Because of the increasing digitization of businesses, the global market for robots is expected to grow by double digits in the coming years. Robotic automation is becoming increasingly popular among work-focused businesses that are grappling with rising labor costs and a shortage of skilled workers. As a result, mechanical technology is increasingly being used to automate jobs. Modern robots, for example, are used in assembling and manufacturing environments to complete a variety of specific tasks.
By 2026, the global robotic automation industry will be worth US$ 11,417.4 Million, with a strong forecast of a 28.1 percent compound annual growth rate (CAGR) from 2018 to 2026. The market was assessed at US$35.23 bn in 2016. In terms of volume, analysts expect the market will reach 2,731.2 thousand units by 2025 and will continue to grow in 2026.
The global robotic automation market is classified on the basis of type, application, and component.
For the type of global robotic automation market, it is grouped into static robotics, exoskeleton, and mobile robotics. As for the application segment, the market is grouped into research, entertainment, medical, construction/mining, agriculture, military, last-mile mobility, personal, logistics, and others. Lastly, the classification of the component segment includes vision systems, brake systems, actuators, control units, sensors, and others. The coordination section has grown in popularity as a result of the widespread use of automated items, and it is likely to become the primary application segment in the next two or three years.
Sensors, control units, actuators, slowing mechanisms, vision frameworks, and others are the major revenue generators in the global robotics market studied in this report. Sensors led the market in 2016, followed by vision frameworks. Sensors are predicted to grow in importance throughout the forecast period, owing to the growing demand for greater robot detection capabilities.
Work-increasing businesses are dealing with the challenges of rising labor expenses. And the lack of a skilled labor force is aiding the acceptance of robots. This has compelled businesses to embrace mechanical technologies in order to automate processes.
The automobile, aviation, and medical care industries are all looking for ways to cut labor costs and combat the global shortage of skilled workers. Modern robots can perform a variety of specific tasks in a variety of assembly and creation environments. These robots can carry out errands that are often dangerous for human workers. Specifically, we can see this technology in the Military.
The automated aerial vehicles used in the military are useful for scouting, cautiously leading designated artillery strikes, and imaging, among other things. Military robots are also practical in monitoring flying vehicles that provide the benefits of walking on the ground, while also assisting in the collection of the most extreme data about the target and avoiding ground assault. Furthermore, because of the benefits provided by robots, the protection field is seeing an increase in interest in the advancement of mechanical technology.
Another application of automatic robotics where there is an expected growth is in the pharmaceutical industry.
The growing awareness of the various benefits offered by pharmaceutical robots, as well as their exceptional features and capabilities, is likely to push the market forward. Pharmaceutical robots, for example, are capable of doing jobs better than people. Unlike humans, they can function in hazardous environments posed with biological threats such as toxic chemotherapeutic chemicals and radioactive contamination.
It is a great leap for the pharmaceutical industry, but it will still face some challenges. The lack of skilled workers in automated manufacturing units is expected to be a concern for the global pharmaceutical robots industry. Another element that may pose a threat to the market’s demand is the high cost of robotics. However, the development of cost-effective solutions such as self-assembling robots may be able to open up lucrative market opportunities. Additionally, huge cost reductions, technological advancements, and rising demand from the pharmaceutical industry may all help the market grow in the coming years.
Currently, pharmaceutical laboratories use robots to check and pack medications on a huge scale. The worldwide pharmaceutical robotics industry is expected to see significant expansion as a result of new advances in collaborative robots. Their low maintenance and cost-effectiveness could boost market growth even more during the predicted period.
In the following years, North America is expected to grow at a moderately faster rate. The presence of numerous robot manufacturers in the area, as well as contracts from government offices and security forces, is prompting consistent advancement and improvement in robotics technologies, which is assisting the growth of the North American robotics market. In addition, the growing use of administrative robots by customers to reduce their responsibilities is projected to benefit the North American robotics market in the next years.
The Asia Pacific had the most to offer in the robotics market in 2016, and it is predicted to grow at a significant rate from 2017 through 2025. This is mostly due to continuous innovation and improvement in the field of robotics, which has resulted in its widespread applicability across businesses. The Asia Pacific robotic automation market is also predicted to benefit from the introduction of nanotechnology in robotics in the future. Furthermore, the introduction of communal robots that have greatly boosted efficiency in assembling, material handling, clinical, and auto domains while requiring less human labor would aid the growth of this local market in the coming years.
As for the other regions, the Middle East and Africa’s IT robotic process automation market is expected to benefit from rising offshore outsourcing and a thriving IT industry. Due to a growing emphasis on quality and productivity by businesses and governments in the region, South America is likely to provide prospects for robotic process automation in the next years.
Robotics advancements have now set new benchmarks in modern and customer markets. Emerging technology developments in human-robot collaboration generally referred to as “humanoid robots,” have ushered in a slew of new robotics trends. The tendencies have foreshadowed a new wave of mechanization in Industry. Suppliers, stockrooms, and the inventory network environment have been enabled to meet the work crunch thanks to a variety of new robots and automated arms.