Development of Artificial Intelligence (AI) Technology Likely to Drive the Growth of the Global Robotics market: MRFR :

Market Research Future (MRFR) will be publishing a cooked research report on the “Global Robotics Market” that contains the information from 2019 to 2027. 

MRFR recognizes the following companies as the key players in the global robotics market—Universal Robots A/S (Denmark), Boston Dynamics (U.S.), iRobot Corporation (U.S.), Nachi-Fujikoshi Corp. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Honda Motor Co. Ltd. (Japan), ABB Group (Switzerland), Sony Corporation (Japan), Mitsubishi Electric Corporation (Japan), Northrop Grumman Corporation (U.S.), Omron Corporation (Japan), Fanuc Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), and DENSO Corporation (Japan).

Market Highlights

The global robotics market is projected to be valued at USD 215.21 billion by the end of 2027, registering a CAGR of more than 25.2% during the forecast period.

Robots are programmable machines that are useful in carrying out different autonomous and non-autonomous actions. Robotics is an industry that is related to the construction, operation, and engineering of robots. The main objective of a robot is to manipulate the objects by picking, moving, and modifying the physical properties of objects.

The primary factor driving the global robotics market is the development of artificial intelligence (AI) technology. Robotics is one of the fields associated with AI, which involves mechanical and computer-controlled devices to perform operations requiring extreme precision. The advanced artificial intelligence technology interacts with fully developed high-precision machine capabilities of robots to improve productivity, create an expert system, and integrate intelligence within the machines. On January 9th, 2018, Sony Corporation launched Aibo, an autonomous entertainment robot incorporated with artificial intelligence and analytics to automate the movement of robots.

Furthermore, the adoption of digitization, artificial intelligence, and machine learning helps offer a new generation of entertainment robots. AI enables advanced facial recognition, speech recognition, and emotion recognition, for which sensors are integrated into the robots. Therefore,the rising demand for entertainment robots in retail for customer engagementis one of the key factors creating new growth opportunities for players in the global robotics market.

COVID-19 Impact Analysis

COVID-19 has severely impacted and disrupted supply chain hubs across the globe. China, one of the major manufacturing hubs, has registered a decline of ~14% in the production capacity and a decline of ~40% in global electronic component shipments. COVID-19 has infected the Global Value Chain hub, wherein China played an important role in providing raw materials, assembly of products, and final dispatch. Since most electronic component manufacturing companies are from Japan, Taiwan, and China, there is an added pressure due to the exchange rates of local currencies to USD. When revenues in USD are converted to the local currencies, the manufacturers end up with far less.

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Segment Analysis

The global robotics market has been classified on the basis of type, mobility, end user, and region.

On the basis of type, the global robotics market has been segmented into Selective Compliance Articulated Robot Arm (SCARA), Cartesian, Articulated, Cylindrical, and Parallel. The articulated segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 24.1% during the review period.

Based on mobility, the global market is bifurcated into fixed robots and mobile robots. The mobile robots segment accounted for the larger market share in 2020; it is expected to register the higher CAGR of 27.5% during the assessment period. Mobile robots combine artificial intelligence with physical robot movement, which allows them to navigate their surroundings.

By end user, the robotics market has been categorized into medical, entertainment, field, logistics, defense, public safety, manufacturing, and others. Robots are used in the manufacturing industry to simplify the entire procedure, from raw material handling to finished product packing.

Key Findings of the Study:

  • The global robotics market is projected to reach a value of USD 215.21billion by 2027, with a CAGR of around 25.2% during the forecast period from 2021 to 2027.

  • Asia-Pacific accounted for the largest regional market share in 2020; the major countries with the highest number of industrial robots include South Korea, Singapore, Japan, China, Thailand, Malaysia, and India.

  • South America has the slowest robot adoption rate as compared to other regions. However, the increased use of industrial robots as part of industrial automation has become mandatory by governments in several South American countries, which boosts the growth of the robotics market.

  • The Middle East & Africa is an emerging market for robotics. The region has registered high growth in the entertainment robot category with augmented reality implications.

  • The rising demand for entertainment robots in retail for customer engagement is expected to present lucrative opportunities for the players in this market