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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2020): USD 71.2 Billion
- Forecast CAGR (2022-2027): 14.2%
The robotics technology industry has been witnessing considerable growth owing to the rising demand from small and medium scale enterprises in developing countries, improved quality, cost reduction, improved workplace health, and increased production efficiency. Many industries are predicted to adopt robotic technologies owing to trends in innovative technological advancements and automation. The development of robots with language and voice recognition, learning capabilities, mobility, and portability will further aid the industry growth. Moreover, the adoption of artificial intelligence and machine learning will offer a new generation of entertainment robots. Robotics technology is likely to witness a rise in demand due to its wide applications in the healthcare industry.
Industry Definition and Major Segments
Robotics is an interdisciplinary field that integrates science, engineering, and technology for producing robots, which are used to imitate human actions. Some robots require user input to operate while other robots can function autonomously. Robots can perform tasks that are either monotonous or too dangerous for a human to conduct safely.
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By component, the industry can be segmented into:
By robot type, the industry can be segmented into:
- Traditional Industrial Robots
- Professional Service Robots
Based on application, the industry is segmented into:
- Aerospace and Defence
- Media and Entertainment
The regional markets for robotics technology include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key trends driving the growth of the robotics technology industry include the wide range of applications in defence, healthcare, aerospace, automotive, and infrastructure industries. These industries across the globe are adopting robotics technology for performing repetitive and time-consuming tasks efficiently. The rise in demand for automation and safety in companies, availability of affordable and energy efficient automated robots, and growth in adoption of robotics technology in emerging economies will drive the growth of the market. The demand for robotics technology in the logistics sector is mostly driven by the growing e-commerce industry. For bomb diffusion, mine detection, and monitoring, the defence and security industries are rapidly using robotics thereby boosting the market growth.
Key Market Players
The major players in the market are ABB Ltd., DENSO Corporation, FANUC America Corporation, Kawasaki Heavy Industries, Ltd., KUKA Aktiengesellschaft, Mitsubishi Electric Corporation, and Omron Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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