Another significant factor boosting the growth of the global robotic technology market is the growing utilization of service robots all around the world.
PORTLAND, PORTLAND, OR, UNITED STATES, November 16, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Robotics Technology Market,” The robotics technology market was valued at $87.4 billion in 2022, and is estimated to reach $349.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
Robotics technology is an interdisciplinary field that involves the integration of engineering, computer science and other fields of science to design, develop, and deploy robots. A robot is a programmable machine that can perform various tasks independently or with minimal human involvement. Robotics technology includes the design, building, operation, and utilization of robots in a variety of industries, including manufacturing, health care, agriculture, and logistics.
Robotics technology is applicable in several industries, reducing operational costs, increasing efficiency & accuracy, and improving business experience. Industrial robots are widely used for tasks such as assembly, welding, material handling, and packaging in manufacturing operations. It improves speed in production processes, leading to higher productivity and reduced costs. Moreover, robotics technology has transformed healthcare in numerous ways. Robots are employed for tasks such as medication delivery, patient monitoring, and rehabilitation. These applications foster the demand for robotics technology market in different industries.
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In addition, the logistics and warehousing industry has witnessed significant advancements with the adoption of robotics technology. Autonomous mobile robots (AMRs) and automated guided vehicles (AGVs) are widely used for material handling, order picking, and inventory management, which further contribute to augmenting the global robotics technology market forecast. Furthermore, the demand for robotics technology market continues to rise driven by the need for versatility, precision, and automation capabilities of robots that continue to drive innovation and transform operations, enhancing productivity in businesses.
Robotics Technology Market Growth Factors:
The global robotics technology market is propelled by the growing demand for automation and safety in organizations, the increased availability of cost-effective and energy-efficient robots, and the integration of robots across various industries. Factors such as rising labor and energy costs contribute to this market growth. Nevertheless, challenges include high initial and maintenance expenses and limited awareness among SMEs. Despite these obstacles, the market is expected to benefit from increased adoption of robotics technology in emerging economies and the widespread incorporation of artificial intelligence (AI) and machine learning (ML) technologies, presenting promising growth opportunities in the foreseeable future.
The global robotics technology market is experiencing robust growth, primarily attributed to increased investments and funding in the technology sector. The International Federation of Robotics’ World Robotics report highlights a rising demand for robots, fueled by investments in new vehicle production capabilities and the modernization of industrial areas. The surge in the adoption of industrial robots is a key driver for the overall growth of the global robotic technology market. An illustrative example is the 2020 agreement between BMW AG and KUKA, where approximately 5,000 robots were contracted for deployment in new manufacturing lines and facilities worldwide. These industrial robots are set to be utilized across BMW Group’s international manufacturing locations to produce both current and future vehicle models, according to KUKA.
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The traditional industrial robots segment maintained its dominance in the robotics technology market in 2022 and is expected to continue leading during the forecast period, driven by widespread use in manufacturing. Despite this, the cobots segment is poised for the highest growth, propelled by versatility, user-friendliness, and the ability to collaborate with humans across various tasks and industries.
In terms of regions, Asia-Pacific claimed the largest share in the robotics technology market in 2022. This can be attributed to the surge in digital transformation initiatives and the adoption of advanced technologies like cloud computing, data analytics, AI, and IoT, particularly in countries such as China, Japan, and India. Additionally, the focus on upgrading or replacing aging infrastructure, coupled with a growing emphasis on improving consumer experience and safety, is expected to drive the adoption of robotics technology, fostering growth in the industry throughout the region.
The market players operating in the robotics technology market analysis are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG, and Yaskawa Electric Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the robotics technology industry globally.
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The report provides a detailed analysis of these leading players in the global robotics technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
The COVID-19 pandemic underscored the vital role of robotics in healthcare, creating expanded opportunities in the post-pandemic era for robotics technology across sectors like telemedicine, remote patient monitoring, robotic surgery, and drug delivery. Advanced robotic systems not only contribute to improved healthcare services and patient treatment but also address emerging healthcare challenges. This trend is anticipated to open numerous prospects for the robotics technology market. Furthermore, the heightened focus on cleanliness and hygiene, persisting in the post-pandemic world, is propelling the adoption of robotics technology.
Robotics technology is instrumental in delivering efficient disinfection and sanitization solutions. Consequently, businesses are enhancing their robotics technology offerings, exemplified by Wipro’s introduction of ‘sanitization walkway robots’ in May 2020. These walkways feature specially designed spray nozzles, creating fine water particles for extensive coverage, establishing a robust foundation for the growth of robotics technology as businesses increasingly embrace digital trends in the forecast period.
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