As per the latest report by IMARC Group, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the market reached a value of US$ 23.6 Billion in 2020. The global robotics market to exhibit strong growth during the next five years. Robotics is a field of engineering that deals with the manufacturing, operation, handling, design and conception of robots. A robot is a machine that can automatically perform a set of complex activities. It can either be embedded with the control system or can be guided by an external control device. Robots help in improving productivity and efficiency as they are more consistent and precise as compared to human beings. Earlier, they were majorly used in assembly lines of the automotive industry, whereas now they are utilized for performing different tasks ranging from cleaning nuclear waste and mowing lawns to exploring outer space and performing surgeries.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Robotics Market Trends:
Nowadays, the use of robotics technology has enabled individuals to automate processes, increase output levels, improve quality and decrease errors due to enhanced sensors, fast processors and better vision. As robots reduce human workload and perform with a higher degree of precision, it has led to a shift toward automation in various industries. Apart from this, the advancements made in technology have made robots more progressive and autonomous. They are quick, suitable for multitasking and can handle repetitive tasks efficiently. Furthermore, several leading companies are investing considerably in the field of robotics, which is providing a positive impact on the industry. For instance, FANUC Corporation, in collaboration with Preferred Networks, Inc., has developed new AI functions that apply machine or deep learning to its robot and Robo-machine products. Other factors that are positively influencing the growth of the market include improvements in the integration of robotic systems, reduction in the time taken to perform an activity and an increase in the preference for virtual commissioning methods. On account of the aforementioned factors, IMARC Group expects the global robotics market to exhibit strong growth during the next five years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Robotics Market Segmentation:
Our report has categorized the market based on region and product type.
Breakup by Product Type:
At present, service robots are the most popular in the industry.
Key highlights of the report:
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