The construction industry's lack of digitalization and new technologies mean that companies will struggle to fulfil projects as younger people choose to pursue a career in other industries, says GlobalData. The leading data and analytics company notes that by adopting robotics technology at scale across the industry, companies can attract younger workers and maintain or increase their current productivity levels.
Two markets that can be lucrative for the construction industry are commercial drones and exoskeleton. According to GlobalData forecasts, the commercial drones segment was worth just $3.4 billion in 2020 but is set to grow at a compound annual growth rate (CAGR) of 32.6% to 2030 and will reach $57 billion. The exoskeleton market was worth $200 million in 2020, but it will be worth $10.9 billion in 2030, emerging as the fastest-growing robotics category with a CAGR of 49.0%.
In GlobalData's Construction Industry Sustainability Survey 2021 (159 respondents), 72% of respondents said the construction industry in their region was concerned or very concerned with the health and safety of construction workers. GlobalData's latest report, 'Robotics in Construction – Thematic Intelligence', identifies several other benefits that robots can bring to the industry such as construction robots, which can address these concerns by greatly increasing the safety of workers.