Over the years the use of robots in various environments has been increasing with a desire to achieve efficiency. In Manufacturing environments, industrial robots are performing repetitive and hazardous tasks with several service robots deployed in a variety of settings for providing a range of services.
The robotics market is a fast-growing industry with various prominent players in the market. As per the industry associations and market research firms, the mid-term development of the robotics market is forecasted with several factors such as unit sales, sales volume, market shares, and average prices per application area.
By merging various information of the market data from different sources, the market is defined by multiplying the unit sales per application area with the average price per application area.
However, it is important to note that the cost of software, peripherals, and system engineering is not included in the calculations for industrial robotics as they are often sold separately, but this is not the case for service robotics.
In various applications, industrial robotics are used such as material handling, welding, painting, and assembly. The robots are designed to perform tasks repetitively, are dangerous, and require precision.
The efficiency of the production process is also increased with the support of workers in the tasks. Industrial robots are in demand with increasing need in different regions with Asia being the largest market for industrial robots.
Whereas Service robots are used in non-industrial environments such as healthcare, education, retail, and hospitality which are designed in providing a range of services to individuals and businesses. The application is also often sold with software, peripherals, and systems engineering. The number for service robots demand is also increasing such as in the healthcare sector.
The robotics market growth is driven by various factors such as the rise of automation, the rise of industry 4.0, advancements in technology, and the need for efficiency improvement. Robotics are used for reducing labor costs, increasing productivity, and improving quality in different industries.
According to Statista, the global robotics market is expected to almost double in size over the five-year period from 2017 to 2021. The increase in demand for automation in various industries is attributed due to growth. The service robotics segment is predicted to grow strongly with the rise in logistic robot systems. The global robotics market in the Asia Pacific region is leading with a 53.8% share and is estimated to maintain market leadership in the future.
But the higher robot investments in the Americas are expected to rise slightly from 2021 onwards. In the rest of the world, the market is expected to grow at the highest compound annual growth rate (CAGR) but is not a major player in the global robotics market.
The graph also presents the industrial and service robotics sales volume across the world with Asia Pacific being the largest robotics market. There has been a steady increase in the sales volume of robotics from 2017 to 2021. In 2021, Asia Pacific had the highest sales volume of over 22 million, followed by the Americas with over 9 million and Europe with over 8 million. Whereas the rest of the world is with a sales volume of over 1 million.
However, the global robotics market is expected to increase the demand for automation, especially in logistics, the leadership in the robotics market is expected to be in the Asia Pacific region but the Americas are expected to be with a slightly higher market share in the future.
Another segment with a higher expectation of growth is the collaborative robots market. The market is expected to be beneficially effective for industries such as manufacturing where safety and efficiency are critical factors.
In conclusion, the robotics market is a fast-growing industry that is driven by the need for automation, efficiency, and the rise of industry 4.0. Industrial and service robots are designed to perform various tasks and provide different services in different environments.
Source: International Federation of Robotics, MarketsAndMarkets