Robot Market worth over $12bn by 2030
Published Date: October 4, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Robot Market size is set to surpass USD 12 billion by 2030, according to a new research report by Global Market Insights Inc.
The increasing usage of delivery robots in the retail industry will drive the market growth during the forecast timeline. Robotic solutions are increasingly being used in the retail sector to reduce labor cost, last-mile deliveries, and augment productivity of workforce. Delivery robots are preprogrammed to answer questions and give directions, allowing retailers to improve their customer interactions.
Rapid digitalization and automation to simplify processes and minimize costs for manufacturers will support the adoption of robots over the coming years. Emerging technologies, such as Artificial Intelligence (AI), data analytics, and cloud computing, are creating market opportunities. Market players are introducing innovative and intelligent platforms and solutions with the growing industry revenue for robots.
High initial investments are one of the key factors limiting the market expansion. Several components, such as sensors, actuators, cameras, touch screens, and control systems, are used in making robots, increasing the manufacturing cost of robots. The industry growth is also characterized by high investments in R&D. Any error or alteration of design in the development process can incur high costs to the company, thereby, restraining the market progression.
The robot market experienced a high growth in 2020 owing to the increased acceptance of delivery and UVC disinfection robots in the healthcare & hospitality sector. The rapid outbreak of COVID-19 pandemic has increased the market demand for UVC disinfection robots and highlighted the importance of automation and robotic technology. The UVC radiation has effectively been used to reduce the spread of bacteria and has proven effective in inactivating the novel coronavirus, thereby, accelerating the market statistics of robots. The growing usage of automation in the delivery sector to reduce dependence on human labor and offer contactless deliveries will foster the industry expansion in the coming years.
Browse key industry insights spread across 450 pages with 954 market data tables and 29 figures & charts from the report, “Robot Market Size By Product (UVC Disinfection Robots [Fully Autonomous, Semi-Autonomous], Delivery Robots [Serving Robots, Indoor Delivery Robots], Guide Robots, Security Robots, By Vertical (Retail, Hospitality, Education & Scientific Research, Healthcare, Residential, Public, Food & Beverage), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030” in detail along with the table of contents:
Increasing adoption of delivery robots in commercial spaces to improve last-mile delivery issues
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The delivery robots will witness 20% growth rate by 2030. With the rapid emergence of e-commerce platforms, last-mile delivery has become one the crucial factors of supply chain management. High customer expectation for faster deliveries has increased traffic congestion along with rise in pollution level. Increasing availability of lightweight and multi-functional delivery robots integrated with advanced sensors, GPS, cameras, enhanced flexibility, and efficiency will fuel the market demand for robots.
Market participants are introducing new delivery robots to enhance consumer experience and support contactless delivery in the wake of COVID-19 pandemic. For instance, in August 2021, Otsaw Digital launched Camello, an autonomous last-mile home delivery robot, in Singapore to deliver on-demand groceries, medicines, and parcels to customers’ homes. The robot is integrated with 3D cameras and two compartments, each capable of carrying up to 20 kg of groceries ordered online.
Rising deployment of robots to deliver food and drinks to students and staff members on campus
In UK, education & scientific research segment held 9% of the robot market share in 2020. Educational centers are deploying robots to deliver food items and drinks to students and staff on campus. These robots are also being used for security and patrolling purposes, impelling the market representation.
Growing industry demand for robots in Europe owing to supportive government programs
Europe robot market is estimated to attain a CAGR of over 15% through 2030 led by the increasing demand for robots in healthcare, transport, hospitality, and utilities. Increasing level of investments by both government and private sectors will propel the regional growth.
The prominent companies operating in the market include Ubtech Robotics, Inc., TMI Robotics Co., Ltd, Xenex Disinfection Services LLC, LG Electronics, Amazon Robotics, PAL Robotics, Blue Ocean Robotics, Honda Robotics, Kawada Robotics, Robotlab, Inc., Finsen Technologies, Starship Technologies, and RV Automation technology Co. Ltd. Market leaders are focusing on new product launches to capitalize on the growing market trend of service robots.