Global Robotics (Industrial and Service) Markets Report 2022-2023 & 2027 - Opportunities in Industry 4.0 and Emergence of Industry 5.0
DUBLIN, June 26, 2023 /PRNewswire/ -- The "Global Robotics Market and Volume (Industrial and Service Robotics), Segment and Application Analysis, Key Players Robotics Division Sales, Recent Developments - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Robotics Market was valued at around US$ 38 Billion in 2022 and the market is expected to reach nearly US$ 70 Billion by 2027.
Robots are designed to assist humans and perform useful tasks, including industrial and manufacturing automation applications. The rising demand for automation has revolutionized the adoption of robotics technology across a wide range of industries including manufacturing, healthcare, defense and security, logistics, inspection, and maintenance, automotive, electronics, and food and beverage.
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. However, the high initial investment and concern for human safety restricts the growth of the market.
Industrial Robotics Market Overview
The global industrial robotics market was valued at around US$ 16.5 Billion in 2022 and is expected to reach around US$ 20 Billion in 2027.
Industrial robots play a vital role in automating manufacturing processes across different industries such as automotive, electronics and electrical, food and beverage, metal, and many others. They can perform different industrial tasks such as loading, packaging, labelling, product inspection, and shifting among others.
Industrial robot increases productivity and profitability of organizations by eliminating labor-intensive activities with high degree of accuracy and efficiency. Moreover, they can work in hazardous environment such as high-pressure or vacuum chambers, and areas where there are explosions, infections, and radiation among others.
The demand for industrial 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 automation to ensure quality production and meet market demand, and the growing demand from SMEs in developing countries is fueling the growth of industrial robotics market globally.
However, the high initial investment and maintenance cost of industrial robots, coupled with integration costs and the cost of peripherals, such as end effectors and vision systems, makes automation a costly investment for SMEs.
Global Service Robotics Market Overview
The global service robotics market is expected to reach nearly US$ 50 Billion by 2027.
Service robots are the robots designed to assist humans and perform useful tasks, excluding industrial and manufacturing automation applications. 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 service robotics market is 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. The high initial investment and concern for human safety restricts the growth of the market.
Market Dynamics
Global Robotics Market - Growth Drivers
- Increased Spending on R&D and Robotic Process Automation
- Technology Trends Shaping the Future of Robotics
- Increased Investment Across Industries Drives the Market for Robotics Solution
- Opportunities in Industry 4.0 and Emergence of Industry 5.0
- Rising Labor Costs amidst the Aging Workforce will Boost the Robots Demand
- Rising Demand for Collaborative Robots Across Industries
Global Robotics Market - Challenges
- The High Cost of Robots and Delayed Return on Investment Restricts Market Growth
- Limited Flexibility of Robots for Handling SKUs Pose Challenge for Robotics
- Safety Concerns Related to Industrial Robotics Systems
- Privacy and Security
Global Robotics Market - Key Players Robotics Division Sales and SWOT Analysis
- KUKA AG
- Adept Technology (Acquired by OMRON)
- iRobot Corporation
- Intuitive Surgical
- Nachi-Fujikoshi
- Yaskawa Electric Corporation
- ABB
- FANUC Corporation
- DAIHEN Corporation
- Mitsubishi Electric Corporation
- DENSO Corporation
- Seiko Epson Corporation
Global Robotics Market and Volume Forecast - By Type
- Industrial Robotics
- Service Robotics
Global Industrial Robotics Market and Volume Forecast - By Segment
- Automotive Industry
- Electrical/Electronics Industry
- Metal Industry
- Chemical, Rubber and Plastics Industry
- Food Industry
Global Industrial Robotics Volume and Forecast - Applications Covered
- Handling
- Welding
- Assembling
- Cleanroom
- Dispensing
- Processing
- All others/Unspecified Application
Global Service Robotics Market and Volume Forecast - By Type
- Professional Service Robotics
- Personal and Domestic Service Robotics
Global Professional Service Robotics Market and Volume Forecast - By Segment
- Defence
- Agriculture/Field
- Logistic
- Medical
- Exoskeletons
- Public Relations Robots
- Construction
- Mobile Platforms
- Inspection and Maintenance
- Underwater
- Rescue and Security
- Cleaning
Global Personal and Domestic Service Robotics Market and Volume Forecast - By Segment
- Household Robotics
- Entertainment and Leisure Robotics
For more information about this report visit https://www.researchandmarkets.com/r/to7f2o
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