The Robotics technology is the connection of technology, engineering, and science for manufacturing machines called robots, which are utilized to imitate human actions. The foremost aim of the robotics technology is to improve the performance of an organization and to introduce better outcome. The Robotics technology finds its wide variety of applications in several industry verticals, which comprise healthcare, domestic, agriculture, and manufacturing.
According to the report analysis, ‘Robotics Technology in Construction Industry: Asia-Pacific Market by Product Type, Robot Function, Application Vertical and Country 2014-2025’ states that the Asia-Pacific robotics technology market in construction industry is projected to increase at a 2019-2025 CAGR of 18.42% and remain the second principal regional market propelled by a fast implementation of all forms of construction robotics across the region.
In addition, the effective growth in requirement for automation and protection in organization and availability of affordable, energy competent robots drive the growth of the market. Not only has this, the effective growth in the labor & energy costs and augment the usage of robotics technology in dissimilar industry vertical propels the growth of the market. However, extraordinary initial cost of the robots and absence of awareness amongst the SMEs limits the growth of the market. Furthermore, growth in embracing of robotics technology in emerging regions and augment use in adverse applications are predicted to afford lucrative opportunities for the growth of the market.
However, the outbreak of the COVID-19 epidemic has a significant impression on trade. For instance, as corona virus cases endure to increase at an alarming rate across the Asia Pacific, several countries have realized that their supply chains are reliant on others. Supply chains that have been interrupted involve the hardware components of robots. Thus, the robotic technology market is witnessing supply shortages or halted shipments of these components across the Asia Pacific region, as workforce is decreased and nonessential businesses have stopped functions. However, some regions may choose to start producing these components domestically across the future to be better organized for new outbreaks.
Region wise, the robotics technology market was registered by Asia-Pacific during 2019 and is projected to witness the greatest growth rate throughout the forecast period owing to increase in existence of robotics vendors and surge in its requirement from the industrial sectors across the Asia-Pacific region.
Players of Asia Pacific region are coming up with low-cost and great-quality robots owing to augment in competition. The improvements in technology allow developers to design fresh innovative products while sustaining the affordability of the product. Presently improved robots are energy-efficient, and are designed to serve detailed applications. In addition, such robots are economic, which augments their acceptance by small & medium businesses. Such robotic solutions target SMEs to cater to their specialized requirements. Furthermore, several manufacturing sectors across the Asia Pacific are adopting energy-efficient robots to promotion their employees in execution critical tasks without any interruption. Therefore, in the near years, it is predicted that the market of robotics technology will increase around the globe more effectively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications