 billion by 2027, witnessing 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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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.
Leading market players
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