According to the latest research report titled, “Robotics Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 39.56 billion in 2023, and growing at a CAGR of 15.91% during the forecast period.
Robotics utilization of Industry 4.0 elements, such as connectivity and data, has been a key factor in the development of automation. In recent years, Siemens has established a collaboration with Google Cloud to incorporate Google Cloud data cloud and AI/ML technologies into Siemens’ industrial automation solutions. In March 2022, Mitsubishi developed a robotics system that can work as fast as humans and be controlled via voice commands. The new system uses Mitsubishi Electric’s Maisart AI technologies, such as high-precision speech recognition, to initiate work tasks, after which operators can fine-tune robot movements as needed.
Report Summary
Which are The Top Companies in The Robotics Market?
The robotics market is characterized by players like ABB Ltd., Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, and Kuka AG. The market vendors are focusing on expanding their customer base across foreign countries and companies are leveraging strategic collaborative initiatives to increase market share and profitability. In October 2022, ABB launched its smallest-ever industrial robot, offering unique possibilities for faster, more flexible, and high-quality production of wearable intelligent gadgets.
Prominent players in the robotics market are:
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Key Highlights from the Robotics Market Report
1. Service Robotics is Expected to See a Huge Boost in the Coming Years
2. Asia-Pacific is Expected to Hold a Major Market Share
The APAC market share is expected to grow significantly as robots are widely adopted in the region. South Korea and China dominate the adoption of robotics due to their large-scale adoption in the electronics and automotive manufacturing industries. The automotive industry has been expanding significantly in China, a significant player in the global automotive market. The Chinese government sees the nation’s auto industry, including the auto parts industry, as one of the main pillar industries of the nation. By 2025, the Chinese central government projects that 35 million automobiles will be produced nationwide.
The Japanese government announced funding for developing eldercare robots to fill the estimated gap of around 380,000 skilled workers by 2025. In addition, by 2050, the Japanese government aims to ensure that all new cars sold in Japan will be either electric or hybrid. The country intends to offer subsidies to accelerate the private-sector development of batteries and motors for electricity-powered vehicles. This is expected to also drive the adoption of elderly care robots at their residences in the immediate future. What are the Latest Developments in the Robotics Market?
Mordor Intelligence Report on the Robotics Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Robotics industry. Get a glance at the Robotics Market Report (2023 – 2028).
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