The global robotics technology market is forecast to reach $189.36bn by 2027, growing at a CAGR of 13.5 per cent.
Growth of the global robotics market is being driven by the rise in need for automation and safety, increases in labour and energy costs and the increase in usage of robotics technology in different industry verticals. However, high initial cost of robots and lack of awareness among SMEs hamper the growth of the market, according to a new report by Allied Analytics LLP.
The global robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is classified into hardware, software, and services. By type of robot, it is segregated into traditional industrial robots, cobots, professional service robots, and others. The applications covered in the study include manufacturing, healthcare, aerospace and defence, media & entertainment and logistics across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of component, the hardware segment accounted for the major market share in 2019, and is projected to dominate by 2027. This is due to the fact that hardware components are cheaper than software modules and are also faster to set up. Simultaneously, the service segment would manifest the fastest CAGR during the forecast period. Increase in demand for different services such as managed services and professional services fuel the segment growth.
On the basis of application, the manufacturing segment contributed to the highest market revenue in 2019 and is expected to lead the trail by 2027. This is due to high labour costs, new safety regulations, and stringent emission norms issued by several government bodies. The aerospace and defence segment, on the other hand, would cite the fastest CAGR throughout the forecast period. Increased rate of unmanned systems, high-end technological advancement, and rise in government expenditure propel the growth of the segment.
Region wise, the robotics technology market was dominated by Asia-Pacific in 2019 and is expected to witness the highest growth rate during the period due to increase in presence of robotics vendors and surge in its requirement from the industrial sectors in the Asia-Pacific region.
The key players profiled in the robotics technology market analysis are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG, and Yaskawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The outbreak of the pandemic led to increase in adoption of robotics technology in several industry verticals so as to reduce the impact of the virus on human workers. This trend is likely to continue even in the coming years after the recovery from the pandemic.