Programmable Robots Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 18, 2021 by Statzyreports

The programmable robots market is expected to register a CAGR of 9.66% during the forecast period.
The programmable robots market is expected to register a CAGR of 9.66% during the forecast period. The growth of the market is due to the increasing adoption of robots for educational purposes and continuous innovation leading to better functionality of robots.

- The use of programmable robots in the education sector facilitates the improvement of competencies in core areas, like science, technology, engineering, and mathematics. Moreover, Honda has been continually investing in research activities for programmable robots to help in the development of next-generation mobility, like ASIMO, walking assist devices, UNI-CUB, and other technologies.
- However, the COVID-19 pandemic is expected to impact the growth of the market in the shorter run. Product innovations and new product launches are especially expected to be affected, as all major economies that are the major centers of consumer robotics development have been crippled by the outbreak of the virus. In the post -COVID-19 scenario, the market is expected to experience a major boom as parents may increasingly prefer limited social interaction and engage their kids with robots for various purposes.

Key Market Trends

Increasing Adoption of Robots for Educational Purposes

- The growing popularity of activity-based learning is expected to augment market growth in this vertical. The revolution of programmable robotics has considerably changed the nature of education at all levels, starting from kindergarten schools to graduate universities, which have been integrating robotics driven courses in their curriculums.
- Many vendors are undertaking intensive R&D activities to better understand the need for robotics in the education sector. Fischertechnik introduced a learning environment to understand Industry 4.0 applications in vocational schools and training, along with understanding research, teaching, and development at universities, in companies, and in IT departments.
- New products are also expected to augment market growth. Leveraging AI, a new programmable robot named Luka the Owl is anticipated to be introduced in 2020, which can read from a database of 50,000 books to young children.

North America is Expected to Remain the Largest Market

- The demographics and emerging dynamics in the education sector are expected to be one of the major drivers of the market in the region. The introduction of interactive learning courses is one of the major components driving the market.
- In the US eduation sector, according to the Labor Department's projections, the universities in the country are expected to produce only 29% of the required graduates to fill 1.4 million computer specialist job openings. Such a scenario is expected to create the need for programmable robots in this sector.
- Furthermore, the aging population of the country is leading toward the introduction of programmable robots in the cosnsumer sector. Intuition Robotics Ltd is expected to introduce ElliQ, a social robot for older adults, which is currently in beta testing in the United States.

Competitive Landscape

The competitive landscape of the market remains fragmented, with a number of players developing products based on various applications and specific consumer needs. Some of the recent developments in the market are as follows:-

- Jan 2020 - Lego announced the launch of its new Spike Prime robotics kit, which was designed to introduce middle school-aged students to robotics, engineering, and coding. These kits are an upgrade and more goal-oriented, as compared to the earlier introduced Mindstorms kits.

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Tags programmable robots market , Programmable Robots Market size , Programmable Robots Market share , programmable robots market forecast , programmable robots market trends , Programmable Robots Market Growth , Programmable Robots Market Analysis , COVID-19 Impact
Last Updated April 18, 2021