Robotics Industry Market at a CAGR of 13.5% from 2021 to 2027

The Market Statsville Group (MSG) publishes the new report on the "Robotics Industry Market by Type (Industrial and Service), by End User (Automotive, Food and Beverage, Electronics, Logistics, Military and Defense, Medical and Healthcare and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global robotics industry market was valued at USD 40 billion in 2020 to USD 97.05 billion by 2027, at a CAGR of 13.5% from 2021 to 2027. Technological progress is probably the single most critical key driver of robotics adoption. With the rapid improvement in technology, the cost of robots has been declining while the functionality has been improving by leaps and bounds. These twin factors have made it more feasible for firms both economically and functionally to use more robots. Moreover, As populations continue to age in many markets, fewer people are available for jobs. With fewer workers around, there will be a growing need for deploying robotic automation solutions as they offer one obvious way of addressing this problem.

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Global Robotics Industry Market Segmentation
The overall robotics industry market has been segmented into type, end user, and region.

By Type (Industrial and Service)
By End User (Automotive, Food and Beverage, Electronics, Logistics, Military and Defense, Medical and Healthcare and Others)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Industrial, by type, is estimated to hold the largest market share during the forecast period

Based on the component, the global robotics industry market has been segmented into industrial and services. In 2020, Industrial Robots accounted for the largest market share in the worldwide robotics industry market and had a CAGR highest CAGR during the forecast period.

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Industrial Robots are primarily used in the manufacturing sector. Over the years, as the robots have become smarter, cheaper, and faster, they are being increasingly deployed into various precision-based roles such as welding and packaging. Beyond automotive and electronic manufacturing, where robots are commonly adopted, robots are beginning to penetrate labor-intensive industries such as garment sewing and shoemaking. Adidas is set to open a robot-dominated shoe factory in Germany this year. Over the past five years, there has been a visible acceleration in demand for industrial robots globally compared to long-term trends. According to Robotics and Automation, the total industrial robot units stood at 381,000 globally in September 2020. China accounted for 140,500 of them, equating to more than one-third of the industrial robots sold worldwide. The first quarter of 2021 was very strong and was the second-best start to any year ever for North American robotic sales, with a 19.6% increase YOY in terms of units. North American companies ordered 9,098 robotic units, valued at ~$466 million in Q121. Also, during the quarter, non-automotive companies purchased 28% more robots over Q1 2021, and automotive OEMs and component suppliers combined saw a 12% increase year-over-year. Orders in metals increased by 86%, life sciences increased by ~72%, and food and consumer goods rose by 32%. At the same time, Automotive orders decreased 2.5% in Q1 2021.

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The Asia Pacific accounts for the largest market share during the forecast period in the robotics industry market

Based on the regions, the global robotics industry market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share in the global robotics industry market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.

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In the Asia Pacific, The robot industry has been listed as a key development area in the country's "Made in China 2025" strategy, which aims to upgrade the country's manufacturing sector. China has set goals to sell 150,000 industrial robots in 2020; 260,000 in 2025; and 400,000 by 2030. According to this program, over 50% of the nation's manufacturing will be automated by 2020 and over 75% by 2025. However, many analysts and experts see this as a rather ambitious and hard to achieve the target. Most domestic manufacturers do not have the expertise to make key robot components, such as encoders or multiple coordinate robots for integrated manufacturing. According to Beijing-based Market Intelligence Resource, the share of domestic robots in 2025 will be around 40%, falling short of the government target of 70%.

Some of the major companies that operate in the global robotics industry market are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric Company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm Technologies, Inc.

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