Drivers and Restraints
The global programmable robot market, according to a recently published report by Market Research Future (MRFR), is slated to generate a market valuation of USD 4 billion by 2023 at a moderate CAGR of 15%.
the Increasing adoption of programmable robots for educational purposes to enhance the learning and teaching process is fueling the growth of the programmable robots market. Furthermore, the availability of an open-source platform that offers customization features to program the robots and availability of robotic kits at low cost is driving the growth of a programmable robot market. However, lack of awareness is restraining the market growth.
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Market players are focusing on innovation so as to fulfill the specific, customized needs of the consumers. Market players are also motivated to achieve safety, durability, effectiveness, and robustness of robots, which is leading to higher investments in research and development projects. While robotic toys demand is reducing these days, robotic pets have gained traction in recent times and will act as an offset for the robotic toy market over the review period.
The declining price of robots will also be one of the reasons behind their increased adoption. The reduction in the number of robots is projected to be a result of a substantial drop in the price of robotic components such as sensors, and actuators, among others. Some of the programmable robots are gadgeteer, advanced mobile robots, and robotic arms. Among these, advanced mobile robots are likely to revolutionize agricultural farming. Robotic arms are deployed in industrial robotics and automation for various tasks, for instance, to pick up and manipulate objects at a distance.
On the other hand, there are some factors that prove to be a challenge for market players in the global programming robot market. One of the key restraining factors is that once programmed. These robots continue to function in the same manner, even if there is a need for change in the task to be performed during emergency predicaments. However, the fact that they can be used for various applications such as mobile robotics, industrial controlling, and also for spacecraft applications, which will ensure continued demand for programmable robots in the foreseeable future.
The major market players in the Programmable Robotics Industry (COVID-19 Impact Analysis) are The LEGO Group (Denmark), iRobot Corporation (US), RobotShop Inc. (Canada), Honda Motor Co., Ltd (Japan), Bossa Nova Robotics (US), Wowwee Group Ltd (Hong Kong), Evolution Robotics (US), Fischertechnik GmbH (Germany), SuperDroid Robots Inc. (US), and Sphero (US)
Other players include Yujin Robot Co., Ltd. (South Korea), Rouge Robotics (Canada), Toyota Motor Corporation (Japan), SoftBank Robotics (Japan), Robobuilder Co., Ltd. (South Korea), Ozobot & Evollve, Inc. (US), and VEX Robotics (US) among others
The global programmable robot market is segmented on the basis of components and applications.
By component, the market is segmented into hardware and software. Hardware is further sub-segmented into actuators, sensors, power source, programmable platforms, PC interface, and others.
By application, the market is segmented into education, and entertainment. Education is sub- sub-segmented into schools & universities, and research institutes, while entertainment is further further segmented into media and gaming.
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The regional analysis of the programmable robot market is conducted in North America, Asia-Pacific, Europe, and the rest of the world.
North America is slated to rise as the leading regional market for programmable robots during the forecast period. This is attributable to the increasing adoption of robotic kits in schools, universities, and educational institutes, and the majority of key players are from well-established economies such as the US and Canada who continually invests in research and developments of robotic technology.
Furthermore, Asia-Pacific is poised to grow at a significant growth rate due to increasing awareness of robotics technology for improving the teaching and learning process. Also, emerging economies such as China, Japan, and South Korea, that are significant hubs for manufacturing electronic instruments at cheap prices is another major factor driving the growth of the market in the foreseeable future.
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