LONDON, Dec. 01, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the robotics technology market, the increasing shift towards automation is driving the growth of the robotic technology market. The increasing use of automation, artificial intelligence, and other technologies is altering how humans and machines interact. Many organizations have expanded automation to indicate that it will allow intelligent machines to make complex or mission-critical decisions. The use of automation is deployed across an enterprise and ecosystem to build a more adaptable business that can respond quickly and adopt new technological operating models. This shift towards automation from the traditional method has changed the market dynamics, leading to an increase in the adoption of robotics technology. For instance, according to a July 2020 survey of 1,500 executives from 21 industries in 26 countries conducted by IBM, a US-based technology corporation, 79% of organizations that are scaling intelligent automation expect their company to outperform the competition in terms of revenue growth. Furthermore, 75% of respondents indicated that their digital and automation projects add the most value to the company in the area of customer experience. Therefore, the increasing shift towards automation will drive the robotics technology market going forward.
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The global robotics technology market size is expected to grow from $ 64.00 billion in 2021 to $ 76.52 billion in 2022 at a compound annual growth rate (CAGR) of 19.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The robotics technology market share is expected to reach $ 141.37 billion in 2026 at a CAGR of 16.6%.
Technological development has emerged as a key trend gaining popularity in the robotics technology market. Robotics is useful in a wide range of manufacturing industries, including food, automotive, and aerospace. The market is witnessing the adoption of a wide variety of complementary technologies in robotics such as computer vision, natural language processing (NLP), speech recognition, edge computing, and others to ensure the safety and increase productivity, efficiency, quality, and consistency of products. For instance, in August 2020, Mitsubishi Electric India, a manufacturer of electrical and electronic products, launched MELFA ASSISTA, a series of collaborative robots. These robots can collaborate with humans while emphasizing more on safety features such as collision detection and adhering strictly to international safety and robotic standards ISO 10218-1 and ISO/TS15066. The MELFA ASSISTA series of collaborative robots includes the RT VisualBox programming tool, which enables the intuitive development of operational sequences by combining block diagrams into a chain of events.
Major players in the robotics technology market are ABB Group, FANUC Corp, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corp., Denso Corporation, Yaskawa Electric Corporation, Omron Corporation, Seiko Epson Corporation, Stäubli Robotics, Komatsu, Epson, Panasonic, Nachi Fujikoshi, and Adept Technology.
The global robotics technology market segmentation is categorized by type into industrial robots, mobile robots, service robots, other types; by component into hardware, software, service; by end user into aerospace manufacturing, agriculture, automotive manufacturing, building maintenance, chemical and fuel processing, construction, consumer products manufacturing, other end users.
Asia-Pacific was the largest region in the robotics technology market in 2021. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the robotics technology market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Robotics Technology Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide robotics technology market forecast size and growth, robotics technology market segments, robotics technology market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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