The advancements in technology enable developers to design new innovative products while maintaining the affordability of the product. Players are coming up with low-cost and high-quality robots due to increase in competition. Get more information on this report : Request Sample Pages Top impacting factors Availability of affordable and energy-efficient robots The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the robotics market. The report focuses on the growth prospects, restraints, and trends of the robotics technology market analysis. However, the service segment is expected to grow at the highest rate during the forecast period, owing to high adoption of consulting and training services in the manufacturing sector. This is attributed to the fact that hardware in robots increases the efficiency of robots. The hardware segment is expected to garner a significant share during the forecast period. Get more information on this report : Request Sample Pages On the contrary, surge in adoption of robotics technology in emerging economies and increase in use in diverse applications are the factors expected to provide lucrative opportunities for the growth of the market. However, high initial cost of robots and lack of awareness among SMEs hamper the growth of the market. In addition, increase in labor & energy costs and upsurge in usage of robotics technology in different industry verticals fuel the growth of the market. Rise in need for automation and safety in organizations and availability of affordable, energy-efficient robots drive the growth of the global robotics market. In wake of COVID-19, demand of robotics technology is expected to increase among several industries such as supply chain, manufacturing, and healthcare, due to growing adoption of robots in place of humans to reduce the impact of the virus and to enhance their market share.
Robotics technology finds its wide range of applications in various industry verticals, which include healthcare, domestic, agriculture, and manufacturing. The key objective of the robotics technology is to enhance the performance of an organization and to produce better outcome. Robotics technology is the intersection of technology, engineering, and science for producing machines called robots, which are used to replicate human actions.
The global robotics technology market size was valued at $62.75 billion in 2019, and is projected to reach $189.36 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027. Robotics Technology Market Statistics - 2027