Global Robotics Market valued at USD 23.67 billion in 2020 | Growth Market Reports

Posted April 26, 2022 by MarketResearch7

The global robotics market size was valued at USD 23.67 billion in 2020 and is expanding at a high CAGR during the forecast period, 2021–2028.
The global robotics market size was valued at USD 23.67 billion in 2020 and is expanding at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to technological advances in cognition, interaction, and manipulation.

Robots, drones, and artificial intelligence have all sparked interest as a result of the new coronavirus. These technologies will aid in the alleviation of severe personnel shortages in healthcare, manufacturing, and supply chains, as well as the requirement for 'social distance,' as well as diagnosis and treatment. In healthcare, for example, service robots play a critical role in decreasing human interaction at all levels, from patient inspection through patient care and medicine administration.

The outbreak provided an excellent chance for businesses to demonstrate robots for public use. The pandemic's primary components are public relations, rescue and security, cleaning, inspection, monitoring, and detection. Since the emergence of the COVID-19 pandemic, disinfection robot UVD has been in great demand.

According to the Japanese Ministry of Internal Affairs and Communications, about 36.2 million people would be 65 or older in 2020. This encourages businesses to invest in items for the region's senior citizens. With an ageing population, the government is increasingly seeking robotics and artificial intelligence (AI) to assist caregivers in nursing facilities in caring for the elderly. Paro (baby seal), for example, is a robot that is meant to cure illnesses like Alzheimer's.

Market Segment Insights

Service segment is projected to account for a major market share
On the basis of SEGMENT, the global robotics market is segregated into industrial and service. The service segment is expected to account for a key share of the market during the forecast period owing to factors such as the ageing population and a scarcity of healthcare personnel. In addition, because of the rise of omnichannel shopping, distribution centres and logistics warehouses must adapt their systems to handle both pallets and packaging meant for retail shelves and pick and pack a wide range of products for direct shipment to individual customers.

Asia Pacific is anticipated to dominate the market
On the basis of regions, the global robotics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to the ageing population of nations such as Japan and China are propelling usage in the medical technology industry. Moreover, Asia-Pacific is anticipated to expand at the fastest rate throughout the forecast period, owing to the widespread use of industrial robots in the area. Due to huge deployment in the country's dominant electronic and automobile manufacturing industries, China is leading the regional adoption rate of robots.

Compititive Landscape
Key players competing in the global robotics market include 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.

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Last Updated April 26, 2022