Portland, OR, May 19, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global robotics technology market generated $62.75 billion in 2019 and is expected to reach $189.36 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027. The report highlights the key segments, top investment pockets, growth by segmentation, and competitive scenario.
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Pramod Borasi, Research Analyst, ICT at Allied Market Research, highlighted, “Cobots is expected to experience significant growth in the coming years, owing to its growing adoption in SMEs for performing tasks that require higher payload capacity.”
According to the report, the market across Asia-Pacific dominated with the largest revenue share in 2019. The same region would also grow at the fastest CAGR throughout the forecast period. Surge in growth in automation and intensive research and development in a number of countries including Japan, China, India, Australia, and Taiwan fuels the market growth.
Impact of Covid-19 Pandemic on Robotics Technology Market:
- 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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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.
On the basis of application, the manufacturing segment contributed to the highest market revenue in 2019, and is expected to lead the trail by 2027. This is due to high labor costs, new safety regulations, and stringent emission norms issued by several government bodies. The aerospace & defense segment, on the other hand, would cite the fastest CAGR throughout the forecast period. Increased rate of unmanned systems, high-end technological advancement, and rise in government expenditure propel the growth of the segment.
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The global robotics technology market report includes a comprehensive analysis of the major market players such as ABB Ltd, Denso Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Yaskawa Electric Corporation, Stäubli International AG, Mitsubishi Electric Corporation, Fanuc Corporation, OMRON Corporation, and Seiko Epson Corporation.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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