Robotics Technology Market Reach to USD 349.8 Billion by 2032 | Top Players such as - ABB, Denso & Fanuc

According to the report published by Allied Market Research, The Robotics Technology Market Reach to USD 349.8 Billion by 2032 | Top Players such as - ABB, Denso & Fanuc. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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.

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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.

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.

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Based on robot type, the traditional industrial robots segment accounted for the largest share in 2022, contributing to more than half of the global robotics technology market revenue, and is expected to maintain its lead position during the forecast period. This is because industrial robots have been widely used in manufacturing and industrial settings. These factors further drive the demand for this segment in the global market. However, the cobots segment is expected to portray the fastest CAGR of 19.6% from 2023 to 2032. The growth of cobots was primarily driven by their versatility, ease of use, and ability to collaborate with humans in various tasks and industries, further is expected to provide lucrative growth opportunities for the market during the forecast period.

Based on application, the manufacturing segment held the highest market share in 2022, accounting for more than two-fifths of the global robotics technology market. An ongoing trend of industrial automation and Industry 4.0, where smart factories integrate robotics, AI, and IoT technologies to optimize production processes and supply chain management. On the other hand, the healthcare segment is estimated to maintain its leadership status in terms of revenue throughout the forecast period. The same segment would also cite the fastest CAGR of 21.6% from 2023 to 2032. The increasing demand for effective robotics technology to protect patient privacy is further expected to propel global market growth.

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Based on region, the Asia-Pacific region held the highest market share in 2022, contributing to more than two-fifths of the global robotics technology market revenue, and is expected to maintain its dominance during the forecast period. However, the same region is expected to witness the fastest CAGR of 18.5% during the forecast period. The region's 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, which is further anticipated to propel the growth of the market in this region.

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.

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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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