As per the latest report by IMARC Group, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the market reached a value of US$ 23.6 Billion in 2020. The global robotics market to grow at a CAGR of 20.6% during 2021-2026. Robotics refers to an interdisciplinary field of science that deals with the conception, design, operation, handling and manufacturing of robots. Robots are multifunctional, automatic and re-programmable machines designed to accomplish various complex activities with precision, speed and intelligence. Earlier, their usage was limited to assembly lines in the automotive industry. Nowadays, robots are widely utilized for performing multiple tasks like exploring outer space, mowing lawns, cleaning nuclear waste and performing surgeries.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Robotics Market Trends:
The global robotics market is majorly being driven by the increasing automation and safety across several industry verticals, along with growing investments by governments of various nations to promote mobility and decision-making in unstructured environments. In line with this, the rising awareness regarding its associated benefits, such as convenience, reduced human errors, increased output level, and enhanced quality, is acting as another growth-inducing factor. Additionally, the increasing instances of cybersecurity threats has further prompted various small- and medium-sized enterprises (SMEs) to incorporate robots with their internal data systems, which, in turn, is supporting the market growth. Other than this, manufacturers are performing extensive research and development (R&D) activities to introduce innovative product variants and advance robotics technology, such as programming capacity, sensors, connected devices, machine learning (ML), legged mobility, and water-resistance robots. These products are compatible with the existing infrastructure and are helping in monitoring various environmental parameters, including temperature, light, motion, and air pressure, which is further catalyzing the market growth. Moreover, robotics is extensively being used in the medical and pharmaceutical industries for performing surgeries, rehabilitation, medical transportation, prescription dispensing, and sanitation, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of around 20.6% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Group
- KUKA AG
- FANUC Corporation
- Yaskawa Electric Corporation
Robotics Market Segmentation:
Our report has categorized the market based on region and product type.
Breakup by Product Type:
- Industrial
- Service
At present, service robots are the most popular in the industry.
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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