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2020
Robotics Technology Market

Robotics Technology Market

by Component (Hardware, Software, and Services), Robot Type (Traditional Industrial Robots, Cobots, Professional Service Robots, and Others), Application (Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A00045
Pages: 260
Oct 2020 | 55879 Views
Author(s) : Pramod B, Shadaab K
Tables: 132
Charts: 75
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COVID-19

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Robotics Technology Market Statistics - 2027

The global robotics technology market size was valued at $62.75 billion in 2019, and is projected to reach $189.36 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027. Robotics technology is the intersection of technology, engineering, and science for producing machines called robots, which are used to replicate human actions. The key objective of the robotics technology is to enhance the performance of an organization and to produce better outcome. Robotics technology finds its wide range of applications in various industry verticals, which include healthcare, domestic, agriculture, and manufacturing. 

In wake of COVID-19, demand of robotics technology is expected to increase among several industries such as supply chain, manufacturing, and healthcare, due to growing adoption of robots in place of humans to reduce the impact of the virus and to enhance their market share.

Rise in need for automation and safety in organizations and availability of affordable, energy-efficient robots drive the growth of the global robotics market. In addition, increase in labor & energy costs and upsurge in usage of robotics technology in different industry verticals fuel the growth of the market. However, high initial cost of robots and lack of awareness among SMEs hamper the growth of the market. On the contrary, surge in adoption of robotics technology in emerging economies and increase in use in diverse applications are the factors expected to provide lucrative opportunities for the growth of the market.

Robotics-Technology-Market-2020-2027

The hardware segment is expected to garner a significant share during the forecast period. This is attributed to the fact that hardware in robots increases the efficiency of robots. However, the service segment is expected to grow at the highest rate during the forecast period, owing to high adoption of consulting and training services in the manufacturing sector. 

The report focuses on the growth prospects, restraints, and trends of the robotics technology market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the robotics market.

Robotics Technology Market
By Component

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Hardware is projected as one of the most lucrative segments.

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Impact of COVID-19 on Robotics Technology Market:

The robotics technology market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and shutdown of travel to prevent the transmission of virus. The robotics technology market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various industries such as supply chain, manufacturing, and healthcare are adopting robots to work in place of humans to reduce the impact of the virus and to enhance their market share, which is providing lucrative opportunity for the market.

Robotics Technology Market
By Type

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Traditional Industrial Robots is projected as one of the most lucrative segments.

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Segment review

The global robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is classified into hardware, software, and services. By type of robot, it is segregated into traditional industrial robots, cobots, professional service robots, and others. The applications covered in the study include manufacturing, healthcare, aerospace & defense, media & entertainment, logistics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Robotics Technology Market
By Application

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Manufacturing is projected as one of the most lucrative segments.

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The key players profiled in the robotics technology market analysis are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG, and Yaskawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Robotics Technology Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 17.1% during 2020-2027.

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Top impacting factors

Availability of affordable and energy-efficient robots

Players are coming up with low-cost and high-quality robots due to increase in competition. The advancements in technology enable developers to design new innovative products while maintaining the affordability of the product. Recently developed robots are energy-efficient, and are designed to serve specific applications. In addition, these robots are economic, which increases their acceptance by small & medium businesses. These robotic solutions target SMEs to cater to their specialized demands. Furthermore, various manufacturing sectors across the globe are adopting energy-efficient robots to assist their employees in performing critical tasks without any interruption. 

Increase usage of robots in several industries

Earlier, use of robots was limited to the automotive and manufacturing sectors. However, with the availability of customized solutions, industries such as healthcare, defense & security, aerospace, education, food & beverage, domestic, and electronics are adopting robotics technology to enhance their efficiency. In addition, rise in demand from the healthcare sector for tele-surgery and care for the elderly and disabled people has boosted the sale of robots. Defense and security sectors are further implementing robotics at a high pace for bomb diffusion, mine detection, and monitoring. In the coming years, robotics technology is expected to be used for different applications, which is expected to augment the growth of the market.

Key Benefits For Stakeholders 

  • The study provides an in-depth analysis of the global robotics technology market forecast along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the global robotics technology market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market for the period 2020–2027 is provided to determine the market potential.

Robotics Technology Market Report Highlights

Aspects Details
By Component
  • Hardware
  • Software
  • Service
By Robot Type
  • Traditional industrial robots
  • Cobots
  • Professional service robots
  • Others
By Application
  • Manufacturing
  • Healthcare
  • Aerospace & Defense
  • Media & Entertainment
  • Logistics
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, UK, Spain, Italy, France, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Singapore, South Korea, Thailand, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ABB LTD., DENSO CORPORATION, FANUC CORPORATION, KAWASAKI ROBOTICS (KAWASAKI HEAVY INDUSTRIES, LTD.), KUKA AG, MITSUBISHI ELECTRIC CORPORATION, OMRON CORPORATION, SEIKO EPSON CORPORATION, STÄUBLI INTERNATIONAL AG, YASKAWA ELECTRIC CORPORATION
 

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The adoption of robotics technology has increased over the time due to the rising demand for automation in different industries such as manufacturing and healthcare sector. In addition, major players in the market are developing affordable, small, compact and energy efficient robotics solutions to reach a wider customer base. Furthermore, many small and medium size enterprises are adopting for efficient and better functioning of their organizations. In addition, different vendors in the market are developing specialized low cost and energy efficient robotics solutions for SMEs, which will enhance the adoption of robotics. 

According to the CXOs of the leading companies, increase in economic strength of developing nations such as China, India, Indonesia, Thailand, and others is expected to provide lucrative opportunities for the market growth. Asia-Pacific is expected to dominate the market during the forecast period. Moreover, the emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. 

The global players are focusing toward product development and increasing their geographical presence, owing to growing competition among local vendors in terms of features, quality, and price. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in November 2019, ABB Ltd collaborated with B&R for developing a fully integrated machine centric robotics solution which will enable manufacturers to embrace the trend of mass customization and optimize their lot size one processes.
 

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