Increase in investment in EdTech in developing countries and rise in demand for collaborative robots in education sector have boosted the growth of the global educational robot market.
PORTLAND, Ore., Sept. 16, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Educational Robot Market by Type (Service Robot, Industrial Robot), by Component (Hardware, Software), by End User (Primary Education, Secondary Education, Higher Education, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global educational robot industry was accounted for $1.2 billion in 2021, and is expected to reach $5.9 billion by 2031, growing at a CAGR of 17.4% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Increase in investment in EdTech in developing countries and rise in demand for collaborative robots in education sector have boosted the growth of the global educational robot market. In addition, growing R&D related to humanoid robots to transform the service sector supplement the market growth. However, high cost of educational robots hinders the market growth. On the contrary, dearth of interoperability standards in the education robotics industry would open new opportunities in the future.
- The Covid-19 pandemic significantly affected the market, due to major impact on the prime players operating in the supply chain. However, the negative impact caused due to the pandemic is expected to continue for a short period.
- However, the increase in demand for IoT solutions in the educational sector boosted the demand for educational robots. Moreover, the lack of skilled workforce during the pandemic and delay or cancelation of projects due to lockdown supplemented the demand.
The Service Robot Segment held the Largest Share
By type, the service robot segment held the largest share in 2021, accounting for more than three-fourths of the global educational robot market, and is projected to maintain its leading position throughout the forecast period. This is due to adoption of IoT in robots for cost-effective predictive maintenance. However, the industrial robot segment is expected to register the highest CAGR of 20.2% during the forecast period. Industrial robots can collect and analyze data to improve productivity, quality of service, and reliability, while lowering the overall total cost of ownership,
The Hardware Segment Dominated the Market
By component, the hardware segment held the lion’s share in 2021, contributing to more than two-fifths of the global educational robot market, and is anticipated to maintain its dominance in terms of revenue by 2031, due to increase in demand for intelligent infrastructure solution in education sector. However, the software segment is estimated to manifest the highest CAGR of 19.2% from 2022 to 2031, due to rise in need for automation and safety in the education sector and surge in use of robots in teaching solutions.
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The secondary education segment to manifest the highest CAGR through 2031
By end user, the secondary education segment is expected to register the highest CAGR of 18.9% during the forecast period. Significant shift toward automation and use of robotics in complicated medical procedures. However, the higher education segment held the largest share in 2021, accounting for more than two-fifths of the global educational robot market, and is projected to maintain its leading position during the forecast period. Robots offer an excellent tool for teaching engineering concepts that can be employed in teaching and demonstrating a variety of individual subjects, practical exercises, lab classes, and project work. The hands-on experience encourages students and increases motivation. This drives the growth of the segment.
North America held the largest share
By region, the market across North America dominated in 2021, holding around two-fifths of the global educational robot market. The region is expected to continue its dominance during the forecast period. However, the market across Asia-Pacific is projected to portray the highest CAGR of 19.3% during the forecast period, owing to rise in demand for next-generation AI-powered educational technologies in developing market including India, Taiwan, South Korea, and China.
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Major Market Players
- Fanuc Corporation
- ABB Ltd.
- YASKAWA Electric
- Universal Robots
- SoftBank Robotics Group
- Hanson Robotics
- Ubtech Robotics
- Seiko Epson
- Hyulim Robot
- Probotics America
- Aisoy Robotics
- Sanbot Innovation
- Kinderlab Robotics
- Soapbox Labs
The report analyzes these key players of the global educational robot market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the educational robot market analysis from 2021 to 2031 to identify the prevailing educational robot market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the educational robot market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global educational robot market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Service Robot
- Service Robot
- Industrial Robot
- Robotics Arms
- Power Source System
- Secondary Education
- Higher Education
- Primary Education
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