Programmable Robots Market Size Worth USD 15.05 Billion in 2032 | Emergen Research

Vancouver, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global programmable robots market size was USD 3.29 Billion in 2022 and is expected to register a steady revenue CAGR of 16.4% during the forecast period, according to latest analysis by Emergen Research. Increasing R&D activities for programmable robots and technological advancements in Machine Learning (ML), Natural Language Processing (NLP), and Deep Learning (DL) algorithms and robotics & automation are key factors driving market revenue growth.

The use of programmable robots is increasing across several industries including manufacturing, healthcare, and education. These robots' accuracy, efficiency, and flexibility allow to accomplish complex tasks that were previously only performed by human labor.  As a result of new developments, a new generation of robots with constantly developing skills is being developed. Robots with intelligence have AI algorithms incorporated into them, enabling them to work on their own after training or an autonomous learning phase. The robot can learn, react, and reason mechanically due to the method, also known as ML. As technology advances, collaborative robotics will perform new jobs and become more versatile in manufacturing.

In addition, recent developments in AI and ML algorithms is another factor driving revenue growth of the market. In order to build artificial robot swarms that cooperate to accomplish a common goal, researchers are investigating robotic systems and computational approaches. Moreover, researchers have created cutting-edge sensor technologies, small actuators, and dependable controllers that enable quick adaption of robots to changing environmental conditions. Furthermore, leading corporations and organizations are collaborating to establish R&D projects, which is also expected to drive market revenue growth during the forecast period.

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However, ethical concerns surrounding data privacy, security, policies and workforces as well as high cost regarding maintenance and training data preparation are key factors, which could restrain market revenue growth. An individual bot (or unit) typically costs between USD 5,000 and USD 15,000 on average. In addition, research claims that only 25%–30% of the cost of robotic process automation is attributable to licensing. Organizations wind up spending millions of dollars to automate the entire operation, as the price of a single software bot for robotic process automation can range from USD 5,000 to USD 15,000, which could also restrain market revenue growth.

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Scope of Research

Major Companies and Competitive Landscape

The global programmable robots market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective programmable robots solutions. Some major players included in the global programmable robots market report are:

• iROBOT Corporation
• Furhat Robotics, LLC
• Sphero, Inc.
• The LEGO Group
• SoftBank Robotics Group
• ABB
• Robokits India
• ROBOTICAL LTD.
• Hatch Ltd.
• VEX Robotics, Inc.

Strategic Development

• On 25 May 2023, Rockwell Automation and autonox Robotics have established a strategic alliance that would offer businesses in North America, Europe, and the Middle East& Africa integrated robot control solutions. The two businesses have worked together on new manufacturing possibilities to make it possible to order Kinetix motors and drives from Rockwell Automation along with robot mechanics from autonox.

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Some Key Highlights From the Report

• The hardware accounted for largest revenue share in the programmable robots   market in 2022. This is due to increasing use of robot hardware for Artificial Intelligence (AI) to carry out tasks using AI algorithms. The Central Processing Unit (CPU)/Graphics Processing Unit (GPU), sensors, actuators, control systems, and others are important hardware components. These robots are equipped with sensors, actuators, and controllers that allow to interact with their surroundings and carry out preprogrammed commands.  Programmable Logic Controllers (PLCs), are frequently used to manage sensors and actuators in smart factories and industrial automation. In addition, PLCs are strong and dependable because these can survive challenging conditions, power surges, and electromagnetic interference. PLCs may be programmed to perform various functions, interface with other devices, and adjust to changing environmental circumstances, making them adaptable and scalable. 
• The entertainment segment is expected to register steadily fast revenue growth rate in the global programmable robots market during the forecast period. This is because entertainment robots are mechanical, occasionally interactive toys that may be programmed to do various chores and tricks. These are relatively inexpensive and made in large quantities. Robotics skills can be learned in a fun and inventive way by programming entertainment robots. Some theme parks, including Disney World, are testing out autonomous robots to amuse park visitors, and the results are getting good reviews from tourists. These robots could someday be replaced by more sophisticated social robots that are emotionally intelligent and can interact with both humans and other robots.  In addition, robots that resemble people are either remotely controlled or have been pre-programmed to perform mid-air rolls and flips with mechanical accuracy. Filmmakers can use these robots to capture high-quality graphics for spectators by using Computer-Generated Imagery (CGI) and contemporary image-capture techniques to shoot violent action scenes.

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Emergen Research has segmented the global programmable robots market on the basis of component type, application, and region:

• Component Type Outlook (Revenue, USD Billion; 2019-2032)

• • Software
  • Hardware

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Education
  • Entertainment
  • Automotive
  • Aerospace
  • Household
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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