Increase in the demand for automated systems and safety concerns for different online platforms to boost the global robotics market through 2026.
According to TechSci Research report, “Global Robotics Market By Component (Hardware and Software), By Type (Articulated, Cartesian, SCARA, Cylindrical and Others), By End User (Healthcare, Media & Entertainment, Aerospace & Defense, Logistics, Automotive and Others), By Region, Competition, Forecast & Opportunities, 2016-2026’’, the Global Robotics Market is projected to cross USD68.246 billion by 2026 at a CAGR of 4.91%, on account of the growing demand for robotic systems in defense for unmanned missions and the developing research activities linked with new robotic product launches. Moreover, the growth in the usage of robotic procedures in the healthcare sector for assisting with surgeries, public relationships, personnel care, etc. will positively influence the Global Robotics Market in the upcoming years.
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The Global Robotics Market can be segmented based on component, type, end-user and region. In terms of component, the market can be branched into hardware and software. The software segment has a market share of 50.77% in 2020 due to the high demand for different automation and simulations in the healthcare, defense, security and education sectors in growing economies. The increase in the use of robotic systems with the growth of new Artificial Intelligence (AI) technology across the world is driving the software segment of the Global Robotics Market.
On the basis of type, the market is segmented into articulated, cartesian, SCARA, cylindrical and others (spherical, delta, parallel, etc.). The articulated segment has 55.56% of the market shares in 2020 owing to more degrees of freedom than other robot types. This robotic system is designed to mimic the human arm, thus positively shaping their growth in the Global Robotics Market.
Based on End User, the market can be bifurcated into healthcare, media & entertainment, aerospace & defense, logistics, automotive and others (food & beverages, electronics, machinery, etc.). The healthcare segment accounts for the largest market share of 32.18% due to the increase in demand for the accuracy, precision and remote treatments, mainly after the COVID-19 pandemic.
In the Global Robotics Market, Asia-Pacific is the largest contributor with 35.27% of market shares in 2020. China is the largest contributing country in the region for the forecasted period, followed by South Korea, Japan, India and Australia. Being the world’s largest robotics manufacturers and exporter, China’s growing urbanization and research technologies are contributing to the country’s leading market position. Meanwhile, India is at fourth position after South Korea and Japan in terms of manufacturing robots and is growing at a quicker pace as the research and development sectors are emerging in the upcoming years.
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Sony Corporation, Midea Group Co. Ltd., Honda Motor Co. Ltd, Siemens AG, DENSO Corporation, Rockwell Automation Inc., KION Group AG, Seiko Epson Corporation, Yamaha Motor Co. Ltd., ABB Ltd., etc. are among the leading players operating in Global Robotics industry. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in Global Robotics Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support in the competitive robotics market.
“Increasing technological advancements across major developed as well as developing countries coupled with an increasing demand for simulation and automation systems across the globe are boosting the Global Robotics Market. The need for manufacturing of miniature, inexpensive and energy efficient robotics solutions for a wider consumer base is a boosting factor for the market globally. Moreover, growing innovation in the design of robotics systems has also been positively influencing the market with a continuous urge for launching new products in the upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Robotics Market By Component (Hardware and Software), By Type (Articulated, Cartesian, SCARA, Cylindrical and Others), By End User (Healthcare, Media & Entertainment, Aerospace & Defense, Logistics, Automotive and Others), By Region, Competition, Forecast & Opportunities, 2016-2026’’ has evaluated the future growth potential of Global Robotics Market by providing the statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in the Global Robotics Market.
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