Dublin, June 06, 2023 (GLOBE NEWSWIRE) -- The "Global Robotics Market and Volume (Industrial and Service Robotics), Segment and Application Analysis, Key Players Robotics Division Sales, Recent Developments - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Robotics Market was valued at around US$ 38 Billion in 2022 and the market is expected to reach nearly US$ 70 Billion by 2027.
The rising demand for automation has revolutionized the adoption of robotics technology across a wide range of industries including manufacturing, healthcare, defense and security, logistics, inspection, and maintenance, automotive, electronics, and food and beverage.
The market for robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. However, the high initial investment and concern for human safety restricts the growth of the market.
Recent developments
- In March 2023, LG Uplus announced a partnership by signing an MoU with Bigwave Robotics (South Korea), a leading operator of robot automation platforms, to strengthen its robot business.
- ABB Robotics announced supporting Renault Group by providing state-of-the-art robotics technology to help automate the electric vehicle (EV) manufacturer's production network across several key markets.
- In October 2022, ABB launched its smallest-ever industrial robot, offering unique possibilities for faster, more flexible, and high-quality production of wearable intelligent gadgets.
- In July 2022, Hibot Corp. used its Float Arm robot to inspect pipelines that were difficult to access and unsafe for workers at the Mitsui Chemical plant in Japan.
- In June 2022, Intuitive Surgical and Siemens collaborated to integrate a mobile cone-beam CT (CBCT) imaging technology and the lon Endoluminal System used for robot-assisted bronchoscopy.
Industrial Robotics Market - Overview
The global industrial robotics market was valued at around US$ 16.5 Billion in 2022 and is expected to reach around US$ 20 Billion in 2027.
The demand for industrial robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of automation to ensure quality production and meet market demand, and the growing demand from SMEs in developing countries is fueling the growth of industrial robotics market globally. However, the high initial investment and maintenance cost of industrial robots, coupled with integration costs and the cost of peripherals, such as end effectors and vision systems, makes automation a costly investment for SMEs.
Industrial Robotics Segment Market - Key Takeaway
- The electronics industry surpassed the automotive industry in terms of annual robot installations in 2020 and held the largest market for industrial robotics in 2022.
- In the automotive industry, the growing adoption of electric vehicles (EVs) and the need for EV charging infrastructure is boosting the demand for robotics. Recently, ABB Robotics announced supporting Renault Group by providing state-of-the-art robotics technology to help automate the electric vehicle (EV) manufacturer's production network across several key markets.
- Metal industry, the third largest market for industrial robotics, has witnessed an accelerated growth of industrial robotics adoption in recent years.
- Chemical, rubber, and plastics industry accounted for approx. 5% share of the industrial robotics market in 2022, followed by the food industry segment.
Industrial Robotics Application Market - Key Takeaway
- Handling is the most important application of industrial robots, as it can automate some of the most tedious, dull, and unsafe tasks in a production line and is one of the easiest ways to add automation.
- Assembly robots are used for lean industrial processes and can dramatically increase production speed and consistency.
- It is projected that the share of industrial robots for welding application will increase considerably during the forecast period, as utilization of industrial robots for welding is economical, and the welds are of an excellent quality.
- The leading cleanroom robot manufacturers such as, ABB, Yaskawa Electric Corp, and Kawasaki Heavy Industries are focusing their investments on technologically advanced, cost effective, and more secure products and solutions for various applications.
Industrial Robotics Market - Regional Analysis
- Asia/Australia is the world's largest and strongest growth market for industrial robots. In Asia, China has significantly expanded its leading position as the biggest market for industrial robots.
- Europe is the second largest market for industrial robots, followed by Americas at the third position. Robot installation counts in Germany, the largest European market and the only European one in the global top five, rose 2% in 2022.
- The United States is the largest American market and accounted for 67% of the robot installations in the Americas in 2022.
Global Service Robotics Market - Overview
The global service robotics market is expected to reach nearly US$ 50 Billion by 2027. Service robots are the robots designed to assist humans and perform useful tasks, excluding industrial and manufacturing automation applications. Service robots have witnessed widespread acceptance among various professional and personal applications owing to benefits such as enhanced usability, delivery of accurate and high-quality services, reliability, and reduced operational costs and human errors. Professional service robots are employed in various industries including medical, defense, agriculture, logistics, inspection and maintenance, rescue and security, construction, and professional cleaning among others, whereas personal service robots are used for domestic and entertainment and leisure purpose. The service robotics market is driven by an upsurge in its adoption owing to high labor cost, lack of skilled workforce, increasing research and development investments, growing awareness regarding the benefits of service robots, and increased demand for automation among professional and personal sectors. The high initial investment and concern for human safety restricts the growth of the market.
By Segment Professional Service Robotics Market and Volume Forecast - Key Takeaway
- In 2022, medical applications accounted for maximum share of the global professional service robotics market, followed by logistic segment. Together, the medical and logistic applications accounted for over 75% share of the global professional service market.
- The use of service robots in logistic industry is anticipated to show substantial growth. The growing e-commerce industry is the primary growth driver for this market.
- The implementation of robotics in agriculture is expected to bring out transformational result in coming years.
- In volume terms, the logistic robots accounted for maximum share of the overall professional service robotics volume, while the public relation robots form the second largest category of professional service robots by unit sales.
By Segment Personal and Domestic Service Robotics Market and Volume Forecast - Key Takeaway
- Household robots accounts for maximum share of the personal and domestic service robotics market both in value and volume terms. This segment is likely to lead the personal and domestic service robotics market throughout the forecast period.
- Entertainment and leisure robots are aimed at youth in the hopes of boosting their interest in robotics and other technical fields.
Global Service Robot Manufacturers/Suppliers Analysis - Key Takeaway
- The United States is home of most service robot manufacturers, followed by China, Germany, Japan, France, and Russia.
- In the consumer robot application, most of the service robot suppliers are based in the Asian region, being followed by Europe.
- Around, 80% of service robot supplier are small-medium sized enterprises.
The report titled "Global Robotics Market and Volume (Industrial and Service Robotics), Segment and Application Analysis, Key Players Robotics Division Sales, Recent Developments - Forecast to 2027" provides a comprehensive assessment of the fast-evolving, high-growth Global Robotics Industry.
This 290 Page report with 151 Figures and 22 Tables has been analyzed from 13 viewpoints:
1. Global Robotics Market and Volume Forecast (2012 - 2027)
2. Global Robotics Market, Volume, Share and Forecast (2012 - 2027)
3. Global Industrial Robotics Market and Volume Forecast (2012 - 2027)
4. Global Service Robotics Market and Volume Forecast (2009 - 2025)
5. Global Industrial Robotics Market, Volume and Forecast - By Segment (2012 - 2027)
6. Global Industrial Robotics Volume and Forecast - By Application (2015 - 2027)
7. Industrial Robotics Volume and Forecast - Country Wise Distribution (2012 - 2027)
8. Global Professional Service Robotics Market and Volume Forecast - By Segment (2012 - 2027)
9. Global Personal and Domestic Service Robotics Market and Volume Forecast - By Segment (2012 - 2027)
10. Global Service Robot Manufacturers/Suppliers Analysis
11. Key Players - Robotics Division Sales and SWOT Analysis (2010 - 2027)
12. Global Robotics Market - Recent Developments
13. Global Robotics Market - Growth Drivers and Challenges
Global Robotics Market and Volume Forecast - By Type
1. Industrial Robotics
2. Service Robotics
Global Industrial Robotics Market and Volume Forecast - By Segment
1. Automotive Industry
2. Electrical/Electronics Industry
3. Metal Industry
4. Chemical, Rubber and Plastics Industry
5. Food Industry
6. Others Industry
7. Unspecified Industry
Global Industrial Robotics Volume and Forecast - Applications Covered
- Handling
- Welding
- Assembling
- Cleanroom
- Dispensing
- Processing
- All others/Unspecified Application
Industrial Robotics Volume and Forecast - Region and Country Wise Distribution
1. Americas
- United States
- Canada
- Brazil
- Mexico
- Rest of South America
2. Asia/Australia
- China
- India
- Japan
- Republic of Korea
- Taiwan
- Thailand
- Vietnam
- Other Asia/Australia
3. Europe
- Central/Eastern Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Other Europe
4. Africa
5. Rest of the World (ROW)
Global Service Robotics Market and Volume Forecast - By Type
1. Professional Service Robotics
2. Personal and Domestic Service Robotics
Global Professional Service Robotics Market and Volume Forecast - By Segment
1. Defence
2. Agriculture/Field
3. Logistic
4. Medical
5. Exoskeletons
6. Public Relations Robots
7. Construction
8. Mobile Platforms
9. Inspection and Maintenance
10. Underwater
11. Rescue and Security
12. Cleaning
13. Others
Global Personal and Domestic Service Robotics Market and Volume Forecast - By Segment
1. Household Robotics
2. Entertainment and Leisure Robotics
Global Robotics Market - Key Players Robotics Division Sales and SWOT Analysis
1. KUKA AG
2. Adept Technology (Acquired by OMRON)
3. iRobot Corporation
4. Intuitive Surgical
5. Nachi-Fujikoshi
6. Yaskawa Electric Corporation
7. ABB
8. FANUC Corporation
9. DAIHEN Corporation
10. Mitsubishi Electric Corporation
11. DENSO Corporation
12. Seiko Epson Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qrtlho
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