ID: MRFR/SEM/3310-CR | August 2021 | Region: Global | 140 pages
The global robotics market is predicted to register a CAGR of over 25.2% toreach USD 215.21 billion by the end of 2027.
Robotics is a combination of technology and engineering, encompassing mechanical engineering, electronics & electrical engineering, computer science, and other engineering domains. Robotics is a vital subpart of engineering that consists of designing, manufacturing, and operating robots. Robotics technology is interconnected with electronics, computer science, mechatronics, nanotechnology, and AI. In a robotic process, the system requires a combination of software and physical components such as power supply, actuators, sensors, locomotive parts, storage devices, and control software.
With the advent of machine learning, artificial intelligence (AI), IIoT, and human-machine interface technology, robotics has become a crucial part of digitizing a wide range of applications in the industries such as manufacturing, healthcare, logistics, defense, and entertainment, among others.It can perform operations according to customer requirements with changes in dimensions and machine calibration.
Thelast decade has witnessed a significant increase in the demand for interactive entertainment robots, robot pets, and industrial robots embedded with omnidirectional sensors & cameras that are used for processing 360-degree images and videos in real-time. The robots such as humanoids and robotic pets have a huge demand across major economies, with South Korea being on top with the highest number of robots installed.
The robotics industry is witnessing rapid growth, fuelled by the increased adoption in the industrial sector. Many enterprises are predicted to adopt robots owing to trends in automation and innovative technological advancements. The development of robots with voice and language recognition, quick communication, learning capabilities, mobility, portability, and dexterity will further enhance the market size. The adoption of industrial robots is likely to increase sort and fill prescriptions, pick-and-pack warehouse orders, and sort, inspect, process, and handle fruits and vegetables.
Another key driver for the global robotics market is the rising demand for entertainment robots in retail for customer engagement. The adoption of digitization, artificial intelligence, and machine learning helps offer a new generation of entertainment robots. In retail outlets, these robots are becoming the ultimate customer touchpoints and a well-accepted way of entertainment and customer interaction. In July 2019, AT&T signed a partnership with Badger Technologies to develop 5G autonomous robots for retail stores. These robots can identify any out-of-stock products and misplaced or mispriced products in the store.
However, high initial cost and technical complexityare the key restraints thatare negatively impacting the market growth. The robotics industry is capital intensive and needs significant investment throughout its life cycle, beginning from inception and design to roll-out and full-scale production. Implementation of advanced technology into robots is also an expensive business expense. The research & development of different robots requires specific sensors such as motion sensors, gesture sensors, and voice recognition sensors, which are expensive components to build and deploy in the production of robots.Thus, the high initial cost, long product life cycle, and limited functionality of robotshamper the growth of 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.
As there is a high demand for robotics solutions from automotive, furniture, and industrial markets, the component's lead time remains high for capacitors and resistors. This prompted the OEMs and EMS to delay their production while waiting for the commodity components.
Value Chain Analysis
The global robotics market is at a growing stage, and it is expected to witness significant growth over the forecast period. Organizations are rapidly adopting robotics as this technology allows them to automate their tasks and decisions, thereby improving process productivity and making operations more efficient. Over the last few years, robotics has made its way across different end users, including the medical, entertainment, logistics, defense, public safety, and manufacturing industries.
The value chain analysis for the robotics market comprises five major levels—hardware/component manufacturers, software developers, system integrators, distribution channels, and end users.
The global robotics market has been segmented on the basis of type, mobility, end user, and region.
Based on type, the global robotics market has been segmented into Selective Compliance Articulated Robot Arm (SCARA), cartesian, articulated, cylindrical, and parallel. The articulatedsegment accounted for the largest market share in 2020 and is estimated to register a CAGR of 24.1% during the review period.Articulated robots are rotational joint robots that can perform circular motions. The articulated robots prove to be more beneficial than cartesian and SCARA in terms of the motion of the arm.
Based on mobility, the global robotics market has been bifurcated into fixed robots and mobile robots. The mobile robot segment is expected to register the highest CAGR of27.5% during the forecast period.
Global Robotics Market Revenue, by End User, 2020 VS 2027 (USD Million)
Sources: MRFR Analysis
On the basis of end user, the global robotics market is categorized into medical, entertainment, field, logistics, defense, public safety, manufacturing, and others. The manufacturing segment is expected to dominate the global robotics market, reaching USD 63.15 billion in 2027.The adoption of robots is expected to increase in manufacturing applications to reduce the cost of manual labor and reduce errors during the manufacturing processes.
Global Robotics Market Share, by Region, 2020 (%)
Sources: MRFR Analysis
The global robotics market has been studied across Asia-Pacific, North America, Europe, South America, and the Middle East & Africa.
Asia-Pacific accounted for more than 32% of the robotics market in 2020. The major countries with the highest number of industrial robots include South Korea, Singapore, Japan, China, Thailand, Malaysia, and India.
North America is one of the earliest adopters of industrial robotics owing to the rapid adoption of smart factories and industrial automation.The US is the leading country in terms of the adoption rate of robots, followed by Canada and Mexico.
In the past decade, Europe has also witnessed considerable demand for interactive entertainment robots, educational robots, industrial robots, and service robots. The top European countries with the highest number of industrial robots include Germany, Sweden, Denmark, and Italy.The European robotics market is growing due to its increasing adoption in industrial and domestic space and the development of cutting-edge robotics technology.
The key players operating in the global robotics market include 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).
Fanuc Corporation, ABB, DENSO Corporation, KUKA AG, and Kawasaki Heavy Industriesare the prominent players operating in the global robotics market. These players account for a major share of the global market owing to their industry experience, broad product portfolio, global revenue base, and distribution network worldwide.
The vendors in this market compete on the basis of cost, product quality, and brand identity. The robot manufacturers compete based on technology, efficiency, and reliability of robots to sustain in the market. It is vital for robot manufacturers to provide products according to industry and customer needs and advanced technology to maintain their market position and gain a competitive advantage. To maintain and strengthen their position, the key players are adopting various strategies such as geographic expansions, acquisitions and mergers, partnerships with key stakeholders, and product developments.
Global Robotics Market, by Type
Global Robotics Market, by Mobility
Global Robotics Market, by End User
Global Robotics Market, by Region
Available Additional Customizations
|Market Size||USD 215.21 Billion|
|CAGR||CAGR of 25.2%|
|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 Asia Pacific formed the most significant market, and its value in 2018 was USD 19,845.5 million.
The global market’s growth rate in the coming years is expected to be 28.51%.
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.