Pune, India -- (SBWire) -- 07/27/2020 --Programmable Robots Market:
Executive Summary
Global Programmable Robots Market is valued at approximately USD 2073 million in 2019 and is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2020-2027. A programmable robot is a type of automatic device which performs functions usually recognized through programs or remote control. These can be a programmable robotic kit and can range from a general remote-controlled to PC-controlled robots, as well as simple wheeled robots to intricate robots, such as humanoids. These robots facilitate in conceptualizing and understanding the theories engaged in operating and designing a robot and also assist to program the robot through the use of simple virtual programming language, such as C, C++, Java, and many others, that helps the consumers to have an organized thinking concerning problem-solving. Therefore, these factors are promoting the usage of programmable robots among the end-users (i.e. students, researchers, and hobbyists). Rising demand for domestic consumer robotics, surging utilization of programmable robots for educational & learning purposes, and rapid technological advancement for better functionality of robots are the few other factors driving the market growth during the forecast period. According to the International Federation of Robotics (IFR), in 2019, the global demand for domestic consumer robotics were accounted for almost USD 2.9 billion, representing an increase of 24.6% from 2015 which holds about USD 1.2 billion. Also, IFR predicted that the value of domestic consumer robot will reach to almost 6.8 billion by the year 2025. This, in turn, is expected to accelerate the demand for programmable robots, thus contributing to the growth of the global market. Amidst the COVID-19 outbreak around the world, the industrial robotic industry is significantly declining due to the restriction imposed by the government on the movement of people, goods & services, which create a gap between the demand and supply. Though, the demand for programmable robots is also affecting, and it is not high as much as before the COVID-19 crisis. Therefore, the market will be lowering down at a significant rate at least in this year. However, the high cost and time-consuming implementation are the constant restraining factors to the growth of the market over the forecast period of 2020-2027.
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The regional analysis of the global Programmable Robots market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing research & development efforts for robotic technology, along with increasing adoption of programmable robots in schools, universities & research institutes across the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, due to growing awareness of robotics in education sector to elevate the learning process in the countries, especially in China and India.
Major market player included in this report are:
Honda Motor Co., Ltd.
The LEGO Group
Aldebaran Robotics Sas
Innovation First International, Inc.
WoWee Group Limited
Orbotix, Inc.
Evollve, Inc.
Bossa NOVA Robotics, Inc.
Robobuilder Co., Ltd.
RobotShop, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Hardware
Software
By Application:
Education & Research
Entertainment
Household
Others
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Programmable Robots Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Global Programmable Robots Market Size Study, by Component, Application and Regional Forecasts 2020-2027
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