DUBLIN , May 27, 2022 /PRNewswire/ -- The "Business Robots Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The business robot market is expected to grow at a compound annual growth rate of 13.27% over the forecast period to reach a market size of US$19.369 billion in 2027, from US$8.098 billion in 2020. Business robots are widely used in industries and businesses to ensure high productivity and better-quality results. Rapid industrialisation, growing elderly population in many areas, intensive research and development, and meeting the needs of the growing population are some of the factors responsible for the significant growth of the business robot market.
Business Robots are used in various industries like food and beverage, electrical, chemical, manufacturing, pharmaceuticals, etc. for various purposes like inspection, assembling, disassembling, processing, and welding. The business robotics market is widely segmented based on its type, which usually depends upon the end purpose of the robot.
For instance, Polar Robots are generally used for welding, die casting, and injection molding, while SCARA Robots are widely used for assembling operations due to their accuracy and high speed. Cartesian robots are used for 3D printing purposes. An increase in Investments and Intensive Development: One of the major factors behind the growing business robot industry is the constant research and development in this area that has led to an increase in investment for the development of high-end products. Generally, business robots are widely used in manufacturing, automotive, chemical, optics, and other commercial industries due to their precision and high-speed activity. As per The Robot Report, May 2021 witnessed some large investments of $110 million Series B by Einride for developing autonomous vehicles and $56 million Series B by Path Robotics for the robotic welding systems. Besides their usual application in the manufacturing sector, business robots are also being used as a marketing component to divert the attendee's attention towards innovation and progress. Business robots are also widely used in theme parks, television, and film programs as fictional characters, storefronts, etc. to entertain the audience. They are also used in telecommunications to smoothly run internet traffic and attend incoming calls through a programmable interface. For instance, Cyberselves has introduced a technology through which humans can teleport into robots, allowing them to complete tasks in a hazardous environment, which can serve as a great example of the innovations taking place in this sector. Besides that, Amazon has recently launched a new robotic service, AWS IoT Robo Runner, to develop applications and software to ensure the coordinated function of robots in business. Employment patterns: There has always been a general concern in the market about the rate of employment being slugged down by the increasing use of business robots in various industries. But opposing these views, a report published by the World Economic Forum predicted otherwise. As per the report, automation will result in a net increase of 58 million jobs, with two-thirds of the jobs being high-skilled and one-third being low-skilled. What needs to be highlighted is that, between the two views, the major action should be concentrated on the even distribution of robotics and the training of workers to help them understand and adopt the technology. High development and maintenance costs: The major concern behind the developing business robotics industry is the high development and maintenance costs involved in the production and post-production stages. The initial stages of research, production, development, programming, maintenance, etc. require heavy capital expenditures from the market players, which makes it difficult for small and medium-sized firms to easily enter into this market. Impact of COVID-19 Pandemic on the Business Robots Market: The COVID pandemic severely impacted markets worldwide due to stringent lockdown regulations, curfews, labour shortages, transportation barriers, disrupted supply chains, etc.,. which directly and indirectly affected the business robotics market as well. Major manufacturing units were completely shut down, which hindered the supply and demand chain of the business robot market. Trends suggest that the business robot market is recovering at a healthy rate after the pandemic due to the continued operations of industries and economies. A report published by CNN Business gave an insight into the rapidly increasing rate of robots being used in America after the COVID pandemic to meet the assembly lines due to the increasing demand. American Industries ordered 29,000 robots worth $1.48 billion in the first nine months of the year, 37% more than in the same period the previous year.
For more information about this report visit https://www.researchandmarkets.com/r/3pz9q2
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
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