Robotic Sensors Market Expected to Reach $4.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Robotic Sensors Market," The robotic sensors market size was valued at $1.8 billion in 2021, and is estimated to reach $4.9 billion by 2031, growing at a CAGR of 10.78% from 2022 to 2031.

The key factor that drives the robotic sensors market growth include surge in adoption of industrial robots in automotive manufacturing. The automotive manufacturing is attributed to the growing penetration of industrial robot sensors across production facilities. These industrial robots are highly integrated with robot touch sensor such as proximity sensors, ultrasonic sensors and laser range sensors. Further, these advanced sensors help robots to achieve high precision & accuracy and increased productivity across factories.

Additionally, China is the leading manufacturer of industrial robots, producing 47% of industrial robots sold in 2019. In 2019, the average robot density in the manufacturing industry was 113, an increase of 12% over 2018. The key factor that hampers the growth of this market is limited shelf life associated with robotic sensors. The opportunity lies in increasing investments in aerospace robotics. The key players in the aerospace industry are focusing on automation of operational processes to reduce cost, save time, deliver high-quality products, and increase productivity to meet firm competition.

According to robotic sensors industry analysis, the force/torque sensor segment was the highest revenue contributor in 2021, due to increase in demand for automotive products, growing adoption of force sensor in manufacturing application, rapidly rising adoption of advanced driver assistance systems. Additionally, adoption of internet of things (IoT) technology and rising robot application in industries are expected to create lucrative opportunities for the market. The manufacturing segment accounted for around 30.85% market share in 2021. Surge in demand for robots in the manufacturing industry enables manufacturers to achieve high quality, reliability, economic efficiency, and less product life cycle cost.

The outbreak of COVID-19 has significantly impacted the growth of the consumer product safety testing solution in 2020, owing to significant impact on prime players operating in the supply chain. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown, globally. Furthermore, surge in adoption of industrial and medical robots is expected to strengthen the robotic sensors market opportunity post COVID-19.

KEY FINDINGS OF THE STUDY

• In 2021, the force/torque sensor segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 10.87% during the forecast period.
• The manufacturing segment accounted for around 30% of the robotic sensors market trends in 2021.
• Asia-Pacific contributed for the major robotic sensors market share, accounting for more than 40% share in 2021.

The key players profiled in the report include Baumer group, Fanuc Corporation, FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., ATI Industrial Automation, Inc., Infineon Technologies AG, OMRON Corporation, Sensata Technologies, Inc., TE Connectivity Ltd., Tekscan, Inc., Keyence Corporation, Cognex Corporation, ifm electronic gmbh , and Schneider Electric.  Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the robotic sensors market analysis.