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Robotics Market: Analysis and Forecast 2022-2027
Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices by a Robotics Market
The robotics was valued to be worth USD 22.87 in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 11 percent, achieving a value of around USD 41.63 billion by 2027.
The Robotics Market broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. The robotics industry is being pushed by a growing demand for automation and safety in businesses, and the emergence of low-cost, energy-efficient robots. The introduction of this technology has benefited producers and service providers all over the world since it has increased productivity, decreased human errors, improved quality, and automated procedures. The Asia Pacific is the biggest category spender by region which is impelling the demand for the robotics industry.
Robotics: Market Definition and Segmentation
Scope
Robotics is a broad field of computer science and engineering. It is a field that integrates science, architecture, and technology to make bots that perform (or imitate) human functions. Moreover, it entails the development and management of technologies that can conduct physical tasks autonomously or semi-autonomously. Robotics can execute jobs that are either too monotonous or too risky for a person to complete safely.
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The robotics Market comprises segments:
- By application – Industrial Robots, Commercial Robots, Domestic Robots, Military Robots, Social & Entertainment Robots
- By region – North America, Europe, Asia Pacific, the Middle East, Africa, and South America
Snapshot of the Report
The regional markets for the industry can be divided into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Category Drivers
The sector is being propelled forward by different technical breakthroughs. Healthcare, military & security, aerospace, education, food & beverage, housing, and electronics are among the industries that use robot technology to boost efficiency through tailored solutions. For bomb dispersal, mine detection, and monitoring, robotics is being quickly used in the defence and security sectors. Underwater robotics, human-robot interaction, legged mobility, machine learning (ML), and self-driving cars are just a few examples of recent advancements.
Aside from that, as robots become more connected to internal data systems, cybersecurity issues have grown significantly. As a result, organisations, and enterprises all over the world have been investing heavily in research and development (R&D) activities to address existing dangers while ensuring safe, secure, and reliable output. The worldwide robotics market is predicted to grow as the sector shifts toward automation, which will allow for mass customization and shorter product life cycles. Robot manufacturers are seeing a surge in market demand as more companies implement industry 4.0 technology and automation in their manufacturing lines. Technology vendors are collaborating with industry participants to offer robot builders enterprise-grade automation solutions such as navigation, mapping, risk, and obstacle avoidance.
Category Insight by Region
The Asia Pacific region is powering the industry’s development, with South Korea and China leading the way in robotics implementation thanks to their enormous electronic and automobile manufacturing industries. APAC will continue to be the fastest-growing region as China recovers in the coming years and other nations such as Taiwan and Thailand push for greater automation. Firms in APAC are being compelled to automate to maintain their cost advantage.
Robotics are in high demand due to their wide range of applications in a variety of industries. The technology is being used because businesses require automated safety. Furthermore, rising labour and energy costs are fueling the market’s expansion. Robots have been a crucial component in less invasive operations in non-industrial industries such as healthcare. In the agricultural sector, rising costs and labour shortages are paving the way for non-industrial robots. Crop harvesting and collecting vegetables and fruits without harming them are two applications in which robots have shown to be highly useful. The continual need to upgrade industrial facilities to deal with rising labour costs, an ageing workforce, and a greater emphasis on efficiency and quality will drive up demand for robots in the manufacturing industry.
Best Procurement Practices
The global robotics Market by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of robotics across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Robotics is a branch of artificial intelligence (AI) that investigates two or more subjects or areas of knowledge, such as robot conception, operation, design, and manufacture. Electrical and mechanical engineering, as well as computer science, are all included. Robots are multifunctional, autonomous, and reprogrammable industrial robots that may be controlled via a range of high-tech devices like visual, tactile, and aural sensors. The advancement of this technology has provided convenience, better productivity, reduced human errors, improved quality, and process automation to producers and service providers all over the world.
Key Supplier Profiles included in the robotics Market
The key market players are Fanuc Corporation, Yaskawa Electric Corporation, ABB Ltd., Kawasaki, Heavy Industries, Ltd and Nachi-Fujikoshi Group.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.
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