Pune, India, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The rise in the global programmable robots market is attributed to the mounting adoption of automation in manufacturing facilities, rising awareness regarding the benefits of artificial intelligence (AI), and the advent of deep learning systems. The demand for these robots is likely to increase in the future owing to their ability to handle any job as programmed or instructed to them via programming languages such as C/C++, Java, and Python. These robots can efficiently manage tasks such as packing, sorting, and others without human intervention and error and help the players maximize their profits. Such adoption of robotics solutions for the e-commerce industry fuels the programmable robots market growth.
Programmable Robots Market in terms of revenue was estimated to be worth $3.20 billion in 2022 and is poised to reach $10.16 billion by 2030, growing at a CAGR of 15.5% from 2022 to 2030 according to a new report published by The Insight Partners.
The growing automation, the growing popularity of robots for educational purposes, and the rising Internet of Things technology. However, the high cost of robots is expected to hinder the growth of the market.
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Global Programmable Robots Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 3.20 Billion in 2022 |
| Market Size Value by | USD 10.16 Billion by 2030 |
| Growth rate | CAGR of 15.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The robots are ideal solutions to carry out repetitive processes with accuracy and minimal errors. These robots are widely used for several applications, such as cleaning homes, business assistants, picking and sorting, and others in various residential, commercial, and industrial sectors, which propels the programmable robots market.
Programmable robots are types of automatic gadgets or equipment or devices that can be used to perform specific functions or tasks. These robots are autonomous, have thinking capabilities, and are able to perform tasks on their own. These robots are used for various objectives such as entertainment, education, and others. Programmable robots, such as Cozmo, Vector, Jibo, Misty II, and Anki Vector, are robots designed for home use and equipped with various sensors, cameras, and microphones. For home use, these robots can be used for tasks or functions such as playing music, setting alarms, providing weather updates, playing games, taking photos, playing music, recognizing faces, and others. Therefore, the wide application of these robots from the residential sectors is rising as these robots help residential owners perform complex tasks. The adoption of programmable robots for residential applications fuels the programmable robots market growth.
Robots are widely used by various businesses when programmed to perform repetitive tasks and encourage businesses to focus on other core business activities. One such business is e-commerce, where the demand for robots is mounting drastically. Due to rising consumer disposable income and urbanization, the e-commerce industry is growing as consumers are more inclined towards buying stuff online. For example, according to the India Brand Equity Foundation, the online shopper base in India was 150 million in 2021 and is anticipated to reach 350 million by 2026. Thus, e-commerce growth contributes to increased transportation of goods activities in the warehouses and goods supply chain. To meet customer demand on time, the adoption of programmable robots for functions such as picking, sorting, packing, and handling products and packages is driving the programmable robots market. In addition, they are adopting robots with manipulator arms for the advanced handling of tasks and functions. Programmable, multifunction manipulator robots are specially developed to move parts, materials, tools, or specific packages through various programmed motions to perform a variety of tasks. The capability programmable robots with manipulators can handle the high payload-carrying capacity, which helps the e-commerce players improve the operational workflow in their warehouses and distribution centers.
The growing adoption of robots for education and research is the driver for programmable robots market:
Programmable robots are a powerful tool to make Science, Technology, Engineering, and Mathematics (STEM) education more interactive and fun for kids and students of different age groups. These robots assist children in learning all the aspects of electronics coding, engineering, and computer science. It helps children to develop one of the basic and crucial cognitive skills of mathematical and computational thinking at a very early age. These skills help them to develop the mental capability to solve problems of various kinds through an orderly series of actions. LEGO Mindstorms, Sphero, Dash and Dot, Ozobot, and VEX Robotics are some of the educational programmable robots that can be controlled via smartphone or tablet and are equipped with sensors and cameras. These robots help students to develop and learn skills in analytical, critical, practical, and creative thinking, which leads to their adoption in research and education and further fosters the programmable robots market growth.
The rising awareness of practical learning is one of the major driving factors anticipated to boost the programmable robots market growth exponentially. In addition, the advancement of programmable robots transformed the way children use to get educated. Children of all age groups, ranging from kindergarten to graduate universities, benefitted from the learning with the help of programmable robots. Governments, schools, and universities are making efforts to integrate robotics learning into their education system to develop cognitive skills and learning in children and students. A large number of educational robotics (ER) initiatives have been implemented to teach and motivate learners of different age groups. For example, Fischertechnik’s learning environment supports the learning and teaching materials and kits for STEM, technology & programming. It is used for learning and understanding various industry 4.0 applications via various schools and training sessions. Thus, such application of programmable robots and initiatives to promote robotics fuels the adoption and development of robots, which further fuels the programmable robots market.
Programmable Robots Market: Segmental Overview
Based on component, the programmable robots market is segmented into hardware and software. The hardware segment held the largest programmable robots market share in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the programmable robots market is categorized into entertainment, research & education, and others. The other segment held the largest programmable robots market share in 2022, with the highest CAGR in the market during the forecast period. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and SAM. The North American segment held the largest programmable robots market share in 2022. In contrast, the Asia Pacific region is projected to register the highest CAGR in the programmable robots market during the forecast period.
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Programmable Robots Market Analysis: Competitive Landscape and Key Developments
ABILIX, LEGO Group, Honda Motor, Sphero, Yujin Robot, SoftBank Robotics, WowWee Group Limited, Aldebaran & United Robotics Group, Innovation First International, and RobotShop are a few of the key companies operating in the programmable robots market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
In February 2019, Sphero launched its ready-to-drive, fully programmable and customizable robot, RVR.
In September 2020, RobotShop.com expanded its online activities to a broader marketplace, which helped the robot manufacturers and suppliers market their products on its e-commerce platform.
In Jan 2020, Lego unleashed its new Spike Prime robotics kit for middle school-aged students to enhance their knowledge and skill in robotics, engineering, and coding.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Industrial Robotics Market - Global Analysis and Forecast to 2030.
Consumer Robots Market - Global Analysis and Forecast to 2030.
Programmable Logic Controller Market - Global Analysis and Forecast to 2030.
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