PORTLAND, Ore., Nov. 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Demolition Robot Market by Type (Mini, Medium, and Large) and Application (Commercial, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global demolition robot industry generated $234.9 thousand in 2019, and is expected to garner $633.19 thousand by 2027, growing at a CAGR of 16.2% from 2021 to 2027.
Drivers, restraints, and opportunities
Rapid urbanization and industrialization in developing countries, increasing demand for modern robot in the construction industry, and growth in the mining sector drive the global demolition robot market. However, high cost of the demolition robot and lack of awareness about the benefits of the demolition robot hinder the market growth. On the other hand, technological advancement of the demolition robot presents new opportunities in the coming years.
COVID-19 outbreak has badly impacted the manufacturing process and hampered the supply of raw materials for demolition robot.
The demand for demolition robot from the end-using industries, on the other hand, has witnessed a massive drop during covid-19 phase.
The large segment to maintain its leadership status throughout the forecast period
Based on type, the large segment accounted for the highest market share in 2019, holding for around two-fifths of the global demolition robot market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to the growing demand for large and powerful demolition robot to demolish large and strong built structures. However, the mini segment is estimated to witness the largest CAGR of 16.8% from 2021 to 2027. This is due to low cost and high demand of the mini robot.
The construction segment to maintain its dominant share during the forecast period
Based on application, the construction segment contributed to the highest share of the market, accounting for around three-fifths of the global demolition robot market in 2019, and is projected to maintain its dominant share during the forecast period. The demolition robot are majorly used in construction industry to demolish existing structures on which new structures can be erected. This factor drives the growth of the segment. However, the tunneling segment would manifest the fastest CAGR of 16.9% from 2021 to 2027. This is attributed to the demand for demolition robot for breaking rocks and stone.
Europe, followed by North America, to grow at the highest growth rate
Based on region, Europe, followed by North America, held the highest market share based on revenue with more than half of the global demolition robot market in 2019, and is expected to continue its highest contribution by 2027. High adoption rate of robot by countries such as Germany and Sweden due to health & safety regulations and also high cost of labor drives the growth of the market in this province. On the other hand, the market across LAMEA region is anticipated to portray the highest CAGR of 18.6% during the forecast period. This is attributed to the rising demand for robot in countries such as UAE.
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