Report Ocean, a renowned market research firm that analyzes markets in over 150 countries and publishes 100,000+ reports annually, has provided a comprehensive research report and top strategies for The Robotics Market. This report has been prepared by subject matter experts, researchers, and market research professionals to ensure the use of accurate data from reliable sources and the highest level of forecast accuracy. To predict market growth, experts employ various methodologies and analytical approaches, including S.W.O.T. analysis, P.E.S.T.E.L. analysis, and regression analysis. The report also examines relevant policies and regulations implemented by the industry. It delves into research advancements, potential applications, innovation, and future trends in the Robotics Market sector.
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The Global Robotics Market is expected to increase at 28.51% CAGR, registering significant growth during the forecast period. The market was valued at USD 42,654.1 million in the year 2018; it is expected to reach USD 181028.6 million by 2024. Asia-Pacific accounted for the largest market value of USD 19,845.5 million in the year 2018; the market is forecast to register a CAGR of 31.22% during the forecast period. Based on type, the market has been classified as SCARA, cartesian, articulated, cylindrical, and parallel. The articulated segment accounted for the larger market share in the year 2018, with a market value of USD 9,937.1 million.
Market Overview
The robotics market has been undergoing rapid evolution and growth, driven by advancements in technology, automation needs across industries, and the pursuit of greater efficiency and productivity. Several key highlights can be identified when analyzing the robotics market:
Industry Adoption: The adoption of robotics has expanded beyond traditional manufacturing industries and into sectors such as healthcare, logistics, agriculture, and even retail. Robots are being used for tasks ranging from precision surgery in healthcare to autonomous delivery in logistics. This diversification of industries adopting robotics indicates a growing recognition of the potential benefits of automation.
Artificial Intelligence Integration: Artificial intelligence (AI) and machine learning (ML) have become integral components of robotics. These technologies enable robots to perform more complex and adaptive tasks, such as autonomous navigation, decision-making, and human-robot collaboration. As AI continues to advance, it is expected to further enhance the capabilities of robots.
Collaborative Robotics: Collaborative robots, or cobots, are gaining popularity due to their ability to work alongside humans safely. This trend is particularly evident in manufacturing, where cobots are used for tasks like assembly and quality control. The development of more intuitive human-machine interfaces and safety features has made it easier for humans and robots to work together seamlessly.
Sustainability and Green Robotics: As sustainability becomes a global priority, the robotics industry is focusing on developing environmentally friendly solutions. This includes the use of energy-efficient components, recycling materials, and creating robots that can help address environmental challenges, such as cleaning up pollution or assisting in renewable energy projects.
Market Growth: The robotics market is expected to continue its robust growth. Market research indicates increasing investments in research and development, startups, and acquisitions within the robotics sector. Additionally, the COVID-19 pandemic has accelerated the adoption of automation and robotics, particularly in industries seeking to reduce reliance on human labor in response to supply chain disruptions and health concerns.
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Market Vendors:-
BOSTON DYNAMICS (US), iROBOT Corporation (US), Heavy Industries, Ltd. (China), ABB Limited (Switzerland), Northrop Grumman Corporation(US), Omron Corporation(Japan), FANUC CORPORATION(Japan), Kuka AG (Germany), Yaskawa Electric Corporation(Japan), and Denso Corporation (Japan), Universal Robots A/S (Denmark), Nachi-Fujikoshi Corp (Japan), Kawasaki, Honda Motor Co. Ltd (Japan), Mitsubishi Electric Corporation (Japan), Sony Corporation (Japan) are some of the key players of global robotics market. Some of the key developments took place in April 2019, January 2019, In October 2018, In June 2018 and In February 2018. ABB partnered with Dassault Systemes to provide a digital twin created using 3DEXPERIENCE platform from the latter. This partnership allows customers to optimize its operations in a fully digital way, including design, build, operate, and maintenance phases of operations.
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