Demolition Robot Market size was valued at $286,633.40 thousand in 2021, and is projected to reach $1,255,172.50 thousand by 2031, growing at a CAGR of 15.7%
WILMINGTON, DELAWARE, UNITED STATES, March 1, 2024 /EINPresswire.com/ — Increase in construction activities and rapid urbanization & industrialization in developing countries have boosted the global demolition robot market. The market across Europe held the largest share in 2019, accounting for more than half of the market. Since the Covid-19 outbreak, several companies temporarily suspended their operations to curb the spread of the virus.
The global demolition robot market was pegged at $234.90 million in 2019, and is projected to reach $633.19 million by 2027, growing at a CAGR of 16.2% from 2020 to 2027.
Increase in construction activities, surge in adoption of robots in the construction industry, and rapid urbanization & industrialization in developing countries have boosted the global demolition robot market. However, lack of awareness, skilled labor, and high initial cost hamper the market growth. On the contrary, technological advancements are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
Since the Covid-19 outbreak, several companies temporarily suspended their operations to curb the spread of the virus.
This halt in operations has direct impact on the revenue flow of the demolition robot market supply chain.
The implementation of social distancing regulations has resulted into dearth of manpower.
The global demolition robot market is segmented on the basis of product type, application, sales, and region. Based on product type, the large segment held the largest share in 2019, accounting for around two-fifths of the market. However, the mini segment is expected to register the highest CAGR of 16.8% during the forecast period.
Based on application, the construction segment dominated the market in 2019, contributing to around three-fifths of the market. However, the tunneling segment is expected to portray the highest CAGR of 16.9% during the forecast period.
On the basis of sales, the new equipment sales segment held the lion’s share in 2019, accounting for more than three-fourths of the market. However, the aftermarket sales segment would manifest the highest CAGR of 16.8% during the forecast period.
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The global demolition robot market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2019, accounting for more than half of the market. However, the market across LAMEA is expected to register the highest CAGR of 18.6% during the forecast period.
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The global demolition robot market report includes an in-depth analysis of the major market players such as BROKK GLOBAL, Conjet AB, Husqvarna AB (publ), Giant Hydraulics, Epiroc, SMP, Darda, SHERPA Mini-loaders B.V., TEI ROCK DRILLS, TopTec Benelux BVBA.
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