New York, USA, May 30, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Robotics Market“ Information Deployment Mode, By Type, Mobility, End-User and Region – Market Forecast Till 2030”, the Robotics Market could thrive at a rate of 22.80% between 2022 and 2030. The market size will be reaching around USD 214.60 Billion by the end of the year 2030.
Robotics Market Key Players
Eminent market players profiled in the robotics market report include
- 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)
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Scope of the Report - Robotics Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 214.60 billion |
| CAGR during 2022-2030 | 22.80% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Cost reduction and increased production |
| Key Market Dynamics | Growing demand for automation Increasing adoption by small and medium-sized enterprises. |
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Robotics Market Drivers:
Growing Demand for Automation to Boost Market Growth
The worldwide market is primarily driven by the growing need for automation. Robotics is becoming more and more appealing to organizations looking to save labor costs and boost productivity since industrial automation robotics enables firms to computerize repetitive operations that would otherwise be too expensive to carry out manually, such as material handling, packing, assembling, and welding.
Opportunities:
Rise in Medical Robot Systems-Assisted Surgeries to offer Robust Opportunities
The market's rate of product innovation is further expanding as more surgeries are being helped by medical robot systems. Thus the increasing use of surgical robotics will offer lucrative opportunities for this market in the forecast period. For instance, Robot Apps created and introduced the rehabilitation robot to assist medical professionals with patients who are bedridden, decreasing the need for nurses to do tasks like heavy lifting.
Restraints and Challenges:
High Robot Cost to act as Market Restraint
The high robot cost and security risks & privacy concerns related to robotics technology may act as market restraints over the forecast period.
Robotics Market Segmentation
The global robotics market has been bifurcated based on type, mobility, and end user.
- By type, articulated will lead the market over the forecast period.
- By mobility, mobile robots will domineer the market over the forecast period.
- By end user, manufacturing will spearhead the market over the forecast period.
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Robotics Market COVID-19 Analysis
In order to minimize human touch and lower the danger of viral transmission, the pandemic produced a demand for automation & contactless solutions. As a result, demand for robots has increased across a number of industries, including manufacturing, logistics, and healthcare. Throughout the epidemic, robots have been a critical component of the hospital infrastructure. They have been put to use for things like cleaning, food and medical supply delivery, patient monitoring, & even telemedicine support. The need for medical robots has grown dramatically, including telepresence robots and self-disinfecting robots. The acceptance and advancement of industrial robotics and warehouse robotics have been sped up by the COVID-19 epidemic. Companies have been compelled to investigate robotics process automation options by the emphasis on safety, effectiveness, and resilience, which has accelerated the development and increased adoption of robotics technology. Robotic technologies like cleaning & disinfection service robotics were used to combat COVID-19. Increased uninfected demand gave service robots a new home in this area. Most manufacturers registered new disinfection robots as a consequence. The adoption of industrial robots too reportedly benefited a number of manufacturing enterprises. Procter & Gamble for instance discovered that by strategically integrating robots into its manufacturing lines, it was feasible to increase worker retention, create more items, and still adhere to social distance rules. Again, artificial intelligence robot equipped with a thermal imaging camera was employed in public locations including airports, workplaces, and hospitals for non-contact temperature assessment. They can spot people who have high body temperatures, a possible COVID-19 symptom, and notify the appropriate authorities for more testing.
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Robotics Market Regional Analysis:
APAC to Command Robotics Market
In 2021, the Asia-Pacific market had a value of USD 18.22 billion, and throughout the research period, it is anticipated to rise at a high CAGR. For the extensive use of robots, the APAC region is anticipated to have a significant market share. Furthermore, South Korea and China are leaders in the use of robots due to the widespread deployment of electronic & automobile production industries. Due to the widespread deployment of robotics, this region is predicted to have a sizable market share. The development of eldercare robots will get money, according to the Japanese government, to help close the projected 380,000-person skilled labor shortage by 2025. The Japanese government also wants to guarantee that all new automobiles sold in Japan by 2050 would be either hybrid or electric. To hasten the private sector's development of batteries & motors for electric cars, the nation plans to provide subsidies. This is anticipated to accelerate the use of senior care robots in homes in the near future. The biggest robotics market was in Asia Pacific. The development of AI, machine learning, the IoT, & human-machine interface technologies were some of the reasons propelling the Asia Pacific robotics industry. These innovations are being used in a variety of business sectors, including healthcare, logistics, manufacturing, defense, and entertainment. Robotics technologies' ability to perform tasks in accordance with client demands, as well as their capacity to modify dimensions and calibrate equipment, is what is driving the demand throughout the region.
Industry Updates:
May 2023- Intrinsic, a division of Alphabet, launched the robotic application development platform Flowstate. A beta version of Flowstate is currently accessible. Within the first hour of being live, there were more than 100 signups.
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