Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global robotics market reached a value of US$ 33.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 87.2 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Robotics is an interdisciplinary branch of artificial intelligence (AI) that studies the conception, operation, design and manufacturing of robots. It involves different fields of electrical and mechanical engineering and computer science. Robots refer to multifunctional, automatic and re-programmable industrial machines, which can be embedded with a variety of high-tech devices, such as visual, tactile and audio sensors. They are designed to perform several tasks automatically with speed, intelligence and accuracy. The essential components of a robot are body or frame, control system, manipulators and drivetrain. The R&D in the field of robotics enables the development of versatile robots that can perform tasks across various industries, including healthcare, aerospace, defense and automotive. The emergence of this technology has facilitated producers and service providers across the globe with convenience, increased output level, reduced human errors, enhanced quality and process automation.
Over the past few years, market players have been introducing high-quality, innovative robotic technologies in the industrial sector, where these are used for warehousing, manufacturing, and assembling applications. Some of these innovations include underwater robotics, human-robot interaction, legged mobility, machine learning (ML), and self-driving vehicles. Besides this, there has been a significant increase in cybersecurity threats as robots are becoming more connected with internal data systems. Owing to this, organizations and firms across the globe have been investing heavily in research and development (R&D) activities to address the current vulnerabilities while ensuring safe, secure and reliable production. Furthermore, AI and robotic technologies are largely used in the healthcare sector on account of the rising need of surgical robotics, and growth in lab and pharmacy automation. Also, there has been an escalating demand for collaborative robots to avoid any possible errors. These robots can operate alongside humans and are considerably cheaper than their industrial counterparts.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global robotics market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type.
Breakup by Product Type:
Breakup by Type
Breakup by Type
Personal and Domestic
Breakup by Application
Mobile Platform Applications
At present, service robots are the most popular in the industry.
Middle East and Africa
On the basis of regions, Asia Pacific represents the biggest market for robotics, accounting for the majority of the total market share.
The report has also analyzed the competitive landscape of the market. Some of the key players operating in the market include ABB Group, KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.
Key Questions Answered in This Report
1. What was the size of the global robotics market in 2021?
2. What is the expected growth rate of the global robotics market during 2022-2027?
3. What are the key factors driving the global robotics market?
4. What has been the impact of COVID-19 on the global robotics market?
5. What is the breakup of the global robotics market based on the product type?
6. What are the key regions in the global robotics market?
7. Who are the key players/companies in the global robotics market?
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook