Cobots is expected to experience significant growth in the coming years, owing to growing adoption in SMEs for performing tasks that require higher payload capacity.

Follow us on Social Media:

According to a recent report published by Allied Market Research, titled, “Robotics Technology Market by Component, Type, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global robotics technology market was valued at $62.75 billion in 2019, and is projected to reach $170.08 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027.

Robotics technology is used by various industries for developing machines, which can substitute humans and replicate human work. Numerous benefits provided by the robotics technology include safety at workplace, increase in speed of work, and enhancement in productivity of the organization. In addition, various industries are adopting robotics technology to increase their production and profit margin as robots can complete tasks faster. Moreover, rise in need for automation and safety in organization and availability of affordable, energy efficient robots drive the growth of the market. In addition, rise in labor & energy costs and increase in usage of robotics technology in different industry verticals fuel the growth of the market. However, high initial cost of robots and lack of awareness among the SMEs hamper the growth of the market. Furthermore, growth in adoption of robotics technology in emerging economies and increased use in adverse applications are expected to provide lucrative opportunities for the growth of the market.

By application, the global robotics technology market was led by the manufacturing segment in 2019 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of robotics in the manufacturing sector include shortage of labor in the manufacturing sector and rise in need of automation in this sector. However, the aerospace & defense segment is expected to grow at the highest rate during the forecast period, owing to increased government spending, technology maturity, and increased ratio of unmanned systems.

Region wise, the robotics technology market was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include rapid adoption of robotics technology in different sectors, which include defense, manufacturing, and healthcare. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to increase in presence of robotics vendors and surge in its requirement from the industrial sectors in the Asia-Pacific region.

Key Findings Of The Study

By component, the hardware segment led the robotics technology market, in terms of revenue in 2019.

By type, the traditional industrial robots segment accounted for the highest robotics technology market share in 2019.

By application, the aerospace & defense segment is anticipated to exhibit substantial growth during the forecast period.

By region, Asia-Pacific generated the highest revenue in 2019.

The key players profiled in the robotics technology market analysis 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

