As businesses begin to reposition after Coronavirus lockdowns, Market Research Future has come up with the latest report on the global programmable robots market 2020. It reveals that market could witness higher stability from the years 2017–2023. In these years, the market’s potentiality might elevate at a rate of ~ 15%, with a market value of USD 4 billion by 2023. It could be the enormous achievement of the market to see the future amidst COVID 19 pandemic across the world.
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The top players in the market of programmable robots are The LEGO Group (Denmark), iRobot Corporation (US), Bossa Nova Robotics (US), RobotShop Inc. (Canada), Wowwee Group Ltd (Hong Kong), Evolution Robotics (US), Honda Motor Co., Ltd (Japan), Fischertechnik GmbH (Germany), SuperDroid Robots Inc. (US), and Sphero (US).
Top Impacting Factors
The global programmable robots market is probable to inflate at a healthy pace within the forecast period in support of some of the essential factors such as escalating adoption of robots in various educational institutions. Many educational institutions are incorporating robots in their academic curriculum. Market players in this field are focusing tough on innovation to cater to the specific needs of the consumers. Players are also determined achieving safety, durability, effectiveness, and robustness of robots. While robotic toys are not much in demand these days, robotic pets have become well-liked that could act as to make up for the programmable robotic market.
The declining price of robots will also be one of the reasons behind their augmented adoption. The drop in the price of robots is probable to be a result of a noteworthy drop in robotic components prices such as sensors, actuators and more. Some of the programmable robots are gadgeteer, advanced mobile robots, and robotic arms. Of these, advanced mobile robots might help in revolutionizing agricultural farming. All these factors have associated with the market’s escalation since years and will be continued for the forecast period.
Apart from these factors, some factors prove to be defying for market players in the global programming robots industry. One of the critical limiting factors that if once programmed, these robots continue operating in the same manner even if there is a need for change in the task to be performed primarily in emergencies. However, the fact that the programmable robots can be used for diverse applications such as mobile robotics, industrial controlling, and also for spacecraft applications. These will ensure continued demand for programmable robots even in the future.
The global programmable robots market has been segmented based on segments such as component and applications.
The component-based segment has included hardware and software. Hardware is also sub-segmented into actuators, sensors, programmable platforms, PC interface, power source, and others.
The application-based segment of the market has included education and entertainment. The education segment is sub-segmented into schools & universities, and research institutes, whereas entertainment, is also sub-segmented into media and gaming.
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North America might lead the programmable robots market during the forecast period. The crucial factor influencing the expansion of the market in this region is developed economies such as Canada and the US are spending a hefty share on research and development of robotics technology. Also, escalating adoption of robotic kits in schools, universities, and research institutes for educational purpose is an added reason motivating the growth of programmable robot market.
Asia-Pacific region might also develop at a momentous rate owing to increasing awareness of robotics in education to lift up the learning process, and emerging economies such as China, Japan and South Korea that manufacture electronic components at economical rates.
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