Selbyville, Delaware, Jan. 17, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Robot Market was estimated at USD 4 billion in 2022 and is expected to surpass a valuation of $15 billion by 2032, progressing at a CAGR of 15% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The global retail industry is expanding at a commendable pace every year as companies increase their spending on advanced machines, such as delivery robots to boost customer satisfaction. Many e-commerce platforms, including Amazon, Walmart, and eBay, have witnessed a substantial rise in demand for essential goods, resulting in an increased requirement for automated solutions to meet customer demand.
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However, the robotics sector does not have uniform standards in place that can help researchers better the quality of their end-product. Government regulations are also not consistent with respect to the production and deployment of robots. Since standardization not only facilitates knowledge transfer and commercialization, but also guides R&D activities towards more focused solutions, these limitations may hinder robot market progress to some extent.
Key reasons for robot market growth:
- Rising penetration of UVC and delivery robots across the globe due to COVID-19 pandemic.
- Huge demand for security/guide robots in Europe and North America due to rapid rise in the labor cost.
- Growing utilization of delivery robots by retail players.
- Growth in hospitality and healthcare industries in MEA and Latin America.
- Rising funding for robot startups and companies in Asia Pacific.
Growing presence of e-commerce platforms fuels usage of delivery robots
The delivery robot market is estimated to register more than 20% CAGR from 2023 to 2032. These robots are being used by several industry verticals as they offer convenience to companies and help them meet their delivery deadlines. E-commerce platforms are also increasing steadily due to the rising trend of online shopping. This has fostered the need to solve several challenges associated with last-mile deliveries in supply chain management, which may support the installation of delivery robots.
Industry revenue from the serving delivery robot type surpassed USD 100 million in 2022. Many fine dining restaurants are installing serving robots to enhance customer satisfaction and dining experience. These robots are also being extensively deployed in retail spaces and airports to deliver food, further strengthening the market outlook.
Need for better productivity in logistics will drive robot deployment in retail
The robot industry size from the retail vertical segment is expected to be valued at more than USD 2 billion by 2032. Retailers are focusing on automating their supply chain and logistics management, to improve productivity in back-office operations, store operations as well as product marketing and sales. Robots are emerging as key solutions for this, which may lead to increased product consumption in the retail sector by 2032.
Europe to become major growth hub due to rising preference for automation & digitization
The Europe robot market will observe around 20% growth through 2032. A rise in automation and digitalization, along with strong financial support from the governments will accelerate the adoption of robotics solutions in the region. For example, in May 2021, the German Federal Ministry for Economic Affairs and Energy offered funds worth approximately USD 13 million as part of the Maritime Research Program to produce a cutting-edge autonomous submersible robotics solution. Initiatives such as these will augment the development of robotic technologies and bolster the regional industry outlook.
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Introduction of innovative concepts to emerge as key strategy
Some of the key players operating in robot sector include Finsen Technologies Ltd., Blue Ocean Robotics, Honda Motor Co. Ltd., Kawada Robotics Corporation, and others. Several of these players are focusing on unveiling innovative robotic concepts, to expand their product portfolio across diverse end-use industries, and in turn, strengthen their market position.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Robot industry 360° synopsis, 2018-2032
2.2 Business trends
2.3 Regional trends
2.4 Product trends
2.5 Industry vertical trends
Chapter 3 Robot Market Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact on industry
3.4 Impact of China – U.S. trade war
3.5 Industry ecosystem analysis
3.6 Profit margin analysis
3.7 Technology & innovation landscape
3.8 Patent analysis
3.9 Key initiative and news
3.10 Regulatory landscape
3.11 Industry impact forces
3.12 Investment landscape
3.13 Growth potential analysis
3.14 Porter's analysis
3.15 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.4 Competitive analysis of prominent leaders, 2022
4.5 Competitive positioning matrix
4.6 Strategic outlook matrix
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
