Robotics Market Grows: $22.26B Surge


The global robotics market is poised to expand by USD 22.26 billion from 2022 to 2027, reflecting a growth rate of 7.71% during this period. This expansion is driven by several key factors, notably stringent health and safety regulations that necessitate safety material handling equipment.

Industries like automotive and heavy oil chemicals require this due to harsh working conditions and exposure to toxic substances, posing risks to human workers. Adoption of robotics minimizes such risks, enhancing employee safety and preventing accidents and material damage. The market is fragmented, comprising both global and regional vendors like ABB Ltd., FANUC Corp., and Honeywell International Inc. Key trends encompass government initiatives in Europe to boost the robotics industry, such as Horizon 2020, encouraging SMEs to integrate industrial robots for better efficiency.

However, challenges like a shortage of skilled personnel hinder market growth, as users often lack the know-how to maintain and operate these systems. The market segmentation includes industrial and service applications across various sectors like manufacturing, healthcare, aerospace, and defense, predominantly led by the APAC region, which is estimated to contribute to 49% of global market growth. Technological advances and trends like automation to reduce costs and enhance safety indicate the market's evolution, despite these challenges. The report details market dynamics, key drivers, challenges, and trends influencing the industry. For a comprehensive analysis covering vendor landscape, geographical footprint, and a deep dive into vendors like ABB Ltd., Clearpath Robotics Inc., and Cyberdyne Inc., the full report is available for in-depth insights and market strategies.

More Information : https://www.techdogs.com/tech-news/pr-newswire/robotics-market-size-to-grow-by-usd-2226-billion-from-2022-to-2027-market-driven-by-stringent-health-and-safety-regulations-technavio

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