Rise in energy-efficient drive systems and competition among industry verticals for advanced technology and automation is driving the market.
PORTLAND, PORTLAND, OR, USA, September 14, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled “Robotic Technology Market by Component, Type and Application: Opportunity Analysis and Industry Forecast, 2020 – 2027”, the report offered a comprehensive analysis of the Global Robotics Technology Market considering all the crucial aspects such as growth factors, restraints, market developments, major investment pockets, future prospects and trends. At the beginning, the report emphasizes on the major trends and opportunities that may emerge in the near future and have a positive impact on the overall growth of the industry.
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Key drivers propelling the growth of the market included in the report. Additionally, the challenges and restraining factors that may restrain the market growth are highlighted by analysts to prepare manufacturers for future challenges in advance.
The global robotics technology market size was valued at USD 62.75 Billion in 2019 and is projected to reach USD 189.36 Billion by 2027, growing at a CAGR of 16.2% from 2020 to 2027.
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Based on the application, the manufacturing segment contributed the highest revenue in the market in 2019 and is expected to lead the way by 2027. This is due to high labor costs, new regulations safety and emission standards issued by several government agencies. The aerospace and defense segment, on the other hand, would cite the fastest CAGR throughout the forecast period. Rising rate of unmanned systems, high-end technological advancements, and increasing government spending are propelling the growth of the segment.
The global robotics technology market is analyzed by component, robot type, application and region. Based on components, hardware segment accounted for the majority of the market in 2019 and is expected to dominate by 2027. This is due to the fact that hardware components are cheaper than software modules and are also faster to configure. Simultaneously, the services segment would show the fastest CAGR during the forecast period. Rising demand for different services such as managed services and professional services is fueling the growth of the segment.
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The Asia-Pacific market dominated with the largest revenue share in 2019. The same region would also witness the fastest growth at CAGR throughout the forecast period. High growth in automation and intensive research and development in a number of countries including Japan, China, India, Australia, and Taiwan are fueling the growth of the market.
Global Robotics Technology Market Report includes comprehensive analysis of major market players such as ABB Ltd, Denso Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Yaskawa Electric Corporation, Stäubli International AG, Mitsubishi Electric Corporation, Fanuc Corporation, OMRON Corporation and Seiko Epson Corporation.
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Impact of the Covid-19 pandemic on the robotics technology market:
• The outbreak of the pandemic has led to an increase in the adoption of robotic technology across several industry verticals to reduce the impact of the virus on human workers.
• This trend is expected to continue even in the coming years after the recovery from the COVID-19 pandemic.
Main results of the study
• By component, the hardware segment led the robotics technology market, in terms of revenue in 2019.
• By type, the traditional industrial robot segment accounted for the highest robot technology market share in 2019.
• By region, Asia-Pacific generated the highest revenue in 2019.
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Finally, this report provides market insights in the most comprehensive way. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
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Allied Market Research (AMR) is a market research and business consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services and market insights across 11 verticals. By adopting in-depth research methodologies, AMR helps its clients make strategic business decisions and achieve sustainable growth in their market areas. We are staffed with qualified analysts and experts and have extensive experience working with many Fortune 500 companies and small and medium enterprises.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We are in professional business relationship with various companies. It helps us to extract market data which helps us to generate accurate research data tables and confirm utmost accuracy in our market predictions. All data companies in the domain are affected. Our secondary data sourcing methodology includes detailed information in the reports we publish, drawn from primary interviews with senior online and offline research leaders and discussions with relevant industry professionals and analysts.