Robotics Market Size is reach to healthy CAGR of 22.8% by 2030 | Increasing Implementation in Defense & Security to Boost Market Growth
Sep 28, 2022
Robotics Market Analysis
The global Robotics Market will reach USD 214.68 billion at a 22.8% CAGR by 2030, states the new Market Research Future report.
Robotics Market Key Players
Eminent market players profiled in the global robotics market report include-
- Universal Robots A/S (Denmark)
- iRobot Corporation (U.S.)
- Boston Dynamics (U.S.)
- Nachi-Fujikoshi Corp. (Japan)
- Honda Motor Co. Ltd. (Japan)
- Kawasaki Heavy Industries, Ltd. (Japan)
- ABB Group (Switzerland)
- Sony Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Northrop Grumman Corporation (U.S.)
- Fanuc Corporation (Japan)
- KUKA AG (Germany)
- Omron Corporation (Japan)
- Yaskawa Electric Corporation (Japan)
- DENSO Corporation (Japan).
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Market Size in 2030
USD 214.68 Billion
CAGR of 22.8% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Robotics Market Drivers
Increasing Implementation in Defense & Security to Boost Market Growth
The increasing implementation of robotics in defense and sectors will boost market growth over the forecast period. It is used for mine detection, monitoring, and bomb dispersal.
Rising Use in Retail, Warehouse, and Healthcare for 24/7 Surveillance to offer Robust Opportunities
Certain institutions, such as warehouses, healthcare, retail establishments, and comparable venues, necessitate 24-hour, seven-day surveillance. A human cannot be assigned to monitor these sites for the full duration. A robot, on the other hand, can complete the task without interruption or error 24 hours daily, seven days weekly. This will offer robust opportunities for the market over the forecast period.
Lack of Awareness to act as Market Restraint
The lack of awareness about robotics amid the SMEs and dearth of expertise in the end user industries may act as market restraints over the forecast period.
Soaring Price of Robots to act as Market Challenge
The soaring price of robots may act as a market challenge over the forecast period.
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Robotics Market Segmentation
The global robotics market is bifurcated based on end user, mobility, and type.
Based on type, articulated will dominate the market over the forecast period.
Based on mobility, mobile robots will lead the market over the forecast period.
Based on end-user, manufacturing will spearhead the market over the forecast period.
Construction, hotels, manufacturing, and tourism businesses were severely impacted by the COVID-19 pandemic. Manufacturing operations have been interrupted or curtailed. Globally, manufacturing & transportation activities, as well as their supply chains, were affected. This resulted in a decrease in robotic system manufacture as well as market demand, limiting the growth of the robotics market. Demand for robots such as disinfection & delivery robots, on the other hand, increased dramatically. This market’s balanced decline. In contrast, industries are progressively restoring normal manufacturing and service operations. This is likely to result in the re-starting of robotics enterprises at full capacity, which will aid in the recovery of the robotics sector.
Robotics Market Regional Analysis
APAC to Head Robotics Market
The slowdown is commonly due to a reduction in industrial robot sales in nations like as China as a result of a drop in automotive demand and the effects of the US-China trade war. As a result, growth and revenue for major industrial robot manufacturers were lower than expected in 2018. As China recovers in the next years and other countries like as Taiwan and Thailand push for greater automation, Asia Pacific will remain the fastest-growing area. Firms in APAC are being compelled to automate in order to keep their cost advantage. As a result, collaborative robotics is expected to rise rapidly throughout APAC. The Asia Pacific robotics market is also expected to gain from the future introduction of nanotechnology in robotics. Furthermore, the development of collaborative robots, which have substantially increased efficiency in the assembling, material handling, clinical, and automotive sectors while needing less human labor, will promote the expansion of this local market in the approaching years. Because of its expanding electrical and automotive manufacturing industries, China is expected to dominate market growth. Furthermore, because these sectors are quickly increasing in other countries, such as India, there is plenty of space for market growth. Furthermore, the region’s ageing population is driving market growth, benefiting the medical technology business, and contributing in the creation of a substantial market for service robots
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North America to Have Favorable Growth in Robotics Market
North America will have favorable growth in robotics market over the forecast period. Rapid technological innovation, the existence of technically advanced consumers, and supporting government policies are major elements contributing to the optimistic market forecast for robots in North America. The federal government is invested in the future growth of the US robotics industry because it will have a substantial impact on the overall US economy and boost worldwide competitiveness. The United States announced the Innovations in Integration of Robotics (NRI-3.0) program in 2021 as part of the National Robotics Initiative to encourage robotic research in the region. The initiative funds research that enhances robot integration and benefits humanity. Rising R&D spending by major firms in order to build superior robotics would boost regional GDP.
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