Educational Robot Market worth $2.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 15, 2021 /PRNewswire/ -- According to the new market research report "Educational Robot Market with COVID-19 Impact Analysis by Type (Humanoid Robots, Collaborative Industrial Robots), Component (Sensors, End Effectors, Actuators), Education Level (Higher Education, Special Education), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to grow from USD 1.3 billion in 2021 to USD 2.6 billion by 2026; it is expected to grow at a CAGR of 16.1% during the forecast period. Owing to COVID-19, the educational robot market is estimated to face headwinds for 2019–2020. Steady deployment of robots in manufacturing industries is facilitating the growth of robotic education and training centers. Growing demand for collaborative robots across education and industry segments is expected to promote new job opportunities in the industrial robot segment as well. Meanwhile, research and development on humanoid robots to transform the service industry. The introduction of industrial robot programming in high school education and the development of humanoid robots for children with special needs are expected to provide market opportunities for educational robots.
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The market for service robots projected to have a higher share during the forecast period
The service robots segment is expected to hold the largest share of the market throughout the forecast period, both in terms of value and volume, as they are utilized throughout all levels of education. Various types of service robots are designed for different age groups engaged in education and research. Hence, service robots are used from kindergarten to university studies, which broadens its scope. For instance, the JIMU robot from UBTECH Robotics (China) is made for students in middle school. The NAO robot from Softbank Robotics Group (Japan) can be utilized as a teaching assistant for kindergarten schools as well as for robotics research in universities.
The market for software component to grow at higher CAGR during the forecast period
New developments are taking place for software in both industrial and service robots. Preventive maintenance and simultaneous connectivity of a large number of robots are currently being adopted for industrial robots. 5G connectivity is now being tested for networking industrial robots. For service robots, AI is playing an important role in advancing humanoid robots for functions such as movement, speech recognition, and object identification. Hence, the market for software component is expected to grow at a faster rate during the forecast period.
Market for special education projected to grow with significant rate during the forecast period
Humanoid robots hold a niche, but dedicated market for catering to children with special needs. Collaborative robot technology is also being explored for assisting differently abled people. Due to the fast-growing nature of this segment, the special education segment is expected to have the fastest growth. However, the market for higher education segment is expected to have the largest share of the market during the forecast period.
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236 – Tables
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246 – Pages
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Market in APAC estimated to grow at the fastest rate during forecast period
APAC is expected to adopt educational robots at a fast rate driven by government initiatives for advancing education in the region. Additionally, technological advancements in the field of robotics made by the regional players further provide opportunities for introducing educational robots in the study curriculum. Japan and South Korea are making relentless strides for the development of various types of robots. Hence, it is expected that APAC will surpass the market in North America for educational robots during the forecast period.
Major vendors in the educational market include ABB (Switzerland), FANUC (Japan), YASKAWA (Japan), KUKA (Germany), Universal Robots (Denmark), Softbank Robotics Group (Japan), Hanson Robotics (China), ROBOTIS (South Korea), Robolink (US), and Probotics America (US). Apart from these, Photon Entertainment (Poland) and Emotix (India) are among a few emerging companies in the educational robot market.
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