Market Research Report
Robotics Technology Market by Component, Robot Type, Application : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Published by||Allied Market Research||Product code||975072|
|Published||Content info||260 Pages
Delivery time: 2-3 business days
|Robotics Technology Market by Component, Robot Type, Application : Global Opportunity Analysis and Industry Forecast, 2020-2027|
|Published: October 31, 2020||Content info: 260 Pages||
Robotics Technology Market by Component (Hardware, Software, and Services), Robot Type (Traditional Industrial Robots, Cobots, Professional Service Robots, and Others), Application (Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027.
Robotics technology is the blend of computer application and machine tools design to perform various task such as manufacturing, designing and other application of robots. In addition, use of robotics technology helps companies with various advantages such as increasing productivity of the organization, reducing human errors, automating the entire process and enhancing the quality of the work. Robotics technology is used in a wide range of industries including healthcare, defense, aerospace, automotive and infrastructure.
Robots are used for numerous activities encompassing assembling products, detecting and defusing bombs, surgical operations, product inspection, space missions, cleaning and household chores. Furthermore, various industries across the globe are adopting robotics technology for carrying out repetitive task and time-consuming task efficiently. In addition, manufacturers increasingly prefer process automation owing to the rise in labor costs and the need to increase productivity thus driving the growth of the market.
Rise in need for automation and safety in organization and availability of affordable, energy efficient robots drive the growth of the market. In addition, rising labor & energy costs and increase usage of robotics technology in different industry vertical fuels the growth of the market.
However, high initial cost of the robots and lack of awareness among the SMEs hampers the growth of the market. Furthermore, growth in adoption of robotics technology in emerging economies and increase use in adverse applications are expected to provide lucrative opportunities for the growth of the market.
Although the robotics technology market has witnessed significant growth in past few years, the market is projected to exhibit a slight downfall in 2020, due to the outbreak of the COVID-19 pandemic. This is attributed to the implementation of lockdown by governments in majority of the countries and ban on travel to prevent the transmission of virus.
The robotics technology market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various industries such as supply chain, manufacturing, and healthcare are adopting robots to work instead of humans to reduce the impact of the virus and to enhance their market share, which is anticipated to provide lucrative opportunity for the market expansion during the forecast period.
The global robotics technology market is segmented on the basis of component, type of robots, application, and region. In terms of component, it is classified into hardware, software, and services. By type of robots, the market is divided into traditional industrial robots, cobots, professional service robots, and others. By application, the market is categorized into manufacturing, healthcare, aerospace & defense, media & entertainment, logistics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the robotics technology market analysis are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Staubli International AG and Yaskawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
By Robot Type