Robotics Market Size and Overview
Robotics Market Size was valued at USD 41.5
billion in 2021. The robotics
market industry is projected to grow from USD 50.96 billion in 2022 to USD
214.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of
22.80% during the forecast period (2022 - 2030).
Robotics Market Competitive Dashboard
The major players of the global robotics market are BOSTON DYNAMICS (US), Universal Robots A/S (Denmark), iROBOT Corporation (US), Nachi-Fujikoshi Corp (Japan), Honda Motor Co. Ltd (Japan), Kawasaki Heavy Industries, Ltd. (China), Sony Corporation (Japan), ABB Limited (Switzerland), Mitsubishi Electric Corporation (Japan), Omron Corporation(Japan), Northrop Grumman Corporation(US), FANUC CORPORATION(Japan), Yaskawa Electric Corporation(Japan), Kuka AG (Germany), and Denso Corporation (Japan), among others.
Robotics Market Highlights
Factors poised to drive the global robotics
market during the forecast period are growth in industrial robotics and the
advancement of artificial intelligence technology. Nonetheless, during the
forecast period, high initial costs and technological uncertainties are likely
to curb market growth. Also, the growing demand for retail entertainment robots
for consumer interaction is expected during the forecast period to catalyze
players on the global robotics market.
In collaboration with artificial
intelligence (AI), human-machine interface and the Internet of Things ( IoT),
robotics technology helps manufacturers address these challenges. Besides,
automation technologies have allowed robotic systems to be successfully applied
in the highly complex and unstructured environments of food processing and
packaging, consumer goods manufacturing, and the automation of the e-commerce
supply chain. Industrial robotics has reported the highest adoption rate of all
the sectors and industries served by robots. The automotive industry considered
the most critical application field for industrial robots, has greatly increased
investment in industrial robots around the world.
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Robotics Market Competitive Landscape
The robotics market is supported by adoption of articulated robots as well as
support from regional governments. The population growth around the world and
increasing demand of robotics market based services and products also support
the market growth. However, the robotics market growth can be affected due to
low volume production and poor return on investment (ROI) for new companies.
The report covers all such details which will help companies in the robotics market
to strengthen their business plan and improve their product portfolio. The
robotics market research report also provides company profiles of major
companies. The company profiles of many organizations operating in the robotics
market report highlights crucial details like company size, revenue growth, and
details of mergers and acquisitions taking place in the robotics market. New
companies and established businesses can plan their strategies based on this
data provided in the robotics market research report.
Robotics Market Segmental Analysis
The global robotics market has been
segmented based on type, mobility, end-user, and region.
The market was categorized as mobile
robotics and fixed robotics based on versatility. The mobile robots segment
represented the more significant market share in 2018, with the highest market
value; this segment is also slated to show the higher CAGR over the forecast
period.
The market was segmented into medical,
entertainment, engineering, logistics, defence, public safety, manufacturing
and others based on end-user. The segment of manufacturing accounted for the
more significant market share in 2018, with a market value of USD 11.3 billion
over the projected period. In 2018, the entertainment sector was the
second-largest market; the higher CAGR is anticipated to register.
The market was graded, based on form, as
SCARA, cartesian, articulated, cylindrical, and parallel. In 2018, the
articulated segment represented the higher market share, with a market
valuation of USD 9.937.1 million. Additionally, the SCARA segment is the second
largest segment; during the forecast period, it is predicted to experience the
highest CAGR.
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Robotics Market Regional Outlook
The global robotics market, by region, has
been segmented into North America, Europe, Asia-Pacific, the Middle East &
Africa, and South America.
Asia-Pacific is projected to dominate the
robotics market over the forecast period due to the region 's advancements in
camera and sensor technology. Asia-Pacific is anticipated to record the highest
growth rate over the forecast period, due to the rapid adoption of industrial
robots across the world. Thanks to the rapid deployment in the country's
governing computer and car manufacturing industries, China dominates the global
robotics adoption pace. As these sectors are growing at a high rate in other
economies of the world, such as India, there is considerable potential for
growth in the studied market. Also, the aging population of the
Asia-Pacific countries such as Japan and China is driving growth in the medical
technology industry, generating a substantial service robots market in the
region. This allows businesses to invest in the region's older people 's goods.
With a rapidly growing geriatric population, the country is continuously
looking for robotics and AI to help caregivers take care of elderly people in
nursing homes.
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