DUBLIN--(BUSINESS WIRE)--The "Construction Robots Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The construction robot market is expected to grow at a CAGR of approximately 13.56% during the forecast period from 2020 to 2025.
The increasing focus of the construction organizations in reducing the resource and material waste of the building materials during construction has driven the adoption of the construction robots' market. Construction is one of the sectors where a significant amount of material is wasted due to the traditional construction process. Autodesk identifies that while it is difficult to get exact figures of the waste produced on a typical construction site, several construction organizations have thought that nearly 30% of the total weight of building materials transported to a building site is wasted.
The principal advantage of employing construction robots is to save time and improve precision and efficiency, thereby commencing more significant economic benefits. For instance, Hadrian X is a bricklaying automated machine, which is capable of building walls of a house by calculating the necessary materials required and movements without any supervision. An Australian based firm developed it by incorporating an intelligent control system. The robot can lay bricks at a speed of 1,000 per hour with 100 % accuracy. It can detect changes caused due to external factors such as wind and vibrations and create the design accordingly. With such features being offered by the robots, several construction organizations are deploying construction robots. Though they require high investments initially, their usage would save extra costs in the long run.
Furthermore, according to a new forecast from the American Institute of Architect, construction spending grew through 2019. The market is also witnessing investments for the deployment of the construction robots. For instance, Scaled Robotics, a small Barcelona-based construction startup, announced that it raised a EUR 2 million stake, led by European firms such as Norwegian Construct Venture and PropTech Fund Surplus. Furthermore, the market for construction robots is anticipated to benefit from the increase in construction activities.
Moreover, the COVID-19 pandemic is expected to have some dampening effect on the market over the forecast period, more prominently over the later period as economies might experience a slowdown. Construction robots demand, however, might increase due to safety needs, such as social distancing.
Key Market Trends
Demolition Type is Expected to Hold Significant Share
Demolishing is an integral process in the construction industry as it is an essential process in the renovation activities and new commercial buildings. Demolishing is time-consuming, potentially hazardous work, regardless of job site conditions. Also, selectively demolishing concrete elements within an existing structure majorly for renovation purposes, while using heavy equipment is a challenging job for the construction companies. According to the Robotic Industries Association, demolition robots occupy approximately 90% of the total market share for construction robots.
North America is Expected to Hold Major Share
While manual labor has been a huge and very critical component of modern construction, technology has been continuously improving since the first pulleys and power tools. Robots are the beginning to help get the work done. With low US unemployment and shortages of skilled labor, automation is key to meeting demand and continued economic growth. However, According to PIAAC data, it is calculated that 38% of jobs in the United States are at significant risk of being automated during the next decade. According to a report by the Associated General Contractors of America, 70% of contractors in the US struggle to hire skilled craft workers. This comes as hiring needs in the industry are expected to grow 12% by 2026 with the demand of construction robots.
The competitive landscape of the construction robot market is moderately concentrated due to the presence of a few vendors. The construction industry is one of the least automated sectors, and the robot's adoption rate is at a very nascent stage. Hence, the market players are looking for lucrative opportunities to launch its products and gain the maximum market share. Also, the vendors are looking for opportunities to raise investments from various stakeholders to enhance their production of robots for the construction industry.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview (Covers the impact due to COVID-19)
4.2 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapid Urbanization
5.1.2 Stringent Government Regulations for Worker's Safety
5.2 Market Restraints
5.2.1 High Equipment and Setup Costs
6 MARKET SEGMENTATION
6.1 By Type
6.1.3 3D Printing
6.1.4 Other Types (Exoskeletons and Masonry)
6.2 By Applications
6.2.1 Public Infrastructure
6.2.2 Commercial and Residential Buildings
6.2.3 Other Applications
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Brokk AB
7.1.2 Husqvarna AB
7.1.3 Construction Robotics, LLC
7.1.4 FastBrick Robotics, Ltd.
7.1.5 Advanced Construction Robotics, Inc.
7.1.6 Dusty Robotics, Inc.
7.1.7 Apis Cor
7.1.8 COBOD International A/S
7.1.9 Ekso Bionics Holdings, Inc.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/mg6eiw