High level of automation to bolster Robots market growth; market to witness increased adoption of Professional Service Robots

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OVERVIEW

Robots Market is expected to reach USD 1,34,627.9 million by the end of 2026.

Bizlytik analysts forecast the global Robots market to grow at a CAGR of 22.7% during the forecast period, according to their latest market research report.

Robots are automatic machines that are driven through mechanical fixtures and computational programming for daily mundane tasks as well as sophisticated repetitive actions. The robots are being increasingly tasked with heavy industrial jobs and professional services in commercial enterprises.

The continued technological development for product excellence and rise in the level of automation for varied industrial works are the influential primary factors that would propel the growth prospects of the market during the forecast period. The integration of articulated robots and improvement in the excellence of collaborative robots for more productivity in industrial facilities would also improve the growth rate of the market. The increasing consumer demand for the use of service robots in commercial settings for comfort and convenience would further boost the prospects of market growth. The expanding product adoption among SMEs would offer key manufacturers with new opportunities for business expansion over the forecast period.

Articulated Robots, Collaborative Robots, Professional Service Robots, Domestic Service Robots, and Entertainment Robots are covered in the Type segment of the market. In contrast, the Application segment is categorized into Logistics, Personal, Military, Agriculture, Construction/Mining, Medical, Entertainment, Research, and Others. The report covers the overall market volume by Application segment expressed in K Units. The Type segment is calculated both in terms of value and volume.

The volume of the Personal segment by Application is estimated to garner 2,13,365.8 K Units by 2026; growing at a CAGR of 40.8% from 2020 to 2026. The growing consumer desire to increase convenience and comfort using professional service robots would contribute to the segment growth. The incorporation of service robots for personal needs in retail, hospitality, and healthcare clinics would further propel the segment growth prospects.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a lucrative prospect for the manufacturers and holds substantial market share owing to the rising product sales for caregiving clinics and manufacturing factories. Considerable technological improvement in product performance would also influence regional market growth.

The Robots market is moderately consolidated, with several key players operating with expansive manufacturing capabilities and extended global reach. The extension in business capabilities through strategic partnerships and collaborations and launch of new products after thorough development are the primary business strategies of top players.

Intuitive Surgical Inc. is one of the most significant companies of the global Robots Market in terms of production volume, with ABB Ltd and Fanuc Corporation among many other vendors to hold substantial market share by volume and value.