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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• 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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