ID: MRFR/SEM/3310-CR | August 2021 | Region: Global | 140 pages
The development of technology has led to less interaction of humans with advanced automation. Robotics Market is one of such markets with advanced features which is highly adopted in various industrial sectors worldwide. Robotics combines different technologies and engineering such as mechanical engineering, computer science, electronic and electrical engineering, and other domains. It plays a significant role in different industrial applications and operational activities. The Robotics Market Trends is growing in demand due to its core benefits. Therefore, huge investments are implemented by the end-users and governments on the market.
The Robotics Market Forecast is expected to register a CAGR of 22.8 % and a value worth USD 214.68 billion by 2030 during the forecast period.
Growth factors like the rise in concern and development of energy-efficient drive systems and high competition among the industrial verticals for shifting towards advanced technology and automation are chiefly driving the Robotics Market Growth. The automotive industries are major users of industrial robots for critical applications, and their increased investment is propelling the market value.
With the implementation of artificial intelligence, machine learning, IIoT, and human-machine interface technology, the Robotics Market has enhanced with major applications with digitization industry verticals such as healthcare, logistics, manufacturing, defense, entertainment, and others. The robotics technologies can perform operations based on customer requirements with machine calibration and dimensions changes.
During the past decade, the market has noticed a higher demand for different robots such as industrial robots, interactive entertainment robots, and robot pets integrated with omnidirectional sensors and cameras that can process complete 360-degree images and videos in real-time mode. Robots such as humanoids and robotic pets have shown huge demand across major economies. These usages of robotic technology are enhanced in major developed countries which is technologically advanced. Due to these growth factors and measures, the Robotics Market is expected to score a strong market value.
The COVID-19 pandemic was a difficult situation for most of the market as it disrupted the supply chain process. The Robotics Market was also severely impacted when the manufacturing hubs were shut down for a longer period. This factor has shown a direct impact on the value chain hub. The supply of raw materials was delayed due to the lockdown, which further affected production and delivery to the industrial verticals. But in the coming days, the market received huge demand when the robotic solutions increase in the industrial sectors such as automotive industries. The market will acquire a good growth rate during the post-pandemic period and will recover the loss with higher demands.
Chief Factors Existing in the Market
The major drivers of the Robotics Market are driving the market’s demand with growth factors. The adoption of robotic technologies in small and medium-scale enterprises is a primary market driver. The development of automation is accelerating the Robotics Market Size. Another growth driver is the demand for entertainment robots in retail sectors for customer engagement.
The Robotics Market is facing challenges while progressing during the growth period. Issues related to interoperability and integration with industrial robots are a major challenge for the market. In the R & D activities, the development of robots requires various sensors such as gesture, motion and voice recognition sensors. These products are expensive; hence, availing the materials at an affordable price is challenging.
Many rising opportunities are accelerating the demand of the market. The increased automation rate in the electronics industry is setting wide opportunities for the Robotics Market.
The higher rate of adoption of advanced technologies such as artificial intelligence, digitization, and machine learning is helping to offer a new generation of entertainment robots that assemble new growth opportunities for the market.
The presence of market restraining factors is hampering the Robotics Market Size. Some of the market constraints are technical complexity and higher initial cost price. These are showing a negative impact on the market’s growth.
The summary of the Robotics Market signifies various chief existing factors such as the market drivers, opportunities, challenges and restraints. All of them have shown their effect on the market. The market is facing both positive and negative impacts due to these factors. The overview evaluation of the market shows its demand and growth measures which are propelling the market’s growth at the global level. The spread of coronavirus has harshly affected the market during good progress. But, due to the rising demand, the market has overcome the loss and further, it is expected to show good growth. The Robotics Market is predicted to reach a good CAGR during the evaluation period.
The Robotics Market is segmented into three major segments: type, mobility, and end-user.
The type segment of the Robotics Market is sub-segmented into Selective Compliance Articulated Robot Arm (SCARA), Cartesian, Articulated, Cylindrical, Parallel, and Others. Among these types, the articulated segment captures the largest market share of the Robotics Market Share because the articulated joint robots can perform the circular motion, which is considered more beneficial than others.
The mobility segment of the market is divided into fixed robots and mobile robots. The mobile robot segment holds the highest CAGR between these two because it is highly utilized in various industrial sectors.
The end-user section of the market is categorized into medical, entertainment, field, logistics, defense, public safety, manufacturing, and others. Among all these sectors, the manufacturing segment is considered the dominating one. It is expected to reach a strong USD value in 2027 due to the increased adoption of robots in manufacturing applications to reduce labor costs and errors.
According to the geographical updates, the global Robotics Market is distributed into key regions around the world, such as the Asia Pacific region, North America, South America, Europe and the Middle East and Africa.
The Asia Pacific is noticed to hold the highest market share in the past years. The prominent countries of the region include Singapore, Japan, South Korea, Thailand, India and Malaysia.
The North American Region is the early adopter of industrial robots due to small factory growth and industrial automation. The leading country, the U.S., is at the top due to the higher adoption rate of robots.
In the past years, the European region also witnessed the demand for educational robots, industrial robots, interactive entertainment robots and service robots. The top countries of Europe with wide usage of industrial robots are Denmark, Germany, Sweden, and Italy. The regional market of Europe is developing due to its increased rate of adoption of robots in industrial and domestic space. The advanced growth and development of cutting-edge robotics technology are driving the regional market of the region.
Competitive Intensity Within The Industry
The industrial players of the Robotics Market are the reasons for elevating the market at the global level. The developments of the players in the major continents are driving the global market. They target the opportunities to let the market register a significant share value. The major players of the Robotics Industry are mentioned below.
Recent Market Developments
According to the recent update, Novanta Inc. signed a partnership with MassRobotics to help create and scale the next-generation robotics start-ups. Novanta business units Celera Motion and ATI Industrial Automation collaborate with MassRobotics to develop advanced innovations in medical and surgical robotics and improve robotic productivity.
The complete report of the Robotics Market Analysis states its growth in recent years. The market is even expected to continue its consistent growth in the upcoming years. The dynamic market factors have shown their effects based on the factors. Despite the pandemics affecting the market, it has stabilized growth with rising opportunities. The segmentation report stated about the major segments and their sub-segments where the dominating ones were also mentioned. The regional report has given a clear idea of the continents covered by the market. The presence of industrial players and their efforts to raise the market’s demand was also studied. Further, future developments will help the market to score a good value and achieve its ultimate goal. Therefore, the Robotics Market is estimated to successfully attain a strong USD value and CAGR during the review period.
Key Industrial Segments
|Market Size||USD 214.68 Billion|
|CAGR||CAGR of 22.8%|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Mobility, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Universal Robots A/S (Denmark), Kawasaki Heavy Industries Ltd. (China), BOSTON DYNAMICS (US), iROBOT Corporation (US), Nachi-Fujikoshi Corp (Japan), Honda Motor Co. Ltd (Japan), Mitsubishi Electric Corporation (Japan), ABB Limited (Switzerland), Sony Corporation (Japan), Northrop Grumman Corporation(US), Kuka AG (Germany), Omron Corporation(Japan), FANUC CORPORATION(Japan), Yaskawa Electric Corporation(Japan), Denso Corporation (Japan)|
|Key Market Opportunities||Cost reduction and increased production.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Robotics Market is estimated to reach a CAGR of 22.8% during the forecast period.
Cartesian, SCARA, Cylindrical, Parallel, and Articulated, are the types of robotics considered in the report.
Yaskawa Electric Corporation (Japan), Honda Motor Co. Ltd (Japan), iROBOT Corporation (US), Nachi-Fujikoshi Corp (Japan), Kawasaki Heavy Industries, Ltd. (China), Northrop Grumman Corporation (US), ABB Limited (Switzerland), Sony Corporation (Japan), Denso Corporation (Japan), FANUC CORPORATION(Japan), Universal Robots A/S (Denmark), Omron Corporation (Japan), Kuka AG (Germany), Mitsubishi Electric Corporation (Japan), BOSTON DYNAMICS (US), are the most renowned players in the market.