Robotic Sensors Market Predicted to Surpass $4.9 Billion by 2031, Expanding at 10.78% CAGR
Robotic sensors market size was valued at $1.8 billion in 2021, is projected to reach $4.9 billion by 2031, grow at a CAGR of 10.78% from 2022 to 2031.
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The key factor that drives the robotic sensors market growth include surge in adoption of industrial robots in automotive manufacturing. The automotive manufacturing is attributed to the growing penetration of industrial robot sensors across production facilities. These industrial robots are highly integrated with robot touch sensor such as proximity sensors, ultrasonic sensors and laser range sensors. Further, these advanced sensors help robots to achieve high precision & accuracy and increased productivity across factories.
Additionally, China is the leading manufacturer of industrial robots, producing 47% of industrial robots sold in 2019. In 2019, the average robot density in the manufacturing industry was 113, an increase of 12% over 2018. The key factor that hampers the growth of this market is limited shelf life associated with robotic sensors. The opportunity lies in increasing investments in aerospace robotics. The key players in the aerospace industry are focusing on automation of operational processes to reduce cost, save time, deliver high-quality products, and increase productivity to meet firm competition.
The global robotic sensors industry is segmented into type, vertical, and region.
By type, the force sensor segment contributed to the major share in 2021, holding around one-third of the global robotic sensors market. This is attributed to the fact that plasticization is an economic way to obtain waterproof, stain-resistant, anti-slipping, comfortable, and safe floors. The proximity sensor segment, however, would cite the fastest CAGR of 11.8% during the forecast period.
By vertical, the manufacturing segment accounted for the major share in 2021, holding nearly one-third of the global robotic sensors market. This is attributed to the fact that use of robots in the manufacturing industry enables manufacturers to achieve high quality, reliability, economic efficiency, and less product life cycle cost. The logistics segment, on the other hand, is expected to grow at the fastest CAGR of 11.69% from 2022 to 2031.
By region, the global robotic sensors market across Asia-Pacific had the lion’s share in 2021, generating nearly two-fifths of the global bio plasticizers market. The Europe region, however, is projected to portray the fastest CAGR of 11.17% by 2031. This is due to widespread adoption of robots across major European countries such as the UK and Germany.
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The key players profiled in this report include Baumer group, Fanuc Corporation, FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., ATI Industrial Automation, Inc., Infineon Technologies AG, OMRON Corporation, Sensata Technologies, Inc., TE Connectivity Ltd., Tekscan, Inc., Keyence Corporation, Cognex Corporation, Ifm Electronic, and Schneider Electric. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations to enhance their market penetration.
Analyst Review
The robotic sensor market is anticipated to depict prominent growth during the forecast period, owing to increase in demand for advanced sensor for process automation across various industry verticals. In addition, surge in need for energy-efficient product is increased the deployment of energy-efficient robots across industries.
The robotic sensor market exhibits high growth potential in logistics and manufacturing sectors. The current business scenario has witnessed increase in demand for manufacturing of several components, particularly in the developing countries, such as China and India, owing to surge in population and rise in demand for sensors. The CXOs further added that companies in this industry have adopted various innovative techniques and strategies such as mergers and acquisitions to strengthen their business position in the competitive matrix. For instance, Novanta officially acquired ATI Industrial Automation in 2021. Novanta is a leader in mission-critical technologies to medical and advanced industrial equipment manufacturers.
Key Benefits For Stakeholders:
➢ This study comprises analytical depiction of the robotic sensors market opportunity along with the current trends and future estimations to depict the imminent investment pockets.
➢ The overall robotic sensor market share analysis is determined to understand the profitable trends to gain a stronger foothold.
➢ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
➢ The robotic sensors market analysis is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
➢ The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
➢ The report includes the share of key vendors and robotic sensors market trends.
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• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
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• Report will be updated with the latest data and delivered to you within 2-4 working days of order.
• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
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