The global construction robots market is expected to reach $3,542.8 million by 2030, according to a report by Grand View Research. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 17.5% from 2023 to 2030, driven by the increasing need for environmentally friendly and affordable construction, reduced environmental impact and labor costs.
The report notes that despite the need for robotic automation systems in the construction industry due to security risks and the increasing number of fatal accidents, only a few construction firms have currently adopted these technologies. This represents a significant opportunity for market players to transform the industry through innovative and advanced product launches.
The material handling segment accounted for the major revenue share of 32.4% in 2022 and is expected to grow at the highest CAGR of 18.0% over the forecast period. The surge in adoption of automation technologies to reduce labor costs and increase workload management efficiency is attributed to the segment growth. The robotic arm segment captured the highest revenue share of 67.8% in 2022. The increasing need to manage large payloads and consistent launches of innovative products by market players are factors contributing to the segment’s growth.
The industrial segment accounted for the largest market share of 38.9% in 2022 and is expected to maintain its majority over the forecast period with a CAGR of over 17.0% during the forecast period. Rapid urbanization, industrialization, and the increasing population are driving the growth. Asia Pacific held the highest market share of 30.3% in 2022 and is expected to retain its position over the forecast period, with a CAGR of over 18.0%. The significant presence of market players such as ABB, YASKAWA India, FANUC CORPORATION, and Saisun is one of the high-impact rendering drivers for the regional growth.
Market players are undertaking various initiatives such as partnerships, acquisitions, mergers, and product launches to expand their reach in the global market. For instance, Acceleration Robotics, a provider of customized hardware for robots, announced the acquisition of TechnoYantra, a robotics consulting organization, in November 2022. Acceleration Robotics aims to extend its reach in the Asian market through this acquisition.