Robotics Market 2023 – 2030 by End User (Automotive, Retail, Healthcare, Electronics, and Others) and Application (Disinfection, Shelf Scanning, RFID Scanning, Delivery, Security & Inspection, and Advertising) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Electronics & Semiconductors | Pages : 180 Pages | Published On : Jul 2023
The global robotics market, valued at $12,153.1 million in 2020, is projected to reach $149,866.4 million by 2030, with a Compound Annual Growth Rate (CAGR) of 27.7% from 2023 to 2030. This study focuses on robotics used for various commercial operations, including disinfection, shelf scanning, RFID scanning, delivery, security & inspection, and advertising. Disinfection robots are utilized to sanitize surrounding surfaces. Shelf scanning and RFID scanning robots contribute to inventory management. Delivery robots facilitate the transportation of goods and packages. Security & inspection robots surveil indoor and outdoor environments of facilities. Advertising robots engage with potential customers for product promotion.
The R&D of the robotics market faced challenges during the COVID-19 pandemic. However, the demand for disinfection robots witnessed a significant increase across all industries. The primary driving force behind the robotics market is the growing demand for disinfection equipment, which surged after the outbreak of COVID-19. Disinfection robots are highly effective in eliminating the COVID-19 virus, leading to their increased adoption. These robots have been deployed in hospitals, airports, transportation systems, hotels, restaurants, and similar facilities. Furthermore, delivery robots in warehouses offer continuous operation at a lower cost compared to human wages, reducing labor expenses in commercial, residential, and industrial settings. Additionally, there is a need for round-the-clock surveillance in healthcare facilities, warehouses, retail stores, and other places. Humans cannot maintain continuous surveillance without breaks, whereas robots can operate flawlessly 24/7. These factors collectively contribute to the global growth of the robotics market.
However, the high cost of hardware and operating software for robots poses a challenge. This results in significant initial investments required to deploy robots, making it economically impractical for small and medium-sized businesses. Additionally, the lack of proper operating systems in many robots hinders their feasibility for commercial use. These factors serve as restraints to the growth of the robotics market.
Furthermore, the outbreak of the COVID-19 pandemic had a major impact on industries such as construction, manufacturing, hotels, and tourism. Manufacturing activities were halted or limited, affecting global manufacturing and transportation networks. Consequently, the manufacturing of robotic systems declined, along with the demand for them in the market, impeding the growth of the robotics market. However, there was a significant increase in demand for robots like disinfection robots and delivery robots, which helped offset the market decline. As industries gradually resume their regular operations, the robotics companies are expected to regain their full-scale capacities, leading to a recovery in the robotics market by mid-2021.
Conversely, the rising demand for robotics continues to drive research and development (R&D) efforts aimed at inventing new technologies and enhancing the efficiency of robots. Additionally, various robotic exhibitions are taking place, providing opportunities for developers and innovators to secure funding from market leaders and investors to support their R&D initiatives. For example, Bossa Nova Robotics, a developer of shelf scanning robots, received approximately $40 million in funding from investors to advance innovative technologies that enable efficient commercialization and operation of shelf scanning robots. Moreover, the market is witnessing rapid development, attracting numerous new startups entering the business. Similar strategies are being pursued by other innovators. These activities are expected to significantly boost the robotics market during the forecast period.
The global robotics market is categorized based on application, end user, and region. In terms of application, it is segmented into disinfection, shelf scanning, RFID scanning, delivery, security & inspection, and advertising. Among these, the security & inspection segment achieved the highest revenue in 2020. Regarding end users, the market is divided into automotive, retail, healthcare, electronics, and others, with the retail segment dominating the market in 2020.
Geographically, the global robotics market analysis covers North America (including the U.S., Canada, and Mexico), Europe (including the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (including China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (including Latin America, the Middle East, and Africa). In 2020, Europe emerged as the largest contributor to the global robotics market share and is expected to maintain its leading position throughout the forecast period. Additionally, LAMEA is projected to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period.
Key players profiled in this report include Blue Ocean Robotics, Brain Corporation, Fetch Robotics, Inc., Honeywell International Inc., Motorola Solutions, Inc., RoboAds, Siemens, Simbe Robotics, Inc., SMP Robotics and Xenex Disinfection Services Inc.
Key Benefits For Stakeholders
- The report thoroughly analyzes current trends and offers future estimations in the robotics market.
- Extensive analysis of the global robotics market is conducted by closely examining key product positioning and monitoring top competitors within the market framework.
- A comprehensive analysis of all regions is provided to identify the prevailing opportunities in the market.
- The report includes a forecast analysis of the global robotics market from 2021 to 2030.
- Key market players within the global robotics market are profiled in the report, and their strategies are thoroughly analyzed to provide insights into the competitive outlook of the market.
Robotics Market Report Segmentations
- Shelf scanning
- RFID Scanning
- Security & Inspection
By End User
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
By KEY PLAYERS
- Blue Ocean Robotics
- Brain Corporation
- Fetch Robotics, Inc.
- Honeywell International Inc.
- Motorola Solutions, Inc.
- Simbe Robotics, Inc.
- SMP Robotics
- Xenex Disinfection Services Inc.
Table and Figures
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