Robotic sensors market to hit $4.9bn by 2031, report finds
The global robotic sensors industry is estimated to hit $4.9 billion (bn) by 2031, with a CAGR of 10.78% from 2022 to 2031, according to a report from Allied Market Research (AMR).
In its release it said the drive in growth is due to the surge in need for automation and safety in organisations, as well as the availability of affordable, energy-efficient robots.
In April 2022, built robotics secured $64 million (mn) in Series C funding due to critical infrastructure projects around the world, and the appetite for the robotic sensors industry is no different.
The report suggested that an increase in adoption of robotics technology in emerging economies has further increased the appetite.
Yet the report warned that limited shelf life associated with robotic sensors may “hinder” growth to some extent.
According to AMR, the global robotic sensors industry endured “several disruptions” impeding consumer product testing in the sector as a result from Covid-19.
A steep decline in robotic sensors, restricted workforce, and a high cancellation of projects also aggravated the market.
However, the market is now estimated to blossom according to the report, estimated at $1.8bn in 2021.
By type, AMR said the force sensor segment contributed to the major share in 2021, holding around one-third of the global robotic sensors market, and by vertical, the manufacturing segment accounted for the major share in 2021, holding nearly one-third of the industry.
The report added that the market was most dominant across Asia-Pacific, generating nearly two-fifths of the global bio plasticisers market.
However, the Europe region is projected to show 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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