Robotics Technology Market to Grow at a CAGR of 16.2% to Reach USD

The robotics technology market is growing at a compound annual growth rate of 16.2% reaching the US dollar

Allied Market Research has published a new report titled, “Robots Technology Market Grows at a CAGR of 16.2% to $189.36 Billion by 2027.” The report provides a comprehensive analysis of key growth strategies, drivers, opportunities, key sector, Porter’s five forces analysis, and competitive landscape. This study is a useful source of information for market players, investors, VPs, stakeholders and new entrants to gain a comprehensive understanding of the industry and to identify the steps that need to be taken to gain a competitive advantage.

Increasing need for automation, safety in regulation, and availability of affordable and energy efficient robots is driving market growth. In addition, rising labor and energy costs and increasing use of robotics technology in various sectors are driving market growth. However, the high initial cost of robots and lack of awareness among SMEs is hampering the growth of the market. Moreover, growth in adoption of robotics technology in emerging economies and increased use of it in malicious applications is expected to provide lucrative opportunities for market growth.

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The global robotics technology market is analyzed by components, robot type, application, and region. On a component basis, the hardware segment captured the major market share in 2019 and is expected to dominate by 2027. This is due to the fact that hardware components are cheaper than software modules and they are also faster to setup. At the same time, the service sector will show the fastest compound annual growth rate during the forecast period. The increase in demand for various services such as managed services and professional services is driving the growth of the sector.

By application, the manufacturing segment was led by the manufacturing segment in 2019 in the global robotics technology market and is expected to maintain its dominance during the forecast period. The main factors driving the adoption of robotics in the manufacturing sector include a shortage of labor in the manufacturing sector and an increasing need for automation in this sector. However, the healthcare sector is expected to grow at the highest rate during the forecast period, due to increased government spending, technology maturity, and increased adoption of robotics technology in the healthcare sector.

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At the region level, the Asia-Pacific region dominated the robotics technology market in 2019 and is expected to witness the highest growth rate during the forecast period due to the increasing presence of robotics vendors and increasing demands from industrial sectors in the Asia-Pacific region.

Key players identified 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 Corporation electricity.

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Covid-19 scenario-

• The outbreak of the pandemic has led to an increase in the adoption of robotics technology in many sectors of industry to reduce the impact of the virus on human workers.

• This trend is likely to continue even in the coming years after recovery from the COVID-19 pandemic.

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Finally, this report provides market information in a more comprehensive way. The report structure has been retained to provide maximum business value. It provides important insights into market dynamics and will enable strategic decisions for existing market players as well as those who wish to enter the market.

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Allied Market Research (AMR) is the market research and business advisory firm of Allied Analytics LLP, based in Portland, Oregon. AMR provides market research reports, business solutions, advisory services and market insights across 11 industry sectors. By adopting extensive research methodologies, AMR plays an integral role in helping its clients make strategic business decisions and achieve sustainable growth in their respective market areas. We are staffed with skilled analysts and experts, and have extensive experience working with several Fortune 500 companies and small and medium enterprises.

Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and insights. We are in professional corporate relationships with different companies. This helps us to extract market data which helps us to create accurate research data tables and assure the utmost accuracy in our market forecasts. Every data company in the field is involved. Our methodology for obtaining secondary data includes in depth presented in the reports published by us and elicited through primary interviews with senior officials from research and online and offline discussions with knowledgeable industry professionals and analysts.

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