Market Size of Programmable Robots Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.66 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Programmable Robots Market Analysis
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.
