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Robotics Technology Market to Grow at a CAGR of 16.2% to Reach USD 189.36 Billion by 2027

11-25-2022 02:24 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Robotics Technology Market to Grow at a CAGR of 16.2% to Reach USD

Allied Market Research published a new report, titled, "Robotics Technology Market to Grow at a CAGR of 16.2% to Reach USD 189.36 Billion by 2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in need for automation and safety in organization and availability of affordable, energy efficient robots drive the growth of the market. In addition, rising labor & energy costs and increase usage of robotics technology in different industry vertical fuels the growth of the market. However, high initial cost of the robots and lack of awareness among the SMEs hampers the growth of the market. Furthermore, growth in adoption of robotics technology in emerging economies and increase use in adverse applications are expected to provide lucrative opportunities for the growth of the market.

Download free sample report at: https://www.alliedmarketresearch.com/request-sample/125

The global robotics technology market is analyzed across component, robot type, application, and region. 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.

By application, the global robotics technology market was led by the manufacturing segment in 2019 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of robotics in the manufacturing sector include shortage of labor in the manufacturing sector and rise in need of automation in this sector. However, the healthcare segment is expected to grow at the highest rate during the forecast period, owing to increased government spending, technology maturity, and increased adoption of robotics technology in healthcare sector.

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Region wise, the robotics technology market was dominated by Asia-Pacific in 2019 and is expected to witness the highest growth rate during the forecast 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 include 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.

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Covid-19 scenario-

• 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 COVID-19 pandemic.

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Thanks for reading this article; you can also get an individual chapter-wise section or region-wise report versions like North America, Europe, or Asia.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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