According to new data from Straits research, a market research organisation, the global construction robotics market – which was valued at US$50m (£42.5m) in 2021 – is expected to grow to US$164m (£139.4m) at a CAGR of 14% during the forecast period of 2030.
The report claims that North America and Europe have the maximum share among the other regions.
Straits cites World Bank Data, which suggests that by 2050, the urban population of the world is expected to double. The company attributes the rapid growth of urbanisation and the according need for housing as a catalyst for the expect growth of construction robotics.
The new research also suggests that, as the construction sector sees some of the highest number of labour accidents, robots can help reduce risks to human welfare.
High costs of labour are also mentioned as motivations for the growth of the market, as robot workers offer potential savings on wages.
The report also named the labour shortages caused by the pandemic and social isolation policies, which meant companies’ reliance on robotics grew rapidly over a short period of time.
Some other key findings include that demolition robots are expected to be valued at US$54m (£45.8m) by 2030, 3D printing construction robotics at US$52m (£44.2m) by 2030 and that the commercial and residential segment is anticipated to generate revenue of US$78m (£66.2m) by the same date.
