According to a new report published by Allied Market Research, titled, “Robotics Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global robotics market size was valued at $12.1 billion in 2020, and is expected to reach $149.9 billion by 2030, with a CAGR of 27.7% from 2021 to 2030. In 2020, Europe dominated the global robotics market, in terms of revenue, accounting for around 44.4% share of the global market. The scope of the market limits to the study of the robots that re used in automotive, healthcare, retail, electronics and similar other industries for disinfection, shelf scanning, RFID scanning, delivery, security & inspection and advertising.
The robotics market is mainly driven by increase in adoption of automation for commercial purposes. For instance, there has been increase in demand for disinfection robots post outbreak of COVID-19. Similarly, owing to its high efficiency and low operating cost, security & inspection and delivery robots are in demand in the commercial market. These factors propel the robotics market around the world.
However, the technology is still developing, therefore, the cost of robots is high, which is not affordable for small and medium businesses. In addition, lack of feasibility in operating technology hampers efficiency of robots. These factors restraint growth of the global robotics market.
In addition, the outbreak of COVID-19 has led to halt in logistics and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the robotics market. On the other hand, demand for technologies such as disinfection robots increased significantly in the past couple of years. Furthermore, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of operations of robotics companies at their full-scale capacities, which is expected to help the robotics market to recover by the mid of 2022.
In addition, owing to continuous rise in demand for robotics, the R&D to invent new technologies and introduce efficient robots is continuously growing. In addition, several robotic exhibitions are being held, where developers and innovators of robotics technology participate to acquire funding from market leaders as well as from investors for R&D. Such strategies further boost growth of the robotics market.
The global robotics market is segmented on the basis of application, end user, and region. On the basis of application, the market is divided into disinfection, shelf scanning, RFID scanning, delivery, security & inspection, and advertising. The security & inspection segment generated highest revenue in 2020. On the basis of application, it is divided into automotive, retail, healthcare, electronics, and others.
Region wise, the global robotics market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Europe was the highest contributor to the market, and is anticipated to secure a leading position during the forecast period. In addition, LAMEA is expected to grow at the highest CAGR during the forecast period.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global robotics market trends and dynamics.
- Depending on application, the security & inspection segment was the largest revenue generator in 2020.
- By and user, the retail segment generated the highest revenue in 2020.
- Region wise, Europe is anticipated to dominate the global robotics market throughout the study period.
- The report provides an extensive analysis of the global robotics market trends and emerging opportunities of the market.
- The global robotics market forecast analysis from 2021 to 2030 is included in the report.