The design, build, and maintenance of robots and the other increasingly intelligent machines that run our factories and warehouses and help us navigate is booming.
The new Allied Market Research report, “Robotics Technology Market by Component (Hardware, Software, and Services), Type of Robots (Traditional Industrial Robots, Cobots, Professional Service Robots, and Others), Application (Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027” has just been made available.
According to the report, the global robotics technology industry was estimated at $62.75 billion in 2019, and is expected to hit $170.08 billion by 2027, registering a CAGR of 13.5% from 2020 to 2027.
Drivers, restraints, and opportunities
The report cited the following factors driving the growth of the global robotics technology market, including:
- Rise in need for automation and safety in organizations,
- availability of affordable and energy efficient robots,
- increase in deployment of robots in several industries, and
- surge in labor & energy costs.
On the other hand, high implementation costs and lack of awareness about automation among the SMEs impede the growth to certain extent. However, growth in adoption of robotics technology across the world is projected to create multiple opportunities in the industry.
Due to the global lockdown, there has been a lack of demand for automated machines from the construction, automotive, and many more other industries which, in turn, has impacted the robotics technology market badly. Also, disruptions in the supply chain have curtailed growth to some extent.
However, with restrictions easing, the market is expected to rebound.
Hardware segment to lead by 2027
Based on component, the hardware segment contributed to nearly three-fourths of the global robotics technology market share in 2019, and is expected to retain its dominance to the end of 2027, owing to the fact that hardware components are cheaper than software modules and are also faster to deploy. The service segment, on the other hand, would grow at the fastest CAGR of 16.7% throughout the forecast period. Rise in need of different services such as managed services and professional services propel the growth of the segment.
Manufacturing segment to dominate till 2027
Based on application, the manufacturing segment accounted for more than three-fourths of the global robotics technology market revenue in 2019, and is anticipated to rule the roost by 2027. This is attributed to high labor costs, new safety regulations, and stringent emission norms issued by several government bodies. Simultaneously, the aerospace and defense segment will have the fastest CAGR of 16.7% during the study period. Increased rate of unmanned systems, high-end technological advancement, and surge in government expenditure fuel the segment growth.
Asia-Pacific will lead till 2027, North America to grow at a significant pace
Based on geography, Asia-Pacific held the major share in 2019, generating more than two-thirds of the global robotics technology market. The same region would also manifest the fastest CAGR of 14.4% till 2027. Rise in growth in automation and intensive research and development in a number of countries including Japan, China, India, Australia, and Taiwan drives the market growth. Moreover, North America is anticipated to portray the CAGR of 13.3% from 2020 to 2027.
Frontrunners in the industry include:
- Denso Corporation
- Fanuc Corporation
- KUKA AG
- ABB Ltd
- Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.)
- Yaskawa Electric Corporation
- Mitsubishi Electric Corporation
- Seiko Epson Corporation
- OMRON Corporation
- Stäubli International A
Source: Allied Market Research