Increase in requirement of automation & safety in organizations and presence of cost-effective & energy efficient robots propel the growth of the global robotics technology market. Asia-Pacific contributed to the major share in 2019, accounting for more than two-thirds of the total share of the market. Due to the lockdown issued by many governments, the demand for automated machinery from automotive, construction, and other industries has been dried up considerably.
Portland, OR, Sept. 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global robotics technology market generated $62.75 billion in 2019, and is estimated to reach $170.08 billion by 2027, witnessing a CAGR of 13.5% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top investment pockets, value chain, key segments, and competitive landscape.
Increase in requirement of automation & safety in organizations, presence of cost-effective & energy efficient robots, and rise in deployment of robots in different industries propel the growth of the global robotics technology market. However, high costs incurred in implementation and less awareness regarding automation among SMEs hinder the market growth. On the other hand, adoption of robotics technology in developing countries offers new opportunities in the industry.
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Due to the lockdown issued by many governments, the demand for automated machinery from automotive, construction, and other industries has been dried up considerably. In addition, disruptions in the supply chain have impacted the demand as well.
The research and development activities have been paused in some of the countries due to lockdown. However, many countries have eased off restrictions. So, manufacturing plants have begun their operations and R&D activities have been resumed.
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The report offers detailed segmentation of the global robotic technology market in terms of component, type of robot, application, and region.
On the basis of component, the hardware segment accounted for around three-fourths of the total share of the global robotics technology market in 2019, and is expected to maintain its dominance by 2027. On the other hand, the service segment is estimated to witness the highest CAGR of 16.7% throughout the forecast period.
Based on application, the aerospace & defense segment is expected to portray the highest CAGR of 16.7% from 2020 to 2027. However, the manufacturing segment held more than three-fourths of total share in terms of revenue in 2019 and is estimated to continue its dominant position by 2027.
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Based on region, Asia-Pacific contributed to the major share in 2019, accounting for more than two-thirds of the total share of the global robotics technology market. This region is estimated to grow at the fastest CAGR of 14.4% from 2020 to 2027. However, North America is expected to witness a CAGR of 13.3% during the forecast period.
Leading players of the global robotic technology market analyzed in the research include ABB Ltd., Fanuc Corporation, Denso Corporation, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), KUKA AG, OMRON Corporation, Mitsubishi Electric Corporation, Stäubli International AG, Seiko Epson Corporation, and Yaskawa Electric Corporation.
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