Robot Sensors Market worth over $5bn by 2028

Robot Sensors Market size is set to surpass USD 5 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The robot sensors market growth is attributed to the rising adoption of automation technologies in industries including manufacturing, mining, chemical, medical, and automotive. According to the World Robotics Report 2021, industrial robot stocks increased by 10%, reaching 3.0 million units with a 3% increase in industrial robot installations worldwide. These robots are outfitted with a variety of advanced sensors including proximity, tactile, force, vision, and ultrasonic to provide high accuracy & efficiency. Furthermore, a decreasing cost of mobile robots has encouraged small enterprises to develop & adopt automation technologies, boosting the market potential in the coming years.
 

The high cost of 4D vision and LiDAR technology incorporated in industrial and service robots is impeding growth opportunities in the robot sensors market. LiDAR is a high-power consumption technology used in robots, making it expensive and inefficient for small businesses. Moreover, several companies are inclined to develop low-cost & compact robot sensors, which will overcome these challenges.
 

Rising acceptance of machine vision technology in industrial robots will positively impact the vision sensor segment growth

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The vision sensor segment held 25% of the market share in 2021 and is projected to witness 11% growth rate through 2028. The industry growth is credited to the rising usage of machine vision and photonics technologies in industrial robots. It offers several advantages in robots such as increased efficiency & sensitivity, accurate obstacle detection, and low-cost operations. These factors have encouraged robot sensor manufacturers to develop industry-specific sensing devices to gain a competitive edge.
 

Browse key industry insights spread across 520 pages with 554 market data tables and 35 figures & charts from the report, “Robot Sensors Market Size, By Product (Force/Torque, Vision, Ultrasonic, Tactile, Laser Range, Proximity), By Robot Type (Industrial, Service, Collaborative), By Application (Manufacturing, Logistics, Defense, Agriculture, Medical, Domestic, Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/robot-sensor-market
 

Growing adoption of collaborative robots in smart factories will spur the market demand

The collaborative robot segment is estimated to attain a CAGR of 12% till 2028 led by the several safety features including force & velocity monitoring, collision detection, and workspace security. It also offers increased efficiency, flexibility, and a high Return on Investment (ROI). These features have encouraged major market players to extensively invest and adopt cobot technologies.
 

The augmentation of automation technologies in warehouses to impel the robot sensors market value

The logistics segment accounted for 10% of revenue share in 2021 and is poised to expand at more than 13% by 2028. Industry expansion is credited to the rising usage of Automated Guided Vehicles (AGVs) in warehouses and the transportation sector. Robot sensors are used in the logistics sector for packaging, picking & placing, loading & unloading, transportation, and other robots. These sensors also allow warehouse owners to effectively manage the workflow and streamline supply chain processes, further fueling the market acceptance of robot sensors. Several leaders are focused on developing application-specific robots to address the rising demand from the logistics sector.
 

Favorable government initiatives to support innovations in AI and robotics in North America

North America robot sensors market is anticipated to register growth of 11.5% during 2022 to 2028 driven by the rising government initiatives to support R&D and innovations in new robotic technologies powered by AI & IoT. For instance, in July 2021, the U.S. National Science Foundation (USNSF) invested USD 220 million to establish 11 new AI research institutes in the country. These research institutes will focus on innovative & advanced AI technology and edge networks for distributed robotics, smart transportation, and defense automation.
 

Key players operating in the market include FANUC, Honeywell International, Inc., Keyence, Rockwell Automation, EPSON, and OptoForce. These companies are constantly focusing on inorganic growth strategies, such as new product launches and partnerships, to expand their product offerings and meet the high demand.