The global robotics market size was valued at USD 23.67 billion in 2020 and is expanding at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to technological advances in cognition, interaction, and manipulation.
Robots, drones, and artificial intelligence have all sparked interest as a result of the new coronavirus. These technologies will aid in the alleviation of severe personnel shortages in healthcare, manufacturing, and supply chains, as well as the requirement for 'social distance,' as well as diagnosis and treatment. In healthcare, for example, service robots play a critical role in decreasing human interaction at all levels, from patient inspection through patient care and medicine administration.
The outbreak provided an excellent chance for businesses to demonstrate robots for public use. The pandemic's primary components are public relations, rescue and security, cleaning, inspection, monitoring, and detection. Since the emergence of the COVID-19 pandemic, disinfection robot UVD has been in great demand.
According to the World Robotics Report 2019, the Republic of Korea has a new record stock of over 300,000 operating industrial robots in 2018. South Korea has quadrupled its robot population in only five years. In 2018, the country came in third place, after China and Japan. However, in recent years, the dynamics of robot installations have dropped, and this trend is likely to continue in 2019.
South Korea, on the other hand, is impacted by the US-China trade war, which might have both positive and bad consequences: For Korea's intermediate products, China is a well-known export destination. China's demand is likely to drop as a result of the dispute. Korean items, on the other hand, may be used to replace some Chinese ones.
According to the Japanese Ministry of Internal Affairs and Communications, about 36.2 million people would be 65 or older in 2020. This encourages businesses to invest in items for the region's senior citizens. With an ageing population, the government is increasingly seeking robotics and artificial intelligence (AI) to assist caregivers in nursing facilities in caring for the elderly. Paro (baby seal), for example, is a robot that is meant to cure illnesses like Alzheimer's.
The report on the global robotics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Robotics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Industrial and Service) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
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 |
Service segment is projected to account for a major market share
On the basis of SEGMENT, the global robotics market is segregated into industrial and service. The service segment is expected to account for a key share of the market during the forecast period owing to factors such as the ageing population and a scarcity of healthcare personnel. In addition, because of the rise of omnichannel shopping, distribution centres and logistics warehouses must adapt their systems to handle both pallets and packaging meant for retail shelves and pick and pack a wide range of products for direct shipment to individual customers.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global robotics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to the ageing population of nations such as Japan and China are propelling usage in the medical technology industry.
Moreover, Asia-Pacific is anticipated to expand at the fastest rate throughout the forecast period, owing to the widespread use of industrial robots in the area. Due to huge deployment in the country's dominant electronic and automobile manufacturing industries, China is leading the regional adoption rate of robots.
Key players competing in the global robotics market 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.
Yaskawa Motoman introduces the HC20XP collaborative robot in March 2020. The 20 kg payload HC20XP collaborative robot, which comes with hand-guided instruction for robot system installation, is ideal for situations where robots must operate securely or near to humans. The IP67-rated collaborative robot is designed to work in wet or splash-prone situations for extended periods. This type is made of cast aluminum and has a surface that is suited for use in hygienic situations where wiping or washing is necessary.
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