As per the report published by Fior Markets, the global robotics market is expected to grow from USD 37.81 billion in 2017 to USD 158.21 billion by 2025 at a CAGR of 19.11% during the forecast period from 2018-2025. Increasing safety concern in industries, presence of major players, and demand and adoption of robotic technologies are the key factors that led to the growth of robotics market in North America region.
Global Robotics Market by Robotic Type (Industrial Robots, Service Robots, Mobile Robots), Component, Structure, Application (Military & Defense, Medical & Healthcare, Automotive, Food & Beverage), Region and Global Forecast 2018-2025.
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Prominent companies in the industry include ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Bossa Nova Robotics, Savioke, Fetch Robotics, Aetheon Inc., Locus Robotics, Omron Adept Technologies, Barrette Technology LLC, Swisslog, John Deere, iRobot Corporation, Fanuc Corporation, Honda Motor Co. Ltd., Boeing, Seegrid Corporation, Google Inc., Lowe’s, Northrop Grumman Corporation, Amazon, Clearpath Robotics Inc., and Kuka AG are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2017 ABB collaborated with Kawasaki and declared robot automation cooperation that will focus on ‘cobots’. The companies also focus on the creation of common industry approaches for safety, programming, and communications.
Robotic type segment industrial robots, service robots, and mobile robots. The industrial robots further includes articulated, cartesian, SCARA, parallel, and collaborative robots. The service robots is segmented into personal robots, professional robots, and domestic robots. The mobile robots is categorized into unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), unmanned surface vehicles (USVs), and autonomous underwater vehicles (AUVs). The industrial robots segment dominated the global robotics market with USD 14.51 billion in 2017 due to increasing Investments for automation in industries. In addition, rising demand for automation in industries and increasing demand from small & medium enterprises in developing countries has increased the market size of the industrial robots in the global robotics market. Component segment is divided into sensors, brake systems, vision systems, control units, actuators, and others. Sensors segment held largest share of 29.18% in 2017 due to increasing demand for enhanced sensing features with robots. The sensors enables the robotics users to control its behavior more effectively and can also provide information about the surroundings to its user. Structure segment covers mobile, exoskeleton, and static. The static robotics segment dominated the global robotics market with USD 14.96 billion in 2017 due to increasing deployment of robotics in aerospace, manufacturing, and automotive industries. The static robotics are balanced on center of gravity and uses static movements as well as are easier to control. Application segment is categorized into logistics, military & defense, medical & healthcare, automotive, food & beverage, electronics, and other. Military & defense segment is anticipated to grow with highest CAGR 21.23% during the forecast period owing to wide application in defense departments across the world.As per the report published by Fior Market Research, the global robotics market is expected to grow from USD 37.81 billion in 2017 to USD 158.21 billion by 2025 at a CAGR of 19.11% during the forecast period from 2018-2025. Increasing safety concern in industries, presence of major players, and demand and adoption of robotic technologies are the key factors that led to the growth of robotic.
Robotics reduces labor cost and need of skilled workforce, introduction of industry 4.0 driving automation, increasing safety concerns across industries, efficient and provides better quality products and services, and higher demand from the oil & gas industries are the key driving factors for the robotics market. In addition, adoption of robots across a wide range of industries including defense & security, manufacturing, automotive, healthcare, and electronics will supplement the growth of robotics market in upcoming of years. However, high installation & maintenance cost and high initial investment may limit the growth of market. The adoption of robotics to automate the processes, increased implementations in various industries, and improvements in robotic system integration services is expected to boost the robotics market over the forecast period.
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