The Global Robotics Market was valued at USD 27. 73 billion in 2020 and is expected to reach USD 74. 1 billion by 2026, registering a CAGR of 17. 45%, during the period of 2021-2026. The rising demand for industrial robots has been triggered by the workforce shortage, owing to the COVID-19-related lockdowns and an upgrade of traditional industries.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06129730/?utm_source=GNW
According to the National Bureau of Statistics data, in June 2020, China’s industrial robot production increased by 29.2% year-on-year, reaching 20,761 units in the first half of 2020.
- A large number of investments are recorded in the robotics domain due to the increased demand. According to the World Robotics report from the International Federation of Robotics, indicated that the investments in new car production capacities and modernization of industrial spaces had driven the demand for robots. Factors such as the development of energy-efficient drive systems and high competition in all major car markets have enabled investments across major happening economies.
- The automotive industry is considered to be one of the most critical applications of industrial robots owing to significant increasing investments in industrial robots across the globe. For instance, in Apr 2020, BMW AG signed an agreement with KUKA to supply around 5,000 robots deployed in new production lines and factories across the globe. KUKA also stated that these industrial robots would be deployed worldwide at the BMW Group’s international production sites to manufacture the current and future vehicle models.
- Moreover, in Aug 2020, Shanghai SK Automation Technology Co., which provides intelligent equipment for the automotive manufacturers, announced an initial public stock offering on the STAR Market and raised RMB 733.14 million.
- To reduce the capital spent on labor, various organizations worldwide are adopting robotics automation in their warehouses. For instance, the operational stock of industrial robots is expected to reach around 3800 (in thousand units) by 2021, from approximately 2,400 (in thousand units) in 2018. Further, Alibaba upgraded to robotic labor in one of its warehouses, drastically reducing the labor workforce by 70%, creating an opportunity for a highly-skilled workforce.
Key Market Trends
Service Robotics is Expected to Witness Significant Growth
- The covid-19 pandemic boosted the market for professional service robots with high demand for robotics disinfection solutions, robotic logistics solutions in factories and warehouses and robots for home delivery. According to IFR, in 2020, the medical use service robots market is projected to record 12,000 units worldwide. Further, the demand for logistic use service robots was projected highest with 11,40,00 units in 2020.
- According to NIOSH, healthcare workers have the most hazardous industrial jobs in the United States, with the highest number of non-fatal occupational injuries and illnesses. It is estimated that about 6,000 surgical robots performed a million operations globally. The market was worth USD 6 billion. A basic system costs USD 2 million. Reputed organizations, such as MIT and the University of Michigan, are working on the technology to deliver small and compact robots to the medical sector.
- The increasing number of medical robot systems-assisted surgeries is further increasing the product innovation rate in the market. For instance, Robot Aps developed and launched a rehabilitation robot to help health professionals with bed-ridden patients, reducing the dependence on nurses for actions, such as heavy lifting.
- Further, service robots for personal and domestic use, which are produced for the mass market, are mainly household robots. This includes vacuuming and floor cleaning robots, lawn-mowing robots, and entertainment robots. The total number of service robots for personal and domestic use has increased by 34% to more than 23.2 million units sold in 2019.
- According to the data by the United Nations, the global population of people above the age of 65 is expected to grow by 181% and may account for 16% of the population by 2050. The aging population is one of the primary factors for the significant growth in deploying robots in domestic healthcare and assistance applications.
Asia-Pacific is Expected to Hold a Major Share
- Asia-Pacific region is expected to witness a significant growth rate over the forecast period due to the substantial adoption of robots. Further, South Korea and China are dominant in adopting robotics due to the massive electronic and automotive manufacturing industry deployment.
- Furthermore, governments across the Asia-pacific region have been implementing initiatives to improve their healthcare infrastructure. This will encourage medical facilities in the region to replace traditional open surgeries with laparoscopic procedures. For instance, medical facilities in Japan have already commenced replacing conventional open surgeries with minimally invasive techniques, single-incision procedures, and robot-assisted surgeries.
- As the region faces an aging population, the government organizations in the region are planning to rely more on robots over the workforce. For instance, the Housing Development Board (Singapore) intends to adopt autonomous drones or robots to identify which parts of public housing blocks need cleaning. The primary aim is to reduce the amount of water required to clean by focusing only on the dirty areas.
- Further, in January 2021, Artificial intelligence technology company Ubtech Robotics launched the Adibot UV-C Disinfecting Robot at the CES 2021. The Adibot robotic disinfection system is designed to offer a hospital-grade solution against COVID-19, integrating the robotics and AI from Ubtech with UV-C technology that disinfects targeted surfaces and air by deactivating the DNA and RNA of harmful pathogens.
The Global Robotics market is moderately competitive, with a considerable number of regional and global players. The market vendors are focusing on expanding their customer base across foreign countries. The companies are leveraging strategic collaborative initiatives to increase market share and profitability.
- July 2021 - ABB acquired ASTI Mobile Robotics Group for developing the next generation of flexible automation using autonomous mobile robots. The acquisition enhances Robotics and Machine Automation solutions, allowing the company to offer a unique automation portfolio and develop into new business categories.
- April 2021 - Panasonic Corporation introduced a mass-production model of its Walk Training Robot, which is designed to provide safe and effective walk training for older adults. The company further offering a robot-assisted service to care facilities, hospitals, and other organizations.
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