Robotics Market worth US$ 531.9 Billion 2029 with a CAGR of 26.0%
The report " Robotics Market, By Type (Industrial Robots, Service Robots, and Mobile Robots), By Component (Sensors, Control Units, Actuators, Brake Systems, Vision Systems, and Others), By Application (Household, Entertainment, Defense, Field, Healthcare, Infrastructure, and Space Mission), and Region - Global Forecast to 2029"
Robotics market is projected to grow from
US$ 44.0 billion in 2020 to US$ 531.9 billion by 2029. Technological advancements and increasing demand for automation in
automotive industry across the globe is the key factor to driving the global
robotics market. In addition, growing concerns associated with the labor
safety, along with rising adoption of robotics in various organizations in
order to automate processes for delivering high-quality products, manufacturing
capabilities, and managing processes are fuelling growth of the target market.
Furthermore, growing adoption of tablets and smartphones is expected to boost
growth of the global robotics market over the forecast period in the near future.
Increasing technological advancements in order to develop compact,
cost-effective, and energy efficient robotic solutions are expected to create
growth opportunities for the key players operating in the global robotics
market.
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Key Market Insights from the
report:
The global robotics market accounted for US$ 44.0
billion in 2020 and is projected to register a CAGR of 26.0% over the forecast
period. The market report has been segmented on the basis of type, component, application, and region.
·
By type, the
industrial robots segment accounted for major revenue share in 2018, owing
to surge in labor charges worldwide, which in turn has enforced manufacturers
to replace human labor with machines.
·
By component, the
actuators segment accounted for major revenue share in 2018, owing to its
excellent properties such as high durability, low maintenance,
water-resistance, and reliability. Increased need for automation in
non-conventional areas, such as microelectronics, has also increased demand for
industrial robotics.
·
By application,
the defense segment accounted for major revenue share in 2018 due
to its wide variety of applications in defense forces across the
globe.
·
By region, Asia Pacific
robotics market accounted for major revenue share of the global robotics
market and is further anticipated to maintain its dominance over the forecast
period. This can be attributed to increasing
preferences to use robotic machines by the individuals in the countries
especially in the U.S. of the region, not only for electronic, automation, and
agriculture purpose. The market in Asia
Pacific is expected to account for
second-highest revenue share in 2018.
The prominent player operating in the global
robotics market includes
iRobot Corporation
Boston Dynamics Inc.
Touch Bionics Limited
Northrop Grumman Corporation
Rethink Robotics, Inc.
Accuray Incorporated
Liquid Robotics Inc.
QBotix Inc.
Prox Dynamics AS
Honda Motor Co. Ltd.
Robert Bosch GmbH.
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Some Important Points Answered in this Market
Report Are Given Below:
·
Explains an
overview of the product portfolio, including product development, planning, and
positioning
·
Explains
details about key operational strategies with a focus on R&D strategies,
corporate structure, localization strategies, production capabilities, and
financial performance of various companies.
·
Detailed
analysis of the market revenue over the forecasted period.
·
Examining various
outlooks of the market with the help of Porter’s five forces analysis, PEST
& SWOT Analysis.
·
Study on the
segments that are anticipated to dominate the market.
·
Study on the
regional analysis that is expected to register the highest growth over the forecast
period
Frequently ask
questions about Robotics Market:-
1. What is the robotics market?
The robotics market refers to the industry
that produces and sells robots and related technologies, including software,
sensors, and other components.
2. What are the main types of robots in the
robotics market?
The main types of robots in the robotics
market include industrial robots, service robots, collaborative robots,
autonomous mobile robots, and drones.
3. What are the factors driving the growth of
the robotics market?
The growth of the robotics market is being
driven by factors such as the increasing demand for automation in various
industries, advancements in AI and machine learning, and the development of
advanced sensors and other technologies.
4. What are some of the applications of
robotics?
Robotics is used in a wide range of
applications, including manufacturing, healthcare, logistics and warehousing,
agriculture, construction, and defense and security.
5. Who are some of the key players in the
robotics market?
Some of the key players in the robotics
market include ABB Ltd., Fanuc Corporation, KUKA AG, Yaskawa Electric
Corporation, Universal Robots A/S, and Omron Corporation.
6. What are some of the challenges facing the
robotics market?
Challenges facing the robotics market include the high cost of robotics technology, the need for skilled workers to operate and maintain robots, and concerns about the impact of automation on employment
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