The Global Robotics Market, according to MRFR’s analysis, is slated to grow at 28.51% CAGR, registering substantial growth during the forecast period. The market was valued at USD 42.65 billion in 2018 and is poised to reach USD 181.02 billion by 2024.
Factors poised to drive the global robotics market during the forecast period are growth in industrial robotics and the advancement of artificial intelligence technology. Nonetheless, during the forecast period, high initial costs and technological uncertainties are likely to curb market growth. Also, the growing demand for retail entertainment robots for consumer interaction is expected during the forecast period to catalyze players on the global Robotics Market.
In collaboration with artificial intelligence (AI), human-machine interface and the Internet of Things ( IoT), robotics technology helps manufacturers address these challenges. Besides, automation technologies have allowed robotic systems to be successfully applied in the highly complex and unstructured environments of food processing and packaging, consumer goods manufacturing, and the automation of the e-commerce supply chain. Industrial robotics has reported the highest adoption rate of all the sectors and industries served by robots. The automotive industry considered the most critical application field for industrial robots, has greatly increased investment in industrial robots around the world.
The major players of the global robotics market are BOSTON DYNAMICS (US), Universal Robots A/S (Denmark), iROBOT Corporation (US), Nachi-Fujikoshi Corp (Japan), Honda Motor Co. Ltd (Japan), Kawasaki Heavy Industries, Ltd. (China), Sony Corporation (Japan), ABB Limited (Switzerland), Mitsubishi Electric Corporation (Japan), Omron Corporation(Japan), Northrop Grumman Corporation(US), FANUC CORPORATION(Japan), Yaskawa Electric Corporation(Japan), Kuka AG (Germany), and Denso Corporation (Japan), among others.
The global robotics market has been segmented based on type, mobility, end-user, and region.
The market was categorized as mobile robotics and fixed robotics based on versatility. The mobile robots segment represented the more significant market share in 2018, with the highest market value; this segment is also slated to show the higher CAGR over the forecast period.
The market was segmented into medical, entertainment, engineering, logistics, defence, public safety, manufacturing and others based on end-user. The segment of manufacturing accounted for the more significant market share in 2018, with a market value of USD 11.3 billion over the projected period. In 2018, the entertainment sector was the second-largest market; the higher CAGR is anticipated to register.
The market was graded, based on form, as SCARA, cartesian, articulated, cylindrical, and parallel. In 2018, the articulated segment represented the higher market share, with a market valuation of USD 9.937.1 million. Additionally, the SCARA segment is the second largest segment; during the forecast period, it is predicted to experience the highest CAGR.
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The global robotics market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is projected to dominate the robotics market over the forecast period due to the region ‘s advancements in camera and sensor technology. Asia-Pacific is anticipated to record the highest growth rate over the forecast period, due to the rapid adoption of industrial robots across the world. Thanks to the rapid deployment in the country’s governing computer and car manufacturing industries, China dominates the global robotics adoption pace. As these sectors are growing at a high rate in other economies of the world, such as India, there is considerable potential for growth in the studied market. Also, the aging population of the Asia-Pacific countries such as Japan and China is driving growth in the medical technology industry, generating a substantial service robots market in the region. This allows businesses to invest in the region’s older people ‘s goods. With a rapidly growing geriatric population, the country is continuously looking for robotics and AI to help caregivers take care of elderly people in nursing homes.
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