Northbrook, IL -- (SBWIRE) -- 04/21/2021 -- Due to the COVID-19 outbreak, the global economy has shrunk considerably. Therefore, the demand for domestic robots has come down. Governments, mainly in developed nations, are undertaking initiative to deploy robots for disinfection of building, assistance in hospitals, and entertainment of quarantined patients. China has been at the forefront of rolling out robots for combating COVID-19. China has seen a partnership between UNIDO's (United Nations Industrial Development Organization) Investment and Technology Promotion Office (ITPO) in Shanghai. Meituan Dianping, a China-based consumer delivery app, ramped up its contactless delivery options through autonomous vehicles and robots. Deployment of robots have also been seen in other parts of the world.
According to MarketsandMarkets, the global smart robots market is projected to grow from USD 6.1 billion in 2020 to USD 23.0 billion by 2025; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 30.5% during 2020–2025. Increasing funding for research on robots is one of the major drivers contributing to the growth of the market. Funding for research on robotics has increased significantly over the past few years. Governments of multiple countries are undertaking initiatives for the development of robotics technology.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=48470534
Professional applications to hold a larger share of smart robots market in 2020
Professional applications are expected to hold the larger share of smart robots market in 2020. The scope of using robots for professional applications is vast. Professional robots are widely used in field/agricultural applications. The said market is expected to be driven by the increasing demand from logistics management applications. The boom in the e-commerce industry has translated into increased demand for robots in warehouses and for delivery. Professional robots have also gained popularity due to COVID-19 as they are increasingly being used for the disinfection of buildings. Robots are also being used for monitoring and ensuring that social distancing or lockdown guidelines are being followed. They are also interacting directly with symptomatic patients, taking temperatures, carrying out logistics tasks, and handling materials in hospitals. In the race to find a vaccine for COVID-19, robots are again being deployed to handle samples, and, in some cases, AI-based robots are also being used to accelerate the manipulation of data with the intent of shortening the development process.
Control systems to hold largest share of overall smart robots hardware market in 2020
Control systems to hold largest share of overall smart robots hardware market in 2020. Controllers are the most essential and valuable part of a smart robot as the speed and accuracy of processing information depends on them. Based on the complexity of the system, the prices of controllers can go high, resulting in the maximum value addition to the overall smart robot hardware circuitry. However, the sensors segment is expected to grow at the highest CAGR during the forecast period as sensors are expected to be key in expanding the scope of applications performed by robots. To gain an edge over the smart robots market, manufacturers are making robots smarter, interactive, and user friendly, along with adding new features to their products. These new features are leading to the integration of several new types of sensors into the overall smart robot design.
China to hold the largest share of smart robots market in APAC in 2020
In 2020, China to hold the largest share of the smart robots market in APAC. According to the 2018 white paper on Shenzhen's Robot Industrial Development, the output value of service robots in Shenzhen increased by 21.8% year-on-year to about USD 5 billion in 2018. In 2011, China introduced its 12th Five- Year Plan, and the government identified service robotics as a key area for development for the first time. During the 7th China Information Technology Expo, in 2019, a robot called Youxiaomei was serving visitors with water and tea. According to International Organization of Motor Vehicle Manufacturers (OICA), China is the world's largest manufacturer of automobiles, with Japan accounting for the highest number of vehicle imports. Therefore, there is huge demand for smart industrial robots in China.