(MENAFN- GlobeNewsWire - Nasdaq) Increasing construction activities and urbanization globally, lack of skilled cheap labor, and growing emphasis on sustainable and eco-friendly construction practices drives the market growth.Wilmington, Delaware, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Rebar Robotics Market by Type (Onsite and Offsite), technology Type (Ground-based and Ariel), and Application (Residential and Non-Residential): Global Opportunity Analysis and industry Forecast, 2024-2033" . According to the report, the rebar robotics market was valued at $76.4 billion in 2023, and is estimated to reach $116.4 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
Prime determinants of growth
Increase in construction activities and urbanization globally, lack of skilled cheap labor, and surge in emphasis on sustainable and eco-friendly construction practices drives the market growth. However, high initial investment costs associated with Rebar robotics production restrain the market growth. On the other hand, technological advancements and innovations are anticipated to positively affect the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $76.4 billion |
| Market Size in 2032 | $116.4 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 207 |
| Segments Covered | Type, Technology Type, Application, and Region |
| Drivers | Increase in construction activities and urbanization globally. Lack of skilled cheap labor Surge in emphasis on sustainable and eco-friendly construction practices. |
| Opportunities | Technological advancements and innovations |
| Restraint | High initial investment costs associated with Rebar robotics. |
Segmental Overview
By type, the onsite segment held the highest market share in the rebar robotics market in 2023. This is due to increase in adoption of automated solutions directly at construction sites, which helps in reducing labor costs and improving efficiency. The use of robots like IronBOT and TyBOT for onsite rebar installation has proven to significantly cut down project timelines and costs. However, the offsite segment is expected to grow at a higher CAGR. This growth is driven by the rise in trend of prefabrication and modular construction, where rebar assemblies are pre-constructed in controlled factory environments and then transported to the construction site. This method not only enhances the quality and precision of rebar installation but also minimizes the complexities and hazards associated with onsite construction.
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By technology type, the ground-based technology dominated the market in terms of revenue in 2023. This is due to its widespread adoption in construction sites, where ground-based robots are used for tasks such as bending, cutting, and tying rebar, enhancing efficiency and reducing manual labor. On the other hand, aerial technology is expected to grow at a higher CAGR in the coming years. Innovations in drone technology and their increasing applications in construction for tasks like site surveying, inspection, and even transporting lightweight materials contribute to this rapid growth.
By end user, the non-residential segment held the highest market share in 2023. This dominance is due to the extensive use of rebar robotics in large-scale infrastructure projects, commercial buildings, and industrial constructions, which require high precision and efficiency that these advanced technologies provide. The non-residential segment is also expected to grow at a higher CAGR compared to the residential segment. This anticipated growth is driven by increased investments in commercial infrastructure and industrial projects worldwide, necessitating the adoption of sophisticated robotic systems to enhance construction speed and accuracy
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific is expected to maintain its dominance in the Rebar robotics market by 2033 due to several key factors. Firstly, rapid urbanization and industrialization in countries like China, India, and Southeast Asian nations are driving substantial construction activities, including residential, commercial, and infrastructure projects. Moreover, increasing government investments in infrastructure development, such as roads, bridges, and public buildings, are significantly boosting the demand for construction technologies, including Rebar robotics.
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Players
Turner Construction Company
The report provides a detailed analysis of these key players in the global rebar robotics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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