Construction Robotics Market size is expected to reach $7.9 billion by 2027

According to a recent report published by Report Ocean, titled, “Construction Robotics Market by Application, Sales Type, and End User: 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. In 2019, the surveillance segment dominated the construction robotics market, followed by the demolition segment.

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Construction robotics is majorly driven by enhanced productivity and quality achieved by the robots. In addition, there is more security and safety in the works done in adverse conditions by these robots. Further, there is rapid adoption of 3D printing globally as an alternative for high cost for skilled labor. In addition, there is minimum wastage of building material in 3D printing process, thus driving the construction robotics market globally. However, the high cost of equipment and automation acts as a restraining factor for the growth of the construction robotics market. In addition, the outbreak of COVID-19 has led to a halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chain, which, in turn, hinders the growth of the construction robotics market. However, industries are gradually getting back on track and vaccine discovery would lead to recovery of the construction robotics market by mid-2021. On the contrary, there is rise in adoption of automation in the construction industry has opened up several new opportunities for the development of construction technology. This is expected to boost the construction robotics market during the forecast period.

The construction robotics market is segmented into application, sales type, end user, and region. On the basis of application, the market is divided into demolition, 3D printing, material handling, and surveillance.

Based on sales type, it is bifurcated into new sales and aftermarket. Depending on end user, it is classified into residential, industrial, and commercial. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key Findings Of The Study

By application, the surveillance segment was the highest revenue contributor in 2019.
By sales type, the new sales segment generated the highest revenue in 2019.
By end user, the residential segment generated the highest revenue in 2019.
The major players profiled in the construction robotics market include Advanced Construction Robotics, Beijing Borui Intelligent Control Technology Co. Ltd., Branch Technology, Brokk Group, Built Robotics Inc., Conjet AB, Construction Robotics, DJI, Kewazo GmbH, and Yingchuang Building Technique (Shanghai) Co. Ltd. (WinSun).

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This release was published on openPR.