Robotics Market Forecast to Grow at 16.60% CAGR from 2024 to 2031 | SkyQuest Technology

Westford,USA, June 03, 2024 (GLOBE NEWSWIRE) — Robotics is the branch of study, design, and engineering of machines that are used to assist humans or replicate their tasks. Rapid advancements in robotics technology and the high acceptance of robots in different industry verticals around the world are forecasted to bolster the robotics market growth. The use of advanced technologies such as artificial intelligence and machine learning will also help foster robotics market growth in the long run. The global robotics market is segmented into application, end-user, and region.

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Robots Taking Over Industrial and Service-based Applications

Industrial applications are projected to utilize robotics technology like no other sub-segment. Growing emphasis on improving the operational efficiency and productivity of industrial establishments is projected to promote the adoption of robotics in this sub-segment and allow it to bring in the most revenue. From material handling to process optimization, robotics can revolutionize almost all industrial applications to maximize profitability for industries. Robots can also help automate repeated tasks to optimize resource utilization. Robots are being extensively used in assembly and inspection applications in industries thereby creating a bright outlook for robotics market players.

Use of robotics to provide services is also estimated to increase over the coming years as the acceptance of robots in service-oriented businesses rises. Delivery, cleaning, sanitation, harvesting, catering, and many other services can be delivered through robots. Increasing use of robotics in customer service is also projected to help this sub-segment bolster the global robotics market growth in the future.

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From Factories to Entertainment, Robots are Everywhere

Modernization and automation of different manufacturing operations allow manufacturing end-users to lead the demand for robotics around the world. High availability and acceptance of advanced robots to optimize productivity and eliminate errors is what helps promote robotics adoption in the manufacturing sub-segment.

Digitization of the healthcare industry is projected to create an opportune scenario for robotics adoption. Growing emphasis on creating more precise and advanced robots that can replicate the surgical precision offered by seasoned medical professionals is slated to help the healthcare end-user bolster robotics market development in the future. The rising popularity of unmanned aerial vehicles (UAVs) and autonomous drones is projected to bolster the demand for robotics technology in aerospace and defense sub-segments across the forecast period and beyond. High investments in aerospace and defense R&D are also predicted to help this sub-segment uplift the demand for robotics in the future.

Media and entertainment robotsas end-usersare used for delivering performances and creating stunning visual displays for the audience. Robotics is projected to change the entire media and entertainment industry in the future ranging between robotic cameras with efficient capturing abilities to robotic stunt doubles for better viewing experience.

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In conclusion, the robotics market has a lot of scope to expand across multiple industry verticals thereby pushing robotics companies to keep innovating and launching new products. Advancements in robotics and the growing popularity of robotic process automation are also forecasted to augment the global robotics demand outlook in all segments. New companies should target the manufacturing end-user segment to penetrate the market and compete with established market players. Whereas, established robotics providers should emphasize innovation and target the aerospace and defense sub-segment.

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