Construction robotics: market worth set to hit $164 million by 2030
The global construction robotics market is forecast to hit valuations of $164 million by 2030, according to an industry research firm.
The market was valued at just $50 million in 2021, but is predicted to experience a CAGR of 14 percent during the remainder of the decade.
The research, published by industry analysis firm Straits Research, cites urbanization as one of the key drivers for the adoption of robots within construction, combined with an unprecedented demand for affordable housing solutions, and an accelerating need for well-connected transportation systems.
According to data from the World Bank, approximately 4.2 billion people currently live in cities, the equivalent of 55 percent of the world’s population. That figure is expected to double by the year 2050.
Other factors behind the trend include productivity, quality, and worker safety, with robots able to effectively mitigate and eliminate the risk of human error, and demonstrating practicability in hazardous environments.
An uneven picture
Despite the predicted growth, not all geographies are set to benefit equally. The research indicates that North America and Europe will enjoy the largest market shares, with expected revenues of $54 million and $52 million respectively.
One of the reasons behind this is thought to be the ongoing shortage of skilled labor within the US, with companies turning to robots to drive efficiencies and bolster productivity. The arrival of the Covid-19 pandemic in 2020 intensified the trend, while advances in technology are further reducing the reliance upon human labor.
In Europe, the take-up of robotics within construction is being driven primarily by start-ups seeking to capitalize on the labor shortages. The region boasts 1.2 robots for every 10,000 workers, higher than the US (0.2) and China (0.1).
Variation is also anticipated by sector, with 3D construction robotics and public infrastructure set to undergo the biggest growth, at a CAGR of 14 percent. Meanwhile, the sector with the highest predicted revenues is commercial and residential construction, at $78 million.