Press release
Robotics Technology Market Insights: Demand Trends, Growth Drivers, and Segment Analysis Shaping Future Industries
Robotics Technology Market
The robotics technology market size is expected to see rapid growth in the next few years. It will grow to $170.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to expansion of collaborative robotics, adoption of robotics in healthcare, increased use of drones and unmanned systems, growth in consumer robotics applications, integration of 5g technology in robotics. Major trends in the forecast period include technological innovations in artificial intelligence, development of soft robotics, robotics as a service (raas) models, emphasis on explainable ai in robotics, human-robot collaboration in various industries.
Market Overview -
The robotics technology refer to the engineering and operation of machines capable of performing physical tasks autonomously or semi-autonomously on behalf of humans. The primary goal of robotics is to build devices that work automatically and perform complex jobs faster and more efficiently than humans. Robotics can take on several forms and is used in various verticals to reduce errors, increase efficiency, and cut down the long work hours.
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Automation Revolution Driving The Growth Of The Robotics Technology Market
The increasing shift towards automation is driving the growth of the robotic technology market. The increasing use of automation, artificial intelligence, and other technologies is altering how humans and machines interact. Many organizations have expanded automation to indicate that it will allow intelligent machines to make complex or mission-critical decisions. The use of automation is deployed across an enterprise and ecosystem to build a more adaptable business that can respond quickly and adopt new technological operating models. This shift towards automation from the traditional method has changed the market dynamics, leading to an increase in the adoption of robotics technology. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, there are 23,000 industrial robots operating in UK factories in 2021, an increase of 6% from the previous year. Therefore, the increasing shift towards automation will drive the robotics technology market going forward.
Competitive Landscape -
Major companies operating in the robotics technology market report are Asea Brown Boveri Group (ABB), FANUC Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corporation, Denso Corporation, Yaskawa Electric Corporation, Omron Corporation, Seiko Epson Corporation, Stäubli Robotics, Komatsu Ltd., Panasonic Corporation, Nachi-Fujikoshi Corp., Adept Technology Inc., NVIDIA Corporation, Anduril Industries, Boston Dynamics Inc., Diligent Robotics Inc., Intuitive Surgical Inc., Starship Technologies Inc., Nuro Inc., iRobot Corporation, Vecna Robotics Inc., Toshiba Corporation, AeroVironment Inc., Raytheon Technologies Corporation, Stryker Corporation, NEC Corporation, Ribbon Communications Operating Company Inc., ZTE Corporation
Innovative Solutions In Robotic Technology
Major companies operating in the robotic technology are innovating new technology, such as the Solix to provide reliable services to customers. Solix is an autonomous is a crop monitoring robot designed to provide real-time insights into the fields, working plant-by-plant to balance production and efficiency. For instance, in May 2022, Solinftec, a Brazil-based ag-tech company launched Solix. Solix robot is a solar-powered and equipped with lithium-ion batteries for energy storage. Solix consists of onboard camera and sensors paired with artificial intelligence (AI) technology to monitor plant health, detect insect damage and detect changes in the field.
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Key Segments -
The robotics technology market covered in this report is segmented -
1) By Type: Industrial Robots, Mobile Robots, Service Robots, Other Types
2) By Component: Hardware, Software, Service
3) By End User: Aerospace Manufacturing, Agriculture, Automotive Manufacturing, Building Maintenance, Chemical and Fuel Processing, Construction, Consumer Products Manufacturing, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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