The Global Robotics Market was valued at around US$ 34 Billion in 2019 and the market is expected to register a double digit CAGR over the forecast period of 2020 - 2025. The market for robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, logistics, inspection and maintenance, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. The increasing use of robotics will boost the growth of the market in the coming future. However, the high initial investment and concern for human safety restricts the growth of the market.
Impact of COVID-19 on Robotics Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The number of infections and deaths from COVID-19 is still growing, and the duration of the pandemic is still difficult to predict. Following a slowdown in global demand of industrial robots due to the COVID-19 pandemic, it is expected that the major industrial robot vendors will struggle during the year 2020.
The novel coronavirus has increased interest in robots, drones, and artificial intelligence. These technologies can help deal with massive staffing shortages in healthcare, manufacturing, and supply chains; the need for social distancing; and diagnosis and treatment. For example, service robotics play a vital role in healthcare, they minimize human intervention at all levels, starting from patient examination to patient care and drug delivery mechanism. The virus has been a good opportunity for companies to display robots for public applications. Public Relations, Rescue and Security, Inspection, Cleaning, Monitoring, and Detection are all key aspects of containing the pandemic. Disinfection robot UVD for example has been in high demand since the outbreak of COVID-19 pandemic.
Industrial Robotics Market - Overview
The global industrial robotics market is likely to surpass US$ 24 Billion mark by 2025. The demand for industrial robotics is anticipated to grow exponentially during the forecasting period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial robotics market globally.
Global Service Robotics Market - Overview
The global service robotics market was valued at over US$ 17 Billion in 2019 and is expected to show significant growth during the forecast period, driven by an upsurge in its adoption owing to high labor cost, lack of skilled workforce, increasing research and development investments, growing awareness regarding the benefits of service robots, and increased demand for automation among professional and personal sectors. Service robots have witnessed widespread acceptance among various professional and personal applications owing to benefits such as enhanced usability, delivery of accurate and high-quality services, reliability, and reduced operational costs and human errors. Professional service robots are employed in various industries including medical, defense, agriculture, logistics, inspection and maintenance, rescue and security, construction, and professional cleaning among others, whereas personal service robots are used for domestic and entertainment and leisure purpose. The high initial investment and concern for human safety restricts the growth of the market.
This 229 Page report with 123 Figures and 18 Tables has been analyzed from 11 viewpoints:
1. Global Robotics Market and Volume Forecast (2009 - 2025) 2. Impact of Coronavirus (COVID-19) Pandemic on Robotics Market 3. Global Robotics Market, Volume, Share and Forecast (2009 - 2025) 4. Global Industrial Robotics Market and Volume Forecast (2009 - 2025) 5. Global Industrial Robotics Market and Volume Forecast - By Segment (2009 - 2025) 6. Industrial Robotics Volume and Forecast - Region and Country Wise Distribution (2010 - 2025) 7. Global Service Robotics Market and Volume Forecast (2009 - 2025) 8. Global Professional Service Robotics Market and Volume Forecast - By Segment (2009 - 2025) 9. Global Personal and Domestic Service Robotics Market and Volume Forecast - By Segment (2009 - 2025) 10. Key Player - Sales and SWOT Analysis (2010 - 2025) 11. Global Robotics Market - Growth Drivers and Challenges
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