Robot Market to See a Substantial Growth by 2030

Robot Market to See a Substantial Growth by 2030

The robot market is slated to record commendable gains in the Asia Pacific region propelled by increasing costs of labor and incentives for the automation of its manufacturing sector.

APAC countries including Singapore, Japan, and China are increasingly focusing on the development of new robotic solutions for overcoming the shortage of labor and automating routine tasks. In addition, a number of robotic companies, comprising Kawasaki, Kawada Robotics, Mitsubishi, Honda Robotics, and Hyundai Robotics, that are present in the region, are directing their efforts towards the introduction of new products for boosting product penetration in the near future.

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Impelled by these factors, the robot market size is anticipated to surpass a valuation of more than USD 12 billion through 2030, as stated by the latest research conducted by Global Market Insights, Inc.

The robot market expansion is being further propelled by an increase in the technological advancements as well as research and development initiatives by various organizations. For instance, in October 2021, MIT researchers developed RFusion, a robotic arm with a radio frequency antenna and camera attached to its gripper. The system fuses visual input from the camera with signals from the antenna to locate and retrieve an item, even though the item is completely out of view and buried under a pile.

The retail industry is witnessing the surging adoption of delivery robots for the improvement of supply chain & logistics management, mitigation of administrative works, and the achievement of sizable savings. Additionally, shopping malls, hotels, educational & research centers, and restaurants are making use of robots for the purpose of food delivery for ensuring contactless deliveries and reducing the delivery time.

Rising use of guide/security robots to drive the industry outlook

Guide/security robots are deployed in universities, museums, hotels, and airports for the purpose of performing guidance and patrolling tasks. These types of robots are also used in the real estate sector for the reduction of crime rate and enhancing the safety of residents in the communities.

To consider an instance, in March 2021, Westland Real Estate launched a Knightscope-designed autonomous 24-hour security robot at Las Vegas-based Liberty Village Apartments. The security robot is deployed for improving the safety & security of residents.

What efforts are taken up by leading market players for enhancing the product penetration?

Major participants in the robot market comprise Honda, Blue Ocean Robotics, PAL Robotics, Xenex Disinfection Services LLC, LG Electronics, Amazon Robotics, Finsen Technologies, Kawada Robotics, Robotlab, Inc., TMI Robotics, Starship Technologies, RV Automation Technology Co. Ltd., and others.

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These companies are emphasizing on new robot launches and acquisitions for gaining a competitive edge in the market. Citing an instance, in August 2019, Blue Ocean Robotics and Suitable Technologies inked an agreement for the acquisition of Robot Beam for the expansion of customer services, distributor network, and developing a portfolio of robots.

Impact of COVID-19 pandemic on robot industry expansion

The COVID-19 crisis has led to an escalation in the UVC disinfection and delivery robots demand. These robots played a crucial role in minimizing the impact of SARS-CoV-2 infection spread, and overcoming the traditional surface disinfectants, and the shortages of labor supply. Contactless robot deliveries are being preferred by consumers with the intent of minimizing human contact.

In a nutshell, the increasing deployment of robots for guiding people in museums and airports will augment robot market share through the estimated period.

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Scope, definition and forecast parameters

1.1.4.1    Definitions

1.1.4.2    Assumptions, methodology and forecast parameters

1.2    Region-wise COVID-19 impact analysis

1.2.1.1    North America

1.2.1.2    Europe

1.2.1.3    Asia Pacific

1.2.1.4    Latin America

1.2.1.5    Middle East & Africa

1.3    Data Sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Robot market industry 360° synopsis, 2017 – 2030

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

2.1.4    Vertical trends

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