Increase in demand for disinfection equipment, reduction of labor cost, and growing need for continuous surveillance devices drive the growth of the global robotics market
Allied Market Research published a report, titled, “Robotics Market by Application (Disinfection, Shelf Scanning, RFID Scanning, Delivery, Security & Inspection, and Advertising) and End User (Automotive, Retail, Healthcare, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global robotics industry was estimated at $12.15 billion in 2020, and is anticipated to hit $149.86 billion by 2030, registering a CAGR of 27.7% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in demand for disinfection equipment, reduction of labor cost, and growing need for continuous surveillance devices drive the growth of the global robotics market. On the other hand, high initial cost of robots and lack of proper operating systems impede the growth to some extent. However, increase in funding for development of innovative robots is projected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to distorted manufacturing and transportation activities, which led to a steep decline in manufacturing of robotic systems as well as their demand in the market, especially during the initial phase of the pandemic.
- However, the demand for robots such as disinfection robots and delivery robots grew significantly, thereby giving a mixed impact to the market.
The security & inspection segment to dominate by 2030-
Based on application, the security & inspection segment accounted for more than four-fifths of the total robotics market share in 2020, and is anticipated to rule the roost by 2030. This is due to its wide application in all the end user segments. The shelf scanning segment, however, would cite the fastest CAGR of 46.5% throughout the forecast period. Its rapid adoption in retail and warehouses drives the growth of the segment.
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The retail segment to maintain the dominant share-
Based on end user, the retail segment held nearly two-fifths of the global robotics market revenue in 2020, and is expected to lead the trail by 2030. This is attributed to its large scale potential of applications for robotics. The electronic segment, on the other hand, would manifest the fastest CAGR of 28.9% from 2020 to 2030.
Europe, followed by North America, garnered the major share in 2020-
Based on region, Europe, followed by North America, held the major share in 2020, generating more than two-fifths of the global robotics market, due to large scale R&D of robotics and adoption of automation in the province. At the same time, the market across LAMEA would grow at the fastest CAGR of 31.4% by 2030, owing to rapid industrialization and urbanization in the region.
Key players in the industry-
- Brain Corporation
- Fetch Robotics, Inc.
- Honeywell International Inc.
- RoboAds
- Siemens
- Simbe Robotics, Inc.
- Xenex Disinfection Services Inc.
- Blue Ocean Robotics
- Motorola Solutions
- SMP Robotics
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