According to the latest report of the IMARC group, entitled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which includes information on robotics market outlook. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The market reached a value of US$23.6 billion in 2020. The global market The robotics market is expected to grow at a CAGR of 20.6% during the period 2021-2026.
Robotics is the interdisciplinary branch of artificial intelligence (AI) that studies the operation, design, manufacture, etc., of robots. It involves various fields of computer science, electrical and mechanical engineering. Robots are automatic, multifunctional and reprogrammable industrial machines equipped with many high-tech devices, such as audio, tactile and visual sensors. They automatically multitask with intelligence, speed, accuracy, and more. The essential components of a typical robot are the control system, manipulators, body or frame, transmission, etc. Robots are used to perform tasks in various industries including aerospace, automotive. , healthcare, etc., while ensuring error reduction, process automation, increased production levels, etc.
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As the novel coronavirus (COVID-19) crisis engulfs the world, we are continuously monitoring changes in markets, as well as consumer buying behaviors around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
Global Robotics Market Trends:
The introduction of innovative and high-quality product variants for use in warehousing, manufacturing, assembly, leg mobility, machine learning (ML), autonomous vehicles, etc., is mainly driving the robotics market. Additionally, organizations are increasingly investing in research and development (R&D) activities to address the growing risk of cybersecurity attacks, due to the increasing integration of robots with internal data systems. This further increases the global market. Additionally, the increasing use of surgical robots in the healthcare industry acts as another significant growth driver. Apart from this, growing demand for collaborative robots, which can work alongside humans and are cheaper than their industrial counterparts, is expected to drive the robotics market over the forecast period.
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Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- ABB Group
- KUKA S.A.
- FANUC Company
- Yaskawa Electric Corporation
Segmentation of the robotics market:
Our report has categorized the market based on region and product type.
Breakdown by product type:
Currently, service robots are the most popular in the industry.
- North America (USA, 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, Others)
Main 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
- Complete mapping of the competitive landscape
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