Although many industries will take advantage of cutting-edge robotics in their operations, the automotive industry is expected to make up the majority of market growth.
Humans continue to explore the ways robotics can improve job site safety and efficiency and support human teams. A recent report from ResearchandMarkets.com seems to confirm that the move towards more remote hazardous areas has driven the growth of the robotics industry and will continue to do so over the next five years.
Rapid robotics expansion predicted
The report expects the market to grow at a rapid rate with a CAGR of 9.4% between 2021 and 2027. This should translate to roughly $43.95 billion by 2027. Advancement in the technology along with demand will see a strong market trend up.
As companies expand operations while seeking to protect workers, robotics could take the place of humans in hazardous areas and activities. This underpins what’s driving the market, specifically:
- Advancements in the technology behind building, training, and deploying robotics.
- A growing demand for products with greater accuracy and designed to do more specialized tasks.
- An increase in professional activity in regions considered hazardous.
- More companies using robotics throughout the entire production lifecycle.
See also: AI and Robotics Research Continues to Accelerate
Automotive will dominate the market
Although many industries will take advantage of cutting-edge robotics in their operations, the automotive industry is expected to make up the majority of market growth. The report segments the current market into five industries: automotive, electrical and electronics, metal and machinery, plastic and chemical products, and food.
Automotive will leverage robots for factory operations like manufacturing and inspection superior finishing, and others. The robotics industry is fragmented, but there are multiple opportunities for robotics companies within each industry segment.
See also: Businesses Need to Know When A Robot Or Human Is Best
Asia and Australia have dominated the industry the past few years, which is expected to continue, according to the report. This could be due to rising automation in Asian countries and an increase in production demand thanks to growing consumer bases.
Europe will also show strong growth thanks to industry 4.0, and many suppliers are expected to expand into North American countries as well.