The construction cobots market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with construction cobots in western countries, along with the enhanced productivity, quality, and safety due to the implementation of construction cobots, is expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the growing urbanization worldwide. The increasing population essentially drives the rising demand for construction equipment. The global scenario of people migrating from rural to urban areas has also propelled this demand even further. According to the United Nations Population Division, the global population is projected to reach 9.5 billion by 2050. The urban population is expected to account for a minimum of 64% share of it.
The market is segmented based on function into demolition, bricklaying, 3d printing, concrete structural erection, finishing work, doors and windows installation, and others, out of which, concrete structural erection segment is anticipated to grab the most significant share by the end of 2029 on account of reducing the complexity of the construction operations and is attracting most of the construction firms to adopt cobots for this function. This is estimated to contribute to the growth of the segment during the forecast period.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. APAC has abundant natural reserves distributed among various countries. The mining and construction industries are among the top industries in Australia, China, India, Malaysia, and Vietnam. With growing urbanization and the wide availability of natural resources throughout the region, the mining and construction companies have started using automated equipment, operating software, and communications system to connect and work on-site. Also, the presence of many robotic manufacturing companies in China and Japan and a high growth rate of the market for 3D printers for advanced construction is projected to drive the growth of the construction robot market in APAC.
The global construction cobots market is further classified on the basis of region as follows:
Our in-depth analysis of the global construction cobots market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Enhanced productivity, quality, and safety due to the implementation of construction cobots and growing urbanization worldwide are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2020-2029.
Unpredictable layout of the construction sites and high equipment cost are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the growing urbanization and wide availability of natural resources throughout the region, the mining and construction companies have started using automated equipment, operating software, and communications system to connect and operate on-site.
The major players dominating the construction cobot market are Komatsu Ltd., Ekso Bionics Holdings Inc., FBR Ltd, Conjet AB, Beijing Borui Intelligent Control Technology Co. Ltd., Giant Hydraulic Tech, Fastbrick Robotics, Autonomous Solutions among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application and region.
With respect to application, dismantling and demolition is expected to grow at the highest CAGR during the forecast period. The high growing needs for eliminating the presence of human operators in hazardous areas and shielding them from the radiation in nuclear-decommissioning attribute to the high growth of the market.
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