The Global Robotics Technology Market was valued at USD 27.7 Bn in 2020 and is expected to reach USD 85.4 Bn by 2027, with a growing CAGR of 17.4% during the forecast period.
Global Robotics Technology Market Definition
Robotics is the branch of science with combination of technology and engineering that produces automated machines called as robots which are substitute for the human actions. Robots are built to perform monotonous tasks such as building cars, arranging spare parts, cleaning home, and intricates surgeries in the hospitals. Robots vary from their level of autonomy such as starting from human controlled bots to the fully automated bots. Robotic technology holds huge applications in different industries such as Healthcare, Media & entertainment, logistics, agriculture, and manufacturing.
Global Robotics Technology Market Dynamics
The driving factors influencing the global Robotics Technology Market include rising need for automation in every sector such as military, healthcare, & agriculture and increasing penetration of artificial intelligence & machine learning into industries for day-to-day functionality. Growing demand for energy efficient robots and its uses in various activities such as arc welding, material handling, machine tending and many more, are expected to leverage the robotic technology demand in the market during the forecast period. Rising application of robotic technology in different industries such as agriculture, car manufacturing, aerospace, etc is further expected to contribute to the growth of Robotics Technology Market during the forecast period. For instance, the latest robot launched by NASA in 2019, the Astrobee free-flying robot that is used to operate inside the international space station with astronauts. The initial purpose of Astrobee is to capture crew activities and perform environmental surveys. Such inventions are expected to boost the robotic technology demand in the market during the forecast period. Robotics has enhanced the machine aspect of production which make it more efficient while human remains constant and increased efficiencies from robots leads to more productivity which is further expected to boost the robotics technology demand in the market during the forecast period.
Furthermore, increasing investments in the robotic technology and ongoing research & development in robotics are expected to propel the growth of the robotic technology demand in the market during the forecast period. For instance, in December 2021, researchers from Ecole Polytechnique Fédérale de Lausanne (Switzerland) teamed up for the development of machine-learning program that would be connected to a human brain, and it was used to command a robot. The programs and activities of the robot will be monitored through the electrical signals received from the brain. The aim of this research is to target tetraplegic patients that are expected to carry their day-to-day activities on their own. Such ongoing inventions are expected to divert the attention of scientistic for the development of innovative robots in the Robotics Technology Market during the forecast period.
On the contrary, high cost of robots & related machines and lack of awareness regarding small-mid size enterprise is expected to hinder the growth of robotic technology demand in the market during the forecast period.
Global Robotics Technology Market Segmentation:
By Robot Type
Company Profiles and Competitive Intelligence
The key players operating in the Robotics Technology Market are:
Based on component, hardware segment is expected to show maximum market share during the forecast period due to the increasing efficiency of robots with the use of hardware
Based on component, Robotics Technology Market is broadly segmented into hardware, software and services. Hardware segment accounted for highest market share in 2020 due to increased demand for processors, sensors, robotic arm, and UART’s for the development of robots. Moreover, hardware segment is expected to increase more during the forecast period due to rising demand for individual hardware parts for the robot development.
On the contrary, service segment is expected to witness highest growth during the forecast period due to growing adoption of training and consulting services in the various sectors.
Based on applications, manufacturing segment is expected to hold the largest market share during the forecast period due to rising use of robots in welding, painting, packaging, product inspection and testing
Based on applications, Robotics Technology Market is broadly segmented into healthcare, manufacturing, logistics, media & entertainment, and aerospace & defence. Manufacturing segment dominated the market in 2020 due to increased speed and productivity of the manufacturing process. The speed and dependability of the robots in manufacturing industry helps to decrease manufacturing cycle time and escalate productivity of the process. Moreover, manufacturing segment is expected to maintain the same dominance in the Robotics Technology Market during the forecast period due to growing demand for more efficient, precise, and high endurance robotic technology in manufacturing process such as palletizing, pick & place for printed circuit boards and product testing. Robots in manufacturing industries are used to streamline the workflow assembly and to perform repetitive tasks which increases the application of robots in the process, and this leverage the growth of robotic technology demand in the market during the forecast period. Robotic technology is highly used to execute components such as lifting, moving heavy pieces and holding of machineries which is further expected to boost the demand for robots in the Robotics Technology Market during the forecast period.
Based on region, Asia-Pacific is expected to dominate the market during the forecast period due to increasing substantial adoption of robots and growing automotive & electronic manufacturing industry deployment
Based on region, Asia-Pacific is expected to hold the highest market share during the forecast period due to increasing healthcare infrastructure which is expected to facilitate various robot based medical facilities such as surgeries in healthcare sector. For instance, Japan implemented robot-assisted surgeries by replacing conventional open surgeries in the hospitals. Such application of robotic technology in healthcare is expected to thrive the growth of robotic technology demand in the market during the forecast period. Moreover, ongoing research and implementation of Robotics-as-a-Service business model is expected to fuel the growth of Robotics Technology Market in Asian countries. For instance, Japan proved to be the world’s largest predominant robot manufacturing country which constitutes about 47% of total global robot production from Nippon. In addition, companies shifting their preference from hardware to the software robotic component so that companies do not need to invest in capital for the robot operators is creating opportunities for market players in this region.
The report also provides in-depth analysis of Robotics Technology Market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Robotics Technology Market Analysis
Covid-19 has negatively impacted the growth of robotic technology in the market. During covid-19 outbreak, there were restrictions on intercountry movement and export/import of raw materials affected the manufacturing and supply chain of the industry. Companies remained shut during the pandemic due to the upsurge for covid cases across the globe. However, covid-19 has positively impacted the robotic technology in healthcare sector. For instance, humanoid service robots gained huge importance during pandemic. Humanoid service robots provided morale support to patients and their families during tough times when hospital visits were not possible. Humanoid service robot in India named ‘Mitra’ assisted covid-19 infected patients in the hospital beds to connect them with their family through a tablet installed in its chest. This invention during pandemic time gained immense recognition across the world. This invention gained trust of engineers and physicians to design and use the robotic technology to serve healthcare service. Rising demand for service robots in healthcare is expected to leverage the growth of the robotic technology demand in the market across the globe.
The report also provides an in-depth analysis of key trends in Robotics Technology Market
|1||Growing use of soft robotics in emerging area to design robots that are flexible and can be used in businesses in carrying out tasks||Positive|
|2||Ongoing research on cobot to overcome challenge of human interaction in robotics field||Positive|
|3||Emergence of virtual solutions in industrial robots is expected to create curiosity among key players in the ecosystem||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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