Robotics Technology Market to Reach $170.08 Billion, Globally, by 2027 at 13.5% CAGR: Allied Market Research

PORTLAND, Oregon, June 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Robotics Technology Market by Component (Hardware, Software, and Services), Type of Robots (Traditional Industrial Robots, Cobots, Professional Service Robots, and Others), Application (Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global robotics technology industry was estimated at $62.75 billion in 2019, and is expected to hit $170.08 billion by 2027, registering a CAGR of 13.5% from 2020 to 2027.

https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

Drivers, restraints, and opportunities-

Rise in need for automation & safety in organizations, availability of affordable & energy efficient robots, increase in deployment of robots in several industries, and surge in labor & energy costs drive the growth of the global robotics technology market. On the other hand, high implementation costs and lack of awareness about automation among the SMEs impede the growth to certain extent. However, growth in adoption of robotics technology across the world is projected to create multiple opportunities in the industry.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/125

COVID-19 scenario-

    --  Due to the global lockdown, there has been a lack of demand for
        automated machines from the construction, automotive, and many more
        other industries which, in turn, has impacted the robotics technology
        market badly. Also, disruptions in the supply chain have curtailed down
        the growth to some extent.
    --  However, with several relaxations coming up over the restrictions, the
        market is expected to make up the blocks soon.

Get detailed COVID-19 impact analysis on the Robotics Technology Market

The hardware segment to lead the trail by 2027-

Based on component, the hardware segment contributed to nearly three-fourths of the global robotics technology market share in 2019, and is expected to retain its dominance by the end of 2027, owing to the fact that hardware components are cheaper than software modules and are also faster to deploy. The service segment, on the other hand, would grow at the fastest CAGR of 16.7% throughout the forecast period. Rise in need of different services such as managed services and professional services propel the growth of the segment.

The manufacturing segment to dominate during the estimated period-

Based on application, the manufacturing segment accounted for more than three-fourths of the global robotics technology market revenue in 2019, and is anticipated to rule the roost by 2027. This is attributed to high labor costs, new safety regulations, and stringent emission norms issued by several government bodies. Simultaneously, the aerospace & defense segment would portray the fastest CAGR of 16.7% during the study period. Increased rate of unmanned systems, high-end technological advancement, and surge in government expenditure fuel the segment growth.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/125

Asia-Pacific to maintain the top status till 2027, North America to grow at a significant pace:

Based on geography, Asia-Pacific held the major share in 2019, generating more than two-thirds of the global robotics technology market. The same region would also manifest the fastest CAGR of 14.4% till 2027. Rise in growth in automation and intensive research and development in a number of countries including Japan, China, India, Australia, and Taiwan drives the market growth. Moreover, North America is anticipated to portray the CAGR of 13.3% from 2020 to 2027.

Frontrunners in the industry-

    --  Denso Corporation
    --  Fanuc Corporation
    --  KUKA AG
    --  ABB Ltd
    --  Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.)
    --  Yaskawa Electric Corporation
    --  Mitsubishi Electric Corporation
    --  Seiko Epson Corporation
    --  OMRON Corporation
    --  Stäubli International A

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports:

Business Analytics Software Market Expected to Reach $86,451 Million by 2023

Predictive Analytics Market: Global Opportunity Analysis and Industry Forecast, 2019-2026

Edge Computing Market Is Expected to Reach $16,556.6 Million By 2025

Manufacturing Predictive Analytics Market is expected to Reach $2.52 Billion by 2026

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports:

Business Analytics Software Market Expected to Reach $86,451 Million by 2023

Predictive Analytics Market: Global Opportunity Analysis and Industry Forecast, 2019-2026

Edge Computing Market Is Expected to Reach $16,556.6 Million By 2025

Manufacturing Predictive Analytics Market is Expected to Reach $2.52 Billion by 2026

Related Blog:

Will Rumors Regarding COVID-19 Affect the Development of 5G Infrastructure?

Covid-19 Pandemic: Time to Adopt Cloud Services to Boost Revenue

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

View original content:http://www.prnewswire.com/news-releases/robotics-technology-market-to-reach-170-08-billion-globally-by-2027-at-13-5-cagr-allied-market-research-301074328.html

SOURCE Allied Market Research