Chicago, March 10, 2023 (GLOBE NEWSWIRE) -- The Robotics as a Service Market by Type (Personal, Professional), Application (Handling, Processing, Dispensing, Welding & Soldering), Vertical (Logistics, Manufacturing, Automotive, Retail, Food & Beverage) and Region - Global Forecast to 2028", Robotics as a service market size is valued at USD 1.8 billion in 2023 and is anticipated to USD 4.0 billion by 2028; growing at a CAGR of 17.4% from 2023 to 2028. Factors such growing growing adoption of Industry 4.0 and anticipated shortage of skilled labour in manufacturing industries are driving the growth of the market during the forecast period.
Robotics as a Service Market in asia pacific to grow at highest CAGR during the forecast period
The rising costs of labor in Asia Pacific have encouraged SME industries to start integrating robotics in their manufacturing processes to make operations more efficient and cost-effective. Government initiatives in China, such as Industry 4.0 and Made in China 2025, and the penetration of IoT and AI are expected to drive the robotics
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Robotics as a Service Market Report Scope :
|Estimated Market Size||USD 1.8 Billion|
|Projected Market Size||USD 4.0 Billion|
|Growth Rate||CAGR of 17.4%|
|Report Coverage|| |
|Segments covered|| |
|Geographies covered|| |
|Companies covered|| |
|Largest Growing Region||Asia Pacific (APAC)|
Key Market Players
KUKA is one of the leading European companies manufacturing industrial robots and automation and system engineering solutions. In December 2016, the company was acquired by Midea Group (China) to facilitate its entry into the Chinese market. KUKA operates through the Robotics, Systems, Swisslog, Swisslog Healthcare, and China segments. In January 2022, the Robotics segment accounted for USD 1,155 million. KUKA offers a complete automation solution, from robots to control software and integration services for the aerospace, automotive, electronics, metalworking, plastics, medical, foundry, and food industries. In June 2018, KUKA launched Smart Factory as a Service business model with the potential to revolutionize automotive manufacturing processes by developing robot-based automated plants for the automotive industry.
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Locus Robotics (US)
Locus robotics is a warehouse robotic automation company that designs and builds autonomous mobile robots working collaboratively alongside workers in the logistics and warehouse industries. Locus operates in the healthcare, retail, and third-party logistics segments. The company provides various solutions, such as directed picking, point-to-point transport, and robots for warehouse management in the aforementioned industries. Locus Robotics operates more than 10,000 autonomous mobile robots at over 250 sites. In addition to the Material Bank, Locus’s global customers include DHL Supply Chain, GEODIS, Radial, Ryder eCommerce, and VF Corporation.
Exotec is a warehouse robotics and automation machinery manufacturing company that builds goods-to-person warehouse robotic solutions. The company combines hardware and software to offer flexible warehouse systems driving operational efficiency, adding resiliency, and improving working conditions for warehouse operators.
The company has a geographic presence in Asia Pacific, Europe, and North America. Exotec operates in several end-user verticals such as retail, e-commerce, food & beverages, healthcare, third-party logistics, and many more.
The Household Robots Market is projected to grow from USD 9.2 billion in 2022 to USD 19.3 billion by 2027, at a CAGR of 16.0% during the forecast period from 2022 to 2027.
The Industrial Robotics Market is projected to reach USD 30.8 billion by 2027 growing at a CAGR of 14.3% during the forecast period.