Adaptive Robotics Market Expected to Reach $55.0 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Adaptive Robotics Market by Component, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the adaptive robotics market size was valued at $4.9 billion in 2020, and is expected to reach $ 55.0 billion by 2030, registering a CAGR of 26.3% from 2021 to 2030. North America is anticipated to dominate the global adaptive robotics market in 2020.

Adaptive robots are third generation of robots that are integrated with technologies such as IoT and artificial intelligence, which sense and act on their environment without human interaction. Adaptive robots are more compact, precise, and able to work faster, and quick decision taker in various industries such as automotive, manufacturing, and food & beverages.

Increase in adoption of collaborative robots in the industries has significantly boosted the demand for adaptive robots. In addition, rise in trend of automation in manufacturing and logistic industries has helped to carry out operations at faster rate and with higher accuracy with the help of adaptive robots. Thus, all these factors collectively are anticipated to notably contribute toward the growth of the global adaptive robotics market during the forecast period. Moreover, rise in R&D investment in artificial intelligence and robotics in various regions such as North America and Europe fuels the growth of the global adaptive robotics market. For instance, in September 2020, Europe allocated around $2.78 billion for artificial intelligence and robotics sector.

However, high initial investment cost to setup robotic systems in industries acts as a major restraint of the global adaptive robotics market. Utmost care needs to be taken while handling the robot arm, as it is highly prone to damage while carrying out heavy operations, which further hampers the sale of robot end effectors, thereby limiting the market growth. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the global adaptive robotics market growth. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

On the contrary,  integration of IoT in manufacturing is expected to propel the demand for adaptive robots, which is likely to act as a major opportunity for growth of the adaptive robotics market.

The global adaptive robotics market is segmented into application, component, end user, and region. By application, the market is segregated into handling, assembling, welding, and others. The handling segment dominate the market in 2020. On the basis of component, it is segregated into hardware and software. Software segment dominates the market in 2020. Depending on end user, it is divided into automotive, electronics, pharma, metal & machinery, and others. Automotive segment dominates the market in 2020.

Region wise, the global adaptive robotics market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to dominate the market throughout the forecast period.

The key players profiled in this report include ABB, Kuka AG, Robotiq Inc, SCHMALZ, Soft Robotics Inc, Weiss Robotics GmbH & Co Kg, Universal Robots A/S, Yaskawa Electric Corporation, SoftBank Group Corp, and Rethink Robotics GmbH.

Key Findings Of The Study

• By component, software segment was the highest revenue contributor in 2020.
• On the basis of application, handling segment was the highest revenue contributor in 2020.
• By end-user, automotive segment dominated the market in 2020.
• North America generated the highest revenue in 2020.