Demand for construction robots will more than double by 2023
Valued at $76.6mn...
The use of robots in the construction industry is forecast to grow considerably over the next five years, according to new research.
Valued at $76.6mn in 2018, the construction robot market will more than double in size to $166mn by 2023, growing at around 17% a year.
The report, by MarketsandMarkets, says that the growth will be mainly driven by factors such as demand for enhanced productivity, quality, and safety due to growing urbanisation worldwide.
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The semi-autonomous segment is the largest currently, accounting for 67% of the overall construction robot industry. Common tasks for these revolve around infrastructure monitoring and predictive and corrective maintenance.
Labour shortages are predicted to lead to the rise of exoskeletal robots over the next five years, with this particular market segment expected to grow the most between now and 2023.
Regionally, the report highlights Europe as a major territory for construction robots.
This is attributed to the large facilities of various companies for the development and production of construction and demolition robots, increasing number of government regulations, and growing need for the residential and non-residential construction projects.
In terms of companies, a healthy mix of large and small players are competing for business, including Husqvarna (Sweden), Ekso Bionics (US), Komatsu (Japan), Fujita (Japan), Construction Robotics (US) and Fastbrick Robotics (Australia).