Published On: November 2022
Due to the availability of specialized solutions, industries like defense & security, healthcare, aerospace, food & beverage, education, home, and electronics are using robot technology to increase efficiency. Robots’ sales have also been boosted by the demand for telesurgery and care for the elderly and disabled in the healthcare industry. Robotics is being quickly adopted in the defense and security sectors for mine detection, bomb dispersion, and monitoring.
Over the projection period, the market will have significant potential due to the growing deployment of robots in various industries. Until recently, only the manufacturing and automobile industries used robots.
Full automation is a goal shared by many businesses. However, in practice, it might be prohibitively expensive, and there are still many jobs that robots cannot now execute as effectively as people. Innovative businesses are therefore looking for solutions combining the finest attributes of humans and robots.
To improve human movement, order fulfillment centers, for instance, outfit warehouse staff with robotic exosuits. These assistive devices help reduce injuries and increase worker endurance by stabilizing joints and offloading lifting and carrying actions. By 2025, the market for exoskeleton wearable robots is anticipated to grow to USD 5.2 billion.
Over the course of the projection period, market growth will be boosted by the availability of inexpensive and energy-efficient robots. As a result of greater competitiveness, players are creating high-quality, low-cost robots. Technology advancements make it possible for designers to produce novel, innovative products at a reasonable cost. Recently completed robots are energy-efficient and specifically designed to meet specific needs. These robots are also affordable, which increases their appeal to small and medium-sized businesses. These robotic systems are designed to cater to SMEs' particular requirements.
Businesses are also looking to cobots (robots that collaborate with people) to increase productivity and security by taking over tedious, hazardous, or dirty tasks. Pick and place cobots, for instance, can easily be incorporated into current processes and take over the tedious job of sorting and packaging diverse commodities. Cobots also utilize advanced sensor and imaging technologies to conduct thorough quality control inspections in production environments. Globally, the usage of industrial robots in manufacturing environments has nearly doubled over the previous five years. By 2025, sales of cobots in North America are predicted to account for 34% of all robot sales, up from 3% in 2017.
However, over the forecast period, market limitations could come from worries about data privacy, laws, and interoperability and integration problems with industrial robots.
The high initial cost of robotics combined with SMEs' lack of awareness could provide market obstacles during the anticipated time frame. Additionally, a lack of competence in end-user sectors may restrain market expansion.
As robotics use increases, interoperability between cobots and humans will become just as crucial as interoperability among robots. Few businesses receive all their robotic platforms from a single developer, making it challenging to get these various platforms to cooperate. Operations are frequently extensively compartmentalized as a result, which reduces the efficiency benefits that could be made. Like the computer and telecom industries, customer demand will compel the robotics industry to establish standards and use open architectures to promote interoperability among robotic platforms.
Businesses in APAC are being compelled to automate to maintain their cost advantage. Collaborative robotics is expected to increase quickly in APAC as a result. Future nanotechnology applications in robotics are expected to benefit the Asia-Pacific robotics market. The development of this regional market will also be aided in the following years by the advent of collaborative robots that have significantly increased efficiency in the assembly, material handling, medical, and auto sectors while needing less human labor. Due to its adoption of robotics because of its expanding electrical and automotive manufacturing industries, China is projected to dominate market growth. Additionally, there is space for market expansion because these industries are proliferating in other countries, such as India.
Earlier during the pandemic, the adoption of robotic technology by businesses and consumers increased, and it is now accelerating the expansion of robots. Robots are becoming more prevalent in most parts of daily life because of developments in artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and big data. The robotic revolution will continue to pick up speed in 2023 and beyond, thanks to public confidence in technology, affordability, and evidence production.