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

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.

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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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