Teleoperation and Telerobotics Market: Current Analysis and Forecast (2024-2032)
Emphasis on Components (hardware, software and services) Robots Type (industrial robots {automotive, food & beverages, electronics, others}, Cobots and Service robots ({logistics, military & defense, medical & healthcare, others}) Applications (manufacturing, space & science, healthcare, aerospace & defense, media & entertainment, logistics and others); Region/Country.
Teleoperation and Telerobotics Market Size & Forecast
The Teleoperation and Telerobotics market was valued at approximately USD 43.9 Billion in 2023 and is expected to grow at a robust CAGR of around 18.6% during the forecast period (2024-2032). The growth of the global teleoperation and telerobotic market is driven by advancements in AI, robotics, and 5G connectivity, along with rising demand for remote operations in hazardous and inaccessible environments.
Teleoperation and Telerobotics Market Analysis
The high demand for the use of Internet of Things technologies along with the machine-to-machine (M2M) sensors and growing adoption of broadband communication and safety concerns are some major factors that are helping this market to grow rapidly. Telerobotic devices are generally built for situations that are too dangerous, uncomfortable, limiting, or costly for humans to perform. Therefore, majorly the growing security concerns paired with the advancement in technology are driving this industry. Some of the applications like underwater inspection, maintenance, construction mining, exploration, research and recovery, science, and surveying. For instance, in August 2022, Hyundai Motor Group invested USD 400 million in manifesting the Boston Dynamics AI Institute to advance AI and robotics.
Teleoperation and Telerobotics Market Trends
This section discusses the key market trends influencing the Teleoperation and Telerobotics segments as identified by our research experts.
Hardware Component Transforming Industry
Based on components, the market is segmented into hardware, software, and services. Amongst these, the hardware segment is dominating the market. This is due to the obvious reason that hardware components majorly derive the efficiency of the robot’s performance, the stronger or advanced the hardware is the more workload it can handle. For example, sensors, joints, and a set of motors are used to create and control the movement required to solve a given task.
Asia Pacific to hold a significant share of the market
Asia Pacific is expected to lead the teleoperation and telerobotics market in due to the increased adoption of the use of robots. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to favorable conditions of development in industrial, health, or other sectors. The aging population is also leading government organizations to rely more on robots in the workforce. The European regional market is increasing the use of robots in industrial and domestic sectors for development. For example, Singapore is planning to use drones or robots in the housing development board which will identify which area of public housing is needed to be cleaned.
Teleoperation and Telerobotics Industry Overview
Teleoperation and Telerobotics is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are ABB ltd., Yaskawa Electronics Corporation, Kawasaki Robotics, Denso Corporation, Fanuc Corporation, Kuka AG, Mitsubishi Electric Corporation, Omron Corporation, Seiko, Epson Corporation, and Stäubli International AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Teleoperation and Telerobotics Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
Global Teleoperation and Telerobotics can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Teleoperation and Telerobotics Market Analysis (2022-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Teleoperation and Telerobotics market were the three major steps undertaken to create and analyze the adoption of Teleoperation and Telerobotics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Teleoperation and Telerobotics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Teleoperation and Telerobotics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Teleoperation and Telerobotics, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as component, robot type, end-users, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Teleoperation and Telerobotics market. Further, we conducted factor analysis using dependent and independent variables such as component, robot type, end-users, application, and Teleoperation and Telerobotics regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Teleoperation and Telerobotics market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Teleoperation and Telerobotics market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of Teleoperation and Telerobotics across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global Teleoperation and Telerobotics in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Teleoperation and Telerobotics. Data was split into several segments and sub-segments after studying various parameters and trends in the component, robot type, end-users, application, and regions of the global Teleoperation and Telerobotics market.
The main objective of the Global Teleoperation and Telerobotics Market Study
The current & future market trends of global Teleoperation and Telerobotics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Teleoperation and Telerobotics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of component, robot type, end-users, application, and regions.
- Define and analyze the regulatory framework for the Teleoperation and Telerobotics
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Teleoperation and Telerobotics market for the major regions.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Teleoperation and Telerobotics market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the global Teleoperation and Telerobotics's current size and growth potential?
Q2: What are the driving factors for the growth of global Teleoperation and telerobotics?
Q3: Which segment has the largest share of the global Teleoperation and Telerobotics by type?
Q4: What are the emerging technologies and trends in global Teleoperation and Telerobotics?
Q5: Which region will dominate global Teleoperation and Telerobotics?
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