Robotics Technology Market Reach USD 349.8 Billion By 2032 Growing At 15.2% CAGR Globally
The global robotics technology market was valued at USD 87.4 billion in 2022, and is projected to reach USD 349.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
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Driving Factors
The rise in the need for automation and safety in organizations, the rise in availability of cost and energy-efficient robots, the increase in integration of robots in several industries, and the rise in labor and energy costs are the major factors that drive the growth of the global robotics technology market. However, high initial and maintenance costs and lack of awareness among SMEs are the major factors that impede the growth of the global market. Furthermore, growth in the adoption of robotics technology in emerging countries and the proliferation of artificial intelligence (AI) and machine learning (ML) technologies are anticipated to provide lucrative growth opportunities for the market in the upcoming years.
Market Segmentation
The robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is bifurcated into hardware, software, and service. Based on the robot type, the market is segmented into industrial robots, service robots, and mobile robots. In terms of application, the market is segmented into healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The market players operating 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 major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the robotics technology industry globally.
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By region, Asia-Pacific dominated the market share in 2022 for the robotics technology market. The region's has robust industrial sector, including manufacturing, automotive, and logistics, has been an early adopter of robotics technology that is anticipated to propel the growth of the robotics technology market. In addition, key players are investing heavily in automation and robotics technology to enhance productivity, improve efficiency, and address labor shortages are expected to provide lucrative growth opportunities for the market in this region.
On the basis of component, the global robotics technology market share was dominated by the hardware segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to the adoption of robotics technology continues to grow across various industries and rising demand for robotic hardware components to build and deploy new robotic systems. However, the software segment is expected to witness the highest growth during the forecast, as robotics software enables service providers to automate various tasks, leading to increased productivity.
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COVID-19 Scenario
● The COVID-19 pandemic had a significant impact on the global robotics technology industry. This was attributed to the fact that there was a sudden increase in demand for healthcare services, as businesses were moving to capitalize on the increased automation and robotics in the healthcare sector.
● Moreover, the rise in the number of COVID-19 cases influenced governments and local authorities to enforce strict measures such as social distancing and self-isolation policies to the closing of physical shops and businesses. This was intended to help slow the spread of COVID-19 cases, which further caused a growing number of businesses to depend on automation technologies in industries. These factors have propelled the growth of robotics technology solutions among industries.
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