Robotics Technology Market Report

Market Insights

"The global robotics technology market is expected to grow from USD 101.52 billion in 2022 to USD 200.85 billion by 2029 at a CAGR of 10.2% during the forecast period."

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Introduction

Robotics technology involves the creation, design, operation, and use of robots for various applications. Robotics technology aims to create intelligent machines that can perform tasks typically done by humans or enhance human abilities. The field of robotics combines elements of mechanical engineering, electrical engineering, computer science, and artificial intelligence to create robots that can be programmed to perform specific tasks.

Robotics technology is used in a variety of applications, from manufacturing and assembly lines to space exploration and medicine. With the increasing advancements in artificial intelligence and machine learning, robotics technology is expected to continue to grow and become more sophisticated, potentially changing the way we live and work in the future.

Market Trends

• Collaborative Robots (Cobots): Cobots, which provide flexible and safe human-robot interaction, are becoming increasingly common in the manufacturing and service sectors.
• AI and Machine Learning Integration: AI-enhanced robot intelligence that allows for more sophisticated decision-making and adaptable actions.
• Industrial IoT (IIoT) and Connectivity: Robotics and IIoT systems are increasingly being integrated for better data analytics and predictive maintenance.
• Service Robotics Expansion: Service robot use in the home, retail, and healthcare industries is expanding quickly due to labor shortages and aging populations.
• Autonomous Mobile Robots (AMRs): There is a growing need for AMRs in manufacturing, warehousing, and logistics for effective material handling and transportation.
• Robotic Process Automation (RPA): Increasing adoption of software robots for automating repetitive business processes across various industries.
• Edge Computing in Robotics: Increasing trend of edge data processing for robotic systems to reduce latency and enable faster response times.

These trends emphasize intelligence, connectivity, and versatility across a range of applications and sectors, highlighting the rapidly changing world of robotics technology.

The demand for robotics technology is being driven by the push for automation across various sectors such as manufacturing, healthcare, and logistics. By using automated solutions, businesses want to increase production, lower labor expenses, and boost efficiency. The robotics domain has witnessed a significant increase in investments due to rising demand, as per the World Robotics report by the International Federation of Robotics.

Segment Analysis

Component Trends

"The service robotics segment accounted for the largest market share."

Service robotics will witness significant growth during the forecast period. The growing number of robot-assisted medical surgeries is driving product innovation in the market. In August 2022, Max Super Speciality Hospital in Mohali, India, introduced one of the most advanced technologies, the Da Vinci Xi Surgical Robot, to its hospital.

This launch of the revolutionary Da Vinci Xi Surgical Robot represents another patient-centric initiative taken by healthcare providers to offer patients access to quality healthcare services.

Regional Insights

"The Asia-Pacific region accounted for the largest market share."

The Asia-Pacific region is expected to hold a significant market share due to the widespread adoption of robots, with South Korea and China leading in the deployment of robotics in the massive electronic and automotive manufacturing industries. The Japanese government has also announced funding for the development of eldercare robots to address the projected shortage of around 380,000 skilled workers by 2025.

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Key Players

The major players operating in the global robotics technology market are:

• ABB Ltd.
• Denso Corporation
• Fanuc Corporation
• Kawasaki Robotics (Kawasaki Heavy Industries Ltd.)
• KUKA AG
• Mitsubishi Electric Corporation
• OMRON Corporation
• Seiko Epson Corporation
• Stäubli International AG
• Yaskawa Electric Corporation

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s robotics technology market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com