Data science

The Robotics Market is Expected to Reach US$ 75.3 Billion in Revenue by 2026

Robotics with its higher success rate has redefined the landscape of technology across the globe. Robotics brings together advanced computer technology providing the world with high-class automation. According to Analytics Insight, the global robotics market is predicted to witness a remarkable increase from US$ 42.2 billion in 2021 to US$ 75.3 billion in 2026, registering a CAGR of 12.3%.

Covid-19 pandemic has resulted in the utilization of more robot technologies. The industrial sectors of key countries like India, Japan, China, Singapore, and Indonesia are provided with incentives by the government to survive and manage the challenges faced because of the pandemic. As a result, the industries are better supplied with the financial resources that are required for the incorporation of robots in the industrial setup. There is an increasing demand for collaborative robots across all industries and this is expected to encourage the engagement of automation in industries. These robots are aimed toward both small and medium-sized enterprises (SMEs) and large enterprises. These robots are also being adopted for both new and existing implementations and hence have a wide-scale acquisition owing to their adaptability. These factors have been significant in driving the growth of the industrial robotics market.

As China has been the largest market for industrial robots at least for the past 5 years and as covid-19 originated in China itself, it impacted the industrial robotics market negatively in 2019 and 2020 as well. The top players in the industrial robotics market are headquartered in Japan and observed a major decline in their 2019 revenue. The COVID-19 pandemic led to global supply chain disruption and slow installation of industrial robots in various key industries, such as automotive; electrical and electronics; and metals and machinery. However, the situation in Q2 2021 would witness an increase over 2020 and is expected to reach normalcy by the end of 2022.

Despite the pandemic, there is an increase in demand for robotics which has led to a large number of investments in the robotics domain. The automotive industry is considered to be one of the most critical investors for industrial robots across the globe. For example, in 2020, BMW AG signed an agreement with KUKA to supply around 5,000 robots deployed in new production lines and factories across the globe. Also, in Aug 2020, Shanghai SK Automation Technology Co., which provides intelligent equipment for the automotive manufacturers, declared an initial public stock offering on the STAR market and raised RMB 733.14 million.

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