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.
Programmable Robots Industry Segmentation
A programmable robot is a device that performs various automated functions normally ascribed though programs or remote control. These programmable robotic kits, ranging from simple remote-controlled to PC-controlled robots, are used in education, entertainment, and research, among other applications.
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Programmable Robots Market Size Summary
The programmable robots market is poised for significant growth, driven by the increasing integration of robotics in educational settings and ongoing technological advancements. The sector is witnessing a surge in the adoption of robots to enhance learning in science, technology, engineering, and mathematics (STEM) fields. Companies like Honda are heavily investing in research to develop advanced robotic technologies, such as ASIMO and walking assist devices, which contribute to the market's expansion. Despite the short-term challenges posed by the COVID-19 pandemic, which has disrupted product innovation and launches, the market is expected to rebound strongly as parents seek to limit social interactions and engage their children with educational robots.
The shift towards activity-based learning and the incorporation of robotics into educational curricula from kindergarten to higher education are key factors propelling market growth. Vendors are actively engaging in research and development to meet the evolving needs of the education sector, with companies like Fischertechnik introducing innovative learning environments. The introduction of new AI-driven products, such as Luka the Owl, is anticipated to further stimulate market expansion. Additionally, demographic changes and the demand for interactive learning courses are driving the market, particularly in the United States, where a shortage of computer specialists is creating a need for programmable robots. The consumer sector is also seeing the introduction of robots like ElliQ, aimed at assisting the aging population. The market remains competitive and fragmented, with numerous players, including LEGO and SoftBank Robotics, developing products tailored to specific consumer needs.
Programmable Robots Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Adoption of Robots for Educational Purposes
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1.2.2 Continuous Innovation Leading to Better Functionality of Robots
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1.3 Market Restraints
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1.3.1 High Cost and Time Consuming Implementation
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1.4 Porters Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Assessment of Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 Component
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2.1.1 Hardware
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2.1.2 Software
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2.2 Application
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2.2.1 Entertainment
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2.2.2 Education
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2.2.3 Household
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Rest of the World
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Programmable Robots Market Size FAQs
What is the current Programmable Robots Market size?
The Programmable Robots Market is projected to register a CAGR of 9.66% during the forecast period (2024-2029)
Who are the key players in Programmable Robots Market?
The LEGO Group, Honda Motor Co. Ltd, SoftBank Robotics Europe SAS, WowWee Group Limited and Fischertechnik Company are the major companies operating in the Programmable Robots Market.
