New York, United States , Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Robotics Technology Market Size is to Grow from USD 100.7 Billion in 2023 to USD 435.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.78% during the projected period.
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Robotics technology is an engineering and technology discipline focused on designing, developing, operating, and deploying robots. This field involves creating tools that can operate independently or semi-autonomously, emulating human behavior and interactions with the environment. Robotic technology allows tasks to be performed rapidly, precisely, and accurately, which enhances productivity and efficiency. These advantages lead to better customer convenience and an improved user experience. Moreover, robotic automation helps streamline processes, optimize resource use, and increase overall operational efficiency, creating substantial opportunities for businesses in the global market. The global robotics technology market is fueled by the increasing adoption of automation across various industries. As businesses seek to boost productivity and efficiency, they are turning to robotics to streamline operations, cut down on manual labor, and reduce human error. Automation enables tasks to be completed more quickly and accurately, resulting in higher-quality outputs and consistent performance. Additionally, robotics integration helps companies lower operational costs by minimizing downtime, optimizing resource use, and reducing reliance on human labor. This trend is particularly prominent in sectors such as manufacturing, healthcare, agriculture, and retail, where robotics technology is transforming traditional processes and driving market expansion. However, the high initial costs of implementing and maintaining robotic systems have restrained the robotics technology market. The significant investment needed for acquiring advanced robotic hardware, integrating it with existing systems, and training staff can be prohibitively expensive for many organizations, especially small and medium-sized enterprises (SMEs).
Browse key industry insights spread across 195 pages with 110 Market data tables and figures & charts from the report on the "Global Robotics Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Service), By Robot Type (Traditional industrial robots, Cobots, Professional service robots, Others), By Application (Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment dominates the market with the highest market share of the robotics technology market during the projected period.
Based on the components, the robotics technology market is divided into hardware, software, and service. Among these, the hardware segment dominates the market with the highest market share of the robotics technology market during the projected period. The adoption of robotics technology is steadily rising across various industries, increasing the demand for robotic hardware components essential for developing and deploying new robotic systems. As sectors such as manufacturing, healthcare, and logistics increasingly incorporate robotics to enhance efficiency and productivity, the need for advanced components—like sensors, actuators, and control systems—has surged. This growing demand underscores the broader trend toward automation and emphasizes the critical role these hardware components play in advancing robotic technology. As industries strive to innovate and stay competitive, the ongoing expansion of robotics technology continues to drive the need for these vital components.
The traditional industrial segment holds the highest market share in the robotics technology market during the projected period.
Based on the robot type, the robotics technology market is categorized into traditional industrial robots, cobots, professional service robots, and others. Among these, the traditional industrial segment holds the highest market share of the robotics technology market during the projected period. The increasing popularity of industrial robots is expanding their use across various sectors, including manufacturing and healthcare. As traditional industrial robotics becomes more prevalent, its applications are growing quickly, providing innovative solutions to streamline processes, enhance accuracy, and boost productivity. This rapidly growing sector is experiencing substantial growth as industries across the board recognize the advantages of robotic technology in optimizing operations and achieving superior performance standards. The widespread adoption of industrial robots underscores their versatility and potential to revolutionize a wide range of industries.
The healthcare segment holds the highest market share in the robotics technology market during the projected period.
Based on the application, the robotics technology market is categorized into manufacturing, healthcare, aerospace & defense, media & entertainment, logistics, and others. Among these, the healthcare segment holds the highest market share of the robotics technology market during the projected period. In the healthcare sector, robots play a vital role in a variety of functions, including performing minimally invasive treatments, providing personalized and frequent monitoring for chronic condition patients, delivering advanced therapeutic interventions, and enhancing social interactions for the elderly. These robots are engineered to conduct precise surgical procedures, reducing recovery times and minimizing complications. They also enable continuous monitoring of patients' health metrics, allowing for timely medical interventions and tailored care. Furthermore, robots offer adaptive therapy options that meet individual patient needs and provide companionship and social engagement for the elderly. This wide range of applications underscores the transformative effect of robotics on improving healthcare delivery and patient outcomes.
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Asia Pacific is expected to hold the largest share of the robotics technology market over the forecast period.
Asia Pacific is expected to hold the largest share of the robotics technology market over the forecast period. The Asia-Pacific region dominated the global robotics technology market, with China, South Korea, and India playing significant roles. Growth in this region is driven by continuous government initiatives to promote technological advancements. Additionally, Singapore's Housing Development Board intends to deploy autonomous drones or robots to identify and clean only the dirty areas of public housing blocks, to conserve water. Additionally, the implementation of diverse strategies by market players is further propelling the expansion of the robotics technology market in Asia-Pacific.
Europe is predicted to grow at the fastest pace in the robotics technology market during the projected period. The UK is at the forefront of the robotics technology market in Europe. Recently, there has been a rising demand for a range of robots in the region, including educational, industrial, interactive entertainment, and service robots. Denmark, Germany, Sweden, and Italy are the leading European countries where industrial robots are widely utilized. The European market is expanding as robots are increasingly adopted in both industrial and domestic environments. This growth is fueled by advancements and the development of state-of-the-art robotics technology in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the robotics technology market are Universal Robots A/S, Boston Dynamics, Northrop Grumman Corporation, Cyberlink, Omron Corporation, Fanuc Corporation, KUKA AG, Yaskawa Electric Corporation, DENSO, Orporation, iRobot Corporation, Nachi-Fujikoshi Corp., Kawasaki Heavy Industries, Ltd., Honda Motor Co. Ltd., ABB Group, Sony Corporation, Tompkins Robotics, Mitsubishi Electric Corporation, Others.
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Recent Developments
- In March 2023, Tompkins Robotics introduced the PickPal product series, a line of pick assist (PA) autonomous mobile robots (AMRs). The PickPal series offers a rapidly deployable, cost-effective robotic solution that can be integrated into existing order fulfillment operations, utilizing a scalable robotics-as-a-service (RaaS) model.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the robotics technology market based on the below-mentioned segments:
Global Robotics Technology Market, By Component
- Hardware
- Software
- Service
Global Robotics Technology Market, By Robot Type
- Traditional industrial robots
- Cobots
- Professional service robots
- Others
Global Robotics Technology Market, By Application
- Manufacturing
- Healthcare
- Aerospace & Defense
- Media & Entertainment
- Logistics
- Others
Global Robotics Technology Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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