Selbyville, Delaware, Jan. 20, 2021 (GLOBE NEWSWIRE) -- According to industry experts, worldwide robotics technology market reached a valuation of USD 63 billion in 2019 and is expected to register a CAGR of 15.8% over 2020-2027. Better workplace safety, improved efficiency of different processes, and increased productivity are the key benefits encouraging the adoption of robotics technology. In addition, factors such as rising demand for automation, along with growing labor and energy costs are fostering the industry growth. On the contrary, high initial cost of robots and lack of knowledge among SMEs are negatively the overall industry dynamics.
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Product Type overview
Global robotics technology industry, based on type, is fragmented into service robots, industrial robots, mobile robots, and others. Of these, industrial robots segment is witnessing a robust growth, largely driven by the demand from the automotive industry. For instance, BMW AG, in April 2020, entered an agreement with KUKA to supply nearly 5,000 robots across its new production lines and manufacturing sites around the globe. As per the agreement, other innovatory products from the KUKA portfolio, such as its linear units utilized to improve robot's workspace and energy supply technology will also be provided.
Application scope
Global robotics technology market application spectrum includes aerospace, healthcare, defense and security, electronics, automotive, domestics, and others. Technological advancements and increasing investments in R&D are likely to increase the application scope of robots across the aforementioned areas. For example, the revolutionary mGrip modular grip system and automation solutions developed by Soft Robotics have introduced robotic applications across highly variable and unstructured food processing and packaging, consumer goods manufacturing, and e-commerce supply chain automation settings.
Geographical outlook:
North America, Latin America, Europe, and Asia Pacific are the key contributors to the overall robotics technology market remuneration. Asia Pacific market is touted to grow considerably over the projected timeline, with China as leading contributor due to rapid deployment of robots in automotive and electronics sector. Moreover, rapid economic growth in other nations, such as India, are drafting favorable conditions for the industry expansion in the region.
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Global Robotics Technology Market Type Sub-Segments (Revenue, USD Billion, 2017-2027)
- Service Robots
- Industrial Robots
- Mobile Robots
- Others
Global Robotics Technology Market Component Sub-Segments (Revenue, USD Billion, 2017-2027)
- Software
- Hardware
- Services
Global Robotics Technology Market Application Sub-Segments (Revenue, USD Billion, 2017-2027)
- Aerospace
- Healthcare
- Defense and Security
- Electronics
- Automotive
- Domestics
- Others (Government, Marketing Agency, and Finance)
Global Robotics Technology Market Geographical Fragmentation (Revenue, USD Billion, 2017-2027)
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- Spain
- Italy
- France
- Rest of Europe
Asia Pacific
- India
- China
- Australia
- Japan
- South Korea
- Rest of APAC
Latin America
- Mexico
- Brazil
Rest of the World
Global Robotics Technology Market Company Profiles (Revenue, USD Billion, 2017-2027)
- Maxar Technologies, Inc.
- Stryker Corp.
- Intuitive, Inc.
- Adept Technologies, Inc.
- Comau S.p.A.
- Seiko Epson Corp.
- Yamaha Motor Co. Ltd
- Nachi Robotic Systems, Inc.
- Staubli International AG
- Panasonic Corp.
- Toshiba Corp.
- Kawasaki Heavy Industries Ltd.
- KUKA AG
- Fanuc Corp.
- Denso Corp.
- Yaskawa Electric Corp.
- ABB Ltd.
Related Report:
Space Robotics Market Size, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
Space Robotics Market is expected to exceed USD 3.5 billion by 2025, as per new research report. Increasing government investments and projects related to space research and exploration in several countries is driving the industry demand. The launch of several satellites and spaceships working in deep and near spaces require timely maintenance and repairing, creating the need for highly efficient robotic systems. National organizations such as NASA, CSA, JAXA, etc., are introducing humanoid robots to perform the maintenance, servicing, and transportation operations to gain high efficiency, further developing the space robotics market. The rising trends of autonomous features and AI technology in robotic products will drive rapid industry expansion.
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