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Robotics Technology Market Embracing the Future of Market Size A Guide to Thriving in Uncertainty | ABB Group

11-20-2023 06:21 PM CET | IT, New Media & Software

Press release from: Report Ocean

Robotics Technology Market Embracing the Future of Market Size

New research study titled "Robotics Technology Market" for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential.

Robotics Technology, is a combination of machine tools and computer applications, used for the designing, manufacturing and application of robots. Use of robotics technology allows consumers to automate processes, increase productivity, enhance quality and reduce human errors. Robotics technology is used in a wide range of industries including healthcare, defense, aerospace, automotive and infrastructure. Robots can be used for numerous activities which include assembling products, detecting and defusing bombs, surgical operations, product inspection, space missions, and domestic works such as cleaning and other household chores. The impending need of automation solutions is a major factor that drives this market.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

Manufacturers are increasingly opting for process automation, owing to the rise in labor costs and market competition. A dynamic rise in the number of smartphones and tablets supplements the process of robot development and contributes to the growth of the global market. Additionally, emerging technologies in robotics and cost reduction in products with the use of robots supplement the market growth. With the growth of robotics technology, there will be a significant increase in the number of jobs available for the human workforce.

Lack of awareness about the advantages of robots in the market, along with the high installation cost of robotics technology are the major drawbacks for this market. The growing demand for automation in mechanical, aerospace and defense industries, along with the growing adoption of new technologies like nano-robotics and cloud robotics, highlight the growth opportunities for players in the market. There has been an increase in the adoption of robotics by SMEs, owing to the development of small, compact and affordable robots by the key players in the market.

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The vendors in the market offer a wide range of robotics systems to meet the requirement of the customers. The development of robots require high quality hardware and software to control the robots' operations and integration along with its auxiliary systems in a working environment. The key players in the market are developing small, compact, energy efficient and low cost robotics systems, which can be used in a wide range of industries, particularly by SMEs. Additionally, the vendors in the market are acquiring and collaborating with the top companies in the market, to enhance their product portfolio. For instance, in September 2014, ABB introduced a new dual arm robot named Yumi, to work in collaboration with humans and ease the process of automation.

This launch will further enhance the company's offerings and support its growth. In June 2013, Yaskawa acquired Agile Planet to strengthen its product portfolio of robotics as well as motion control. This acquisition would also enable Yaskawa to expand its geographic presence.

Key highlights of the report include

Market Size and Growth Analysis:

Detailed examination of the market size and growth trajectory during the forecast period.
In-depth insights into the factors driving market expansion and the challenges restraining growth.

Accurate revenue projections and trends shaping the market landscape.
Strategic Analysis:

Identification of key drivers influencing market growth and strategic recommendations to leverage emerging opportunities.
Exploration of market trends and future prospects to aid in informed decision-making.
Strategies for market players to capitalize on growth areas and navigate challenges effectively.

Competitive Landscape Evaluation:

Comprehensive profiles of industry leaders, offering a thorough understanding of their market presence and influence.
Analysis of market share held by key companies and their impact on the overall market dynamics.
Assessment of the product portfolios of major players, highlighting key offerings and innovations.

Recent Developments and Innovations:

Coverage of the latest advancements and innovations within the industry.
Insightful examination of recent developments by key market players, including product launches, partnerships, and acquisitions.
Evaluation of the impact of these developments on the overall market landscape.

Competitive Strategies:

Examination of the competitive strategies employed by leading companies to gain a competitive edge.
Analysis of successful tactics utilized in the market, providing valuable insights for other players.
Benchmarking of competitive strategies to help businesses formulate effective plans for sustainable growth

Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=30958

The global Robotics Technology market is segmented on the basis of types of robots, components, applications and geography. The various types of robots used across different industries include industrial robots, service robots and mobile robots. Industrial robots account for a larger share among others. The component segment is further categorized into hardware, software, and services. The different hardware components include sensors, controllers, effectors, power supply and actuators. Robotic technology finds applications across a wide range of domains including healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. The microscopic analysis of the market has been performed by examining various regions such as North America, Europe, Asia-Pacific and LAMEA.

KEY PLAYERS

ABB Group
Adept Technology
Fanuc Corporation
Yaskawa Electric Corporation
KUKA AG
iRobot
Intuitive Surgical
Honda Motor Co., Ltd.
Yamaha Corporation
Kawasaki Heavy Industries

KEYSEGMENTATION
The market is segmented based on Types, Components, Applications and Geography.
MARKET BY TYPES

Industrial Robots
Service Robots
Mobile Robots
Others

MARKET BY COMPONENTS

Hardware
Software
Services

MARKET BY APPLICATIONS

Healthcare
Defense and Security
Aerospace
Automotive
Electronics
Domestic
Others

MARKET BY GEOGRAPHY

North America
Europe
Asia Pacific

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Why Purchase Market Research Report?

Informed Decision-Making:
- Market research reports provide valuable insights and data that help businesses make informed decisions.
- They offer comprehensive analysis of market trends, customer behavior, competitive landscape, and emerging opportunities, enabling businesses to identify potential risks and make strategic choices.

Market Understanding:
- Market research reports provide a deep understanding of the target market.
- They provide detailed information about market size, growth rate, market segmentation, and customer preferences.
- This knowledge helps businesses align their products, services, and marketing strategies with market demands.

Competitive Analysis:
- Market research reports include competitive intelligence, profiling key players in the market, their strategies, and market share.
- This information helps businesses benchmark themselves against competitors and identify opportunities for differentiation and growth.

Risk Mitigation:
- By analyzing market research reports, businesses can identify potential risks and challenges in the market.
- This allows them to develop risk mitigation strategies, adapt their business approach, and make informed decisions to minimize potential setbacks.

Market Opportunities:
- Market research reports highlight emerging market opportunities and trends.
- They provide insights into untapped segments, changing consumer preferences, and technological advancements.
- By leveraging this information, businesses can capitalize on market opportunities and gain a competitive edge.

Investment Evaluation:
- Market research reports assist businesses in evaluating investment opportunities.
- They provide data on market size, growth potential, and competitive landscape, helping businesses assess the feasibility and potential returns of investment projects.

Customer Insights:
- Market research reports offer valuable insights into customer behavior, preferences, and purchasing patterns.
- This knowledge helps businesses understand their target audience better and tailor their products, services, and marketing efforts to meet customer needs.

Strategic Planning:
- Market research reports provide a foundation for strategic planning.
- They offer a comprehensive view of the market, helping businesses set realistic goals, define their target audience, and develop effective strategies to achieve their objectives.

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About US Report Ocean:

We are the best market research reports provider in the industry. Report Ocean is the world's leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.

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