New York, United States , June 08, 2023 (GLOBE NEWSWIRE) -- The Global Robotics Market Size is to grow from USD 25.82 billion in 2022 to USD 115.88 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.
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Robotics is a field that focuses on the design, development, and application of robots. These mechanical devices are programmed to perform tasks autonomously or with human assistance. Robotics combines various disciplines such as mechanical engineering, electrical engineering, computer science, and artificial intelligence. Robots are employed in industries like manufacturing, healthcare, and space exploration, offering enhanced efficiency, precision, and safety. They handle repetitive or hazardous tasks, aid in prosthetics and surgery, and contribute to research and development. As technology advances, robotics is expected to revolutionize sectors, leading to increased productivity, improved quality of life, and expanded opportunities for human-robot collaboration.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Robotics Market Size, Share, and COVID-19 Impact Analysis, By Type (Industrial and Service), By End-User (Automotive, Food & Beverage, Electronics, Logistics, Military & Defense, Medical & Healthcare, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The service segment is expected to grow at a CAGR of around 16.5% during the forecast period.
Based on type, the global robotics market is segmented into industrial and service. The service robotics segment is expected to grow in the forecast period due to increasing demand in several applications such as healthcare, hospitality, and domestic services. Service robots offer a range of solutions, including assisting the elderly and people with disabilities, providing support in hospitals, performing tasks in hotels and restaurants, and aiding in logistics and cleaning operations. As technology continues to advance and the need for automation increases, the service robotics segment is expected to expand rapidly, driven by the demand for improved efficiency, cost savings, and enhanced quality of service.
The medical & healthcare is anticipated to grow at a higher CAGR over the forecast period.
Based on end-user, the global robotics market is segmented into automotive, food & beverage, electronics, logistics, military & defense, medical & healthcare, and others. The medical and healthcare segment is projected to experience significant growth in the forecast period. This growth can be attributed to several factors. There is an increasing demand for robotics in surgical procedures, rehabilitation, and telemedicine, driven by the need for precision, minimally invasive techniques, and improved patient outcomes. Robotic technology enables surgeons to perform complex procedures with enhanced accuracy and dexterity. Additionally, the aging population and rising healthcare expenditure further contribute to the growth of robotics in the medical sector, as it offers solutions for improving efficiency and addressing healthcare challenges.
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Europe is predicted to grow at a higher CAGR of around 18.2% over the projected period.
Based on region, Europe is anticipated to witness highest growth in the forecast period in the robotics market. Several factors contribute to this outlook. The region boasts a strong manufacturing base, particularly in industries like automotive, aerospace, and pharmaceuticals, which are actively adopting robotics solutions. The increasing focus on automation, driven by the need for efficiency, quality, and safety, is propelling the demand for robotics systems. Moreover, Europe has a supportive regulatory framework and government initiatives that encourage the adoption of robotics technology. The region also benefits from collaborations between academia and industry, fostering research and development in robotics. Additionally, the growing awareness of the benefits of robotics and the advancement of artificial intelligence are driving the market's growth in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global robotics market include Blue Ocean Robotics, Finsen Technologies Ltd., Honda Motor Co. Ltd., Kawada Robotics Corporation, Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, Kuka AG, Kawasaki Heavy Industries Ltd, Toshiba Corporation, Panasonic Corporation, Staubli International AG, Nachi Robotic Systems Inc., Yamaha Motor Co. Ltd., Seiko Epson Corporation, Comau S.P.A (Stellantis N.V), Omron Adept Technologies Inc., Intuitive Surgical Inc., and Stryker Corporation.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global robotics market based on the below-mentioned segments:
Robotics Market, By Type
- Industrial
- Service
Robotics Market, By End-User
- Automotive
- Food & Beverage
- Electronics
- Logistics
- Military & Defense
- Medical & Healthcare
- Others
Robotics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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