Robotics Market Size to Cross USD 214.68 Billion by 2030, Growing at a CAGR of 22.8% - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Availability of Cost-Effective and Energy-Efficient Robots to Boost Robotics Market Growth
New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Robotics Market information by Type, by Mobility,byEnd User and Region – forecast to 2030” market size to reach USD 214.68 billion, growing at a compound annual growth rate of 22.8% by 2030.
Market Scope: The increasing adoption of robots in different industries will offer robust opportunities for the market over the forecast period. Previously, robots were only used in the automotive & manufacturing industries. Industries such as defence & security, healthcare, aerospace, food & beverage, education, home, and electronics are utilizing robots technology to improve their efficiency due to the availability of customized solutions. Furthermore, an increase in demand for tele-surgery and care for the elderly and disabled in the healthcare sector has bolstered robot sales. Robotics are being rapidly implemented in the defence and security sectors for bomb dispersal, monitoring, and mine detection.
Dominant Key Players on Robotics Market Covered are:
Market USP Exclusively Encompassed: Market Drivers The availability of cost-effective and energy-efficient robots will boost market growth over the forecast period. Due to increased competition, players are developing low-cost, and high-quality robots. Technology improvements enable developers to create new inventive items while keeping the cost of the product low. Robots that have recently been developed are energy-efficient and tailored to fulfill certain needs. Furthermore, these robots are cost-effective, which makes them more appealing to small and medium-sized organizations. These robotic systems are geared toward SMEs in order to meet their unique needs.
Concerns over Data Privacy to act as Market Restraint The concerns over data privacy and regulations and interoperability & integration issues with industrial robots may act as market restraints over the forecast period.
High Initial Costs to act as Market Challenge The high initial cost of robots coupled with the lack of awareness amid SMEs may act as market challenges over the forecast period. Besides, lack of expertise in end user industries may also impede market growth.
Segmentation of Market Covered in the Research: The global robotics market has been bifurcated based on end user, mobility, and type.
By type, articulated segment will lead the market over the forecast period.
By mobility, mobile robot will dominate the market over the forecast period.
By end user, manufacturing will spearhead the market over the forecast period.
Regional Analysis APAC to Command Robotics Market The slowdown is mostly due to a drop in sales of industrial robots in countries such as China due to a drop in demand in the automotive sector and the effects of the US-China trade war. As a result, major industrial robot manufacturers' growth and revenue for the year ended 2018 were lower than planned. As China recovers in the next years & other nations such as Taiwan & Thailand strive for higher automation, the Asia Pacific will continue to be the fastest-growing region. In order to maintain their cost advantage, firms in APAC are being forced to automate. As a result, APAC is projected to see rapid growth in collaborative robotics. The Asia Pacific robotics market is also predicted to benefit from the introduction of nanotechnology in robotics in the future. Furthermore, the introduction of communal robots that have greatly boosted efficiency in assembling, material handling, clinical, and auto domains while requiring less human labour would aid the growth of this local market in the coming years. China is likely to dominate market growth due to its adoption of robots as a result of its growing electrical and automotive manufacturing industries. Furthermore, because these sectors are expanding rapidly in other nations, such as India, there is a lot of room for market expansion. Furthermore, the ageing population in Asia Pacific countries such as China and Japan is boosting market growth, assisting the medical technology industry and helping to create a significant market for service robots in the region.
COVID-19 Impact on the Global Robotics Market The rise in COVID-19 cases is likely to boost the deployment of disinfection robots, boosting the robotics market's growth. The COVID-19 has two consequences for the robotics industry. For starters, it promotes the development of professional service robots, which can assist in augmenting essential infrastructure personnel and reducing supply chain stress. On the contrary, the industrial robots market, is limited via their dependency on the automotive & electrical/electronic industries. The crisis appears to hold little impact on the marketplace for most sorts of service robots. Robotic systems facilitate social separation, do not require quarantine, and are not affected by travel restrictions. Massive personnel shortages in healthcare, industry, and supply chains, as well as the need for "social distancing," diagnosis, and treatment, can all be addressed with these technologies. Following a halt in global demand for industrial robots caused by the COVID-19 epidemic, major industrial robot providers are projected to begin receiving orders in 2021.
Industry News On April 12, Addverb Technologies, an Indian robotics company sponsored by Reliance Industries Ltd (RIL), stated that it would construct the "world's largest production plant" in Noida.
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