Increasing demand of robotic pets in consumer markets has led the manufacturers to focus more on pet robots rather than robotic toys which are at a verge of decline. Reduction in price of the robots leads to the increase in adoption of these robots, which are viewed as a key factor impacting the growth of the global programmable robot market positively. According to Trends Market Research, the programmable robot market will register growth at a healthy pace during the forecast period 2021 – 2028.
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Growth of the global programmable robot market is expected to be fuelled by several macro-economic and micro-economic factors. Incessant innovations in artificial intelligence and the advent of deep learning method is the key factor responsible for growth in the global programmable robot market. Another key factor driving the growth and demand of the programmable robot is continuous decrease in the price of the robot components.
In the foreseeable future, limited support by governments in developed country can hinder the growth of the market. But, continuous increase in adoption of the robotic system in the field of military, educational institution and farming industry had spread more know-how about the robotic system and its usage in different industry.
The global market is segmented on the basis of the product type and their usage in the region, as well as their distribution channels. North America holds the leading share in the market, whereas Asia Pacific is likely to emerge as the second leading market for the programmable robotic market in terms of growth and environment friendly market. The developed region in the growing market will continue to remain dominant in the global market over the forecast period. Keeping in mind the usage of application in spacecraft, mobile robotic and industrial controlling will lead to increase in demand of the product.
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The global market is segmented on the basis of their product type and their usage in the region and their distribution channels. Japan having the highest population which comprises of elderly people and this can lead to the high scope of this segment. Increasing population of China will drive the demand of the healthcare product, which will have direct impact on the growth of Incontinence market. The developed region in this market will continue to dominate in the global market during the forecast period. Surge in the population that prefers spending high for the enhanced services further fuels demand for the global incontinence product market. Increase in the initiatives taken by the government and surge in the contract manufacturing process is expected to encourage the healthcare products by providing various incentives in countries such as China and Saudi Arabia. With this derived factor, the global market is expected to rev up during the forecast period.
Key Market player
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Key market players include Orbotix Inc., RobotShop Inc., Yujin Robot Co. Ltd., WowWee Group Limited, RoboBOrbotix Inc.,uilder Co. Ltd., and Honda Motor Co. Ltd. Major market players are mainly aiming towards the robot pet, which are being used in the educational institution or for the academic curriculums. Also, the significant investment in development for producing innovative robot will give the market player a competitive edge in the global market. However, the programmable robotic market is expected to witness growth during the forecast period.