Robotics & Automation News

Market trends and business perspectives

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Industrial robot components market set for higher growth over next decade

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The global industrial robot components market is expected to be valued at $6.3 billion in 2023 and it is anticipated to grow at a compound annual growth rate of 13.9 percent to reach $23.2 billion by the end of 2033.

Over the 2018-2022 historical period, the global industrial robot component market registered a compound annual growth rate of 12.5 percent, according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 13.9 percent compound annual growth rate between 2023 and 2033.

Market share analysis of industrial robot components based on application and region is provided in a nutshell in the above image. Under the application segment, the robot arm/manipulator sub-segment dominates with a 29.1 percent market share in 2023. [Read more…] about Industrial robot components market set for higher growth over next decade

Retail robots market expected to reach $55.8 billion by 2028

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The global market for retail robots was valued at $7.1 billion in 2020 and is expected to surpass $55.8 billion by 2028, registering an annual growth rate of 30.1 percent during the forecast period (2021-2028), according to Coherent Market Insights.

Retail service robots bring the intelligence of big-data knowledge of consumers to provide useful and smart in-store customer service. Retail robots can handle scenarios from repetitive customer service inquiries to complex product recommendation.

Companies often have an opportunity to convey real-time data about their company and products whichexplains what they do, why their products are the right fit, and others. [Read more…] about Retail robots market expected to reach $55.8 billion by 2028

Global ‘Robot-as-a-Service’ market set to reach $41.3 billion by 2028

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The global Robot as a Service market was valued at $12.6 billion in 2020 and is expected to surpass $41.3 billion by 2028, registering a compound annual growth rate of 15.9 percent during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.

The ongoing advancement in technologies is propelling the market growth during the forecast period.

The growing adoption of advanced technologies such as automation, artificial intelligence, machine learning, Robot as a Service (RaaS), and many other technologies are expected to drive market growth during the forecast period. [Read more…] about Global ‘Robot-as-a-Service’ market set to reach $41.3 billion by 2028

Global service robots market forecast to reach $110 billion by 2027

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The global professional service robots market is expected to be valued at $109.91 billion by the end of 2027, growing at an annual rate of 24.5 percent from 2020 to 2027, as highlighted in a report published by Coherent Market Insights.

Rising funding for research and development in robotics is expected to drive growth of the global professional service robots market during the forecast period.

Since professional service robots are being used in a variety of fields, many sectors (both public and private) have started investing in robotics research and development. [Read more…] about Global service robots market forecast to reach $110 billion by 2027

Surgical robots market driven by technological advancements and increase in purchasing power of hospitals

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The global market for surgical robots market is being driven by ongoing technological advancements in the sector as well as the increasing purchasing power of hospitals.

This is according to the latest market intelligence study by Transparency Market Research, entitled Surgical Robots Market.

The global surgical robots market was valued at approximately $4.2 billion in 2018 and is projected to expand at an annual growth of 13 per cent from 2019 to 2027. [Read more…] about Surgical robots market driven by technological advancements and increase in purchasing power of hospitals

Global industry ‘in midst of major change’ because of ‘megatrends’

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Hannover Messe 2020 will coincide with a period of rapid technological change and political and economic uncertainty, according to its organisers.

Sporting its 2020-season lead theme of “Industrial Transformation” and featuring some 6,000 exhibitors, the world’s top trade show for industrial technology will shine a light on the opportunities arising from new technologies, changing buyer behavior and a growing awareness of climate protection.

Experts at Deutsche Messe, one of the world’s largest industrial trade show companies and the owner of Hannover Messe, the global industrial sector is “in the midst of a period of major change”, driven primarily by the “megatrends” of digitization, individualization and climate protection.

At the same time, it is grappling with some very challenging economic and political fundamentals.

Dr Jochen Köckler, chairman of Deutsche Messe, says: “The world is embarking on a period of change, the likes of which we haven’t seen for a long time. [Read more…] about Global industry ‘in midst of major change’ because of ‘megatrends’