Robotic Platform Market is anticipated to Witness High Growth Owing to Rising Demand for Automation across Industries
Robotic Platform Market is anticipated to Witness High Growth Owing to Rising Demand for Automation across Industries
Blog Article
Robotic platforms are advanced robotic systems that incorporate various robotic components to handle automated industrial tasks through pre-programmed motions. These platforms find widespread application across manufacturing, healthcare, defense, and various other industries where automation helps improve productivity and efficiency. The rising need for automation to reduce labor costs and enhance production capabilities is a key driver behind the growing demand for robotic platforms.
Robotic Platform Market is equipped with multiple robotic arms, end-effectors, advanced vision systems, and other peripherals to conduct complex tasks with precision. Manufacturers are focusing on developing collaborative robotic platforms that can easily and safely work alongside human operators without the need for costly safety measures.
The Global Robotic Platform Market is estimated to be valued at USD 10.6 Bn in 2024 and is expected to reach USD 17.9 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Key Takeaways
Key players operating in the robotic platform market are Universal Robots, Kawasaki Heavy Industries, ABB Ltd, FANUC Corporation, Yaskawa Electric Corporation.
Increased demand from SMEs for automated solutions at affordable costs has opened up lucrative opportunities for collaborative robotic platforms. Falling prices of robotic technologies is further expanding their adoption across small-scale industries.
Major robotic platform manufacturers are focusing on expanding their global footprint through partnerships, mergers and acquisitions. For instance, in 2023, Kawasaki Heavy Industries acquired Perception Robotics to strengthen its collaborative robot solutions in North America.
Market Drivers
Rising labor costs - Automation through robotic platforms helps reduce labor dependence and cuts down on escalating wage bills, thereby boosting their adoption across industries.
Need for precision and accuracy - Robotic platforms offer high precision, repeatability and accuracy needed for complex manufacturing tasks like assembling, material handling, quality inspection etc.
Safety regulations - Strict workplace safety norms necessitate automation of hazardous tasks involving heavy lifting, exposure to radiation/heat etc. prompting increased demand for collaborative robotic platforms.
Market Restraints
High initial costs - Robotic platforms need significant capital expenditures for deployment. This limits their adoption among small scale industries.
Lack of technical expertise - Absence of technicians proficient in robot programming poses challenges in complex industrial automation projects using robotic platforms.
This article covers the Robotic Platform Market with key highlights on market overview, key takeaways covering key players, opportunities and global expansion, as well as drivers and restraints shaping the market growth. No conclusion has been provided.
Segment Analysis
The robotic platform market can be segmented based on component, type, payload, and application. Based on component, the platform hardware segment accounts for the major share as it forms the base for robot movements and operations. In terms of type, the stationary segment dominates as stationary robots are preferred for tasks requiring precision and accuracy like material handling in manufacturing. The payload capacity up to 10 kg dominates the market as robots with this payload capacity are suitable for various functions like picking and packaging. Regarding application, warehouse segment holds the largest share as robots with different payloads and configurations are used extensively in warehouses for palletizing, packaging, sorting, and other purposes.
Global Analysis
Geographically, Asia Pacific holds the largest share in the robotic platform market and is expected to witness the highest growth during the forecast period. Increasing industrial automation and adoption of robots by small and medium enterprises across industries such as automotive, electrical & electronics, and healthcare are driving the market in the region. Countries such as China, India, Japan, and South Korea are major contributors to the growth of the APAC robotic platform market. North America is another significant regional market owing to rapid technological advancements and implementation of industrial robots by major automotive companies in the US and copyright. Europe has also witnessed increased demand for collaborative robots from industries such as food & beverage and plastics & polymers in recent years.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)