New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Robotics Technology Global Market Report 2023" - https://www.reportlinker.com/p06443906/?utm_source=GNW
The global robotics technology market grew from $75.89 billion in 2022 to $88.8 billion in 2023 at a compound annual growth rate (CAGR) of 17.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The robotics technology market is expected to grow to $155 billion in 2027 at a CAGR of 14.9%.
The robotics technology market consists of revenues earned by entities by providing consumer robots and medical robots.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the robotics technology market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the robotics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of robotic technologies are industrial robots, mobile robots, service robots, and others.An industrial robot is a mechanical machine that is programmed to perform production-related tasks automatically in industrial environments.
The different components include hardware, software, and services that are applied to aerospace manufacturing, agriculture, automotive manufacturing, building maintenance, chemical and fuel processing, construction, consumer product manufacturing, and other end users.
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, according to a July 2020 survey of 1,500 executives from 21 industries in 26 countries conducted by IBM, a US-based technology corporation, 79% of organizations that are scaling intelligent automation expect their company to outperform the competition in terms of revenue growth.
Furthermore, 75% of respondents indicated that their digital and automation projects add the most value to the company in the area of customer experience. Therefore, the increasing shift towards automation will drive the robotics technology market going forward.
Technological development has emerged as a key trend gaining popularity in the robotics technology market.Robotics is useful in a wide range of manufacturing industries, including food, automotive, and aerospace.
The market is witnessing the adoption of a wide variety of complementary technologies in robotics such as computer vision, natural language processing (NLP), speech recognition, edge computing, and others to ensure the safety and increase productivity, efficiency, quality, and consistency of products.For instance, in August 2020, Mitsubishi Electric India, a manufacturer of electrical and electronic products, launched MELFA ASSISTA, a series of collaborative robots.
These robots can collaborate with humans while emphasizing more on safety features such as collision detection and adhering strictly to international safety and robotic standards ISO 10218-1 and ISO/TS15066. The MELFA ASSISTA series of collaborative robots includes the RT VisualBox programming tool, which enables the intuitive development of operational sequences by combining block diagrams into a chain of events.
In July 2021, ABB Group, a European-based automation company, acquired ASTI Mobile Robotics Group for an undisclosed amount.This acquisition will broaden ABB’s robotics and automation offering, allowing it to deliver a unique automation portfolio while expanding into new industry segments, making it the only company to offer a comprehensive portfolio.
ASTI Mobile Robotics Group is a European-based manufacturer of the autonomous mobile robot (AMR).
The countries covered in the robotics technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The robotics technology market research report is one of a series of new reports that provides robotics technology market statistics, including global market size, regional shares, competitors with a robotics technology market share, detailed robotics technology market segments, market trends and opportunities, and any further data you may need to thrive in the robotics technology industry. This robotics technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Read the full report: https://www.reportlinker.com/p06443906/?utm_source=GNW
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