The global robotics market is expected to exhibit a strong CAGR of 16% over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global robotics market is expected to rise to a valuation of USD 93 billion by 2024, according to the report.
The demand from the global robotics market is mainly driven by the increasing adoption of industrial automation and the growing demand for robotic systems in the manufacturing sector. Robotic equipment makes manufacturing more precise and reliable, apart from taking out the risk factor that human employees face when doing assignments that could result in injury or death. This has driven the demand for industrial robotics, which is likely to be the main arm of the global robotics market over the forecast period. The demand for fully autonomous as well as human-controlled robotic manufacturing systems is likely to grow at a rapid rate over the forecast period, thus leading to significant growth of the global robotics market.
The growing private investment in robotic manufacturing is likely to be a major driver for the global robotics market, as it can cost significant one-time sums to install industrial robotics systems on preexisting industrial units. The growing awareness among manufacturers about the various benefits of industrial robotic systems is likely to be a major driver for the global robotics market over the forecast period.
Other than manufacturing, the demand for robotics is also likely to be high in sectors such as education, healthcare, and logistics over the forecast period.
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Leading players in the global robotics market include Aethon Inc., Adept Technology Inc., Honda Motor Co. Ltd., Parrot SA, Intuitive Surgical Inc., DJI, iRobot Corporation, Northrop Grumman Corporation, Yaskawa Electric Corp., Kawasaki Heavy Industries, Fanuc Corp., Nachi-Fujikoshi Corp., Mitsubishi Electric Corporation, KUKA AG, and ABB Ltd.
In June 2019, Soft Robotics added the Mini Finger grabber to its preexisting mGrip system, enabling more precise and delicate contact with the object to be lifted or moved. This allows more scope for the mGrip system in applications involving delicate, small products, such as food packaging.
The same month, iRobot Corporation acquired Root Robotics, a maker of children’s educational robotic systems, in order to further the prospects of the company in the growing educational robotics sector in the coming years.
The global robotics market is segmented on the basis of robot type, mobility, end use, and region.
By robot type, the global robotics market is segmented into SCARA, articulated, Cartesian, cylindrical, and parallel. The SCARA and Cartesian robots segments are likely to dominate the global robotics market over the forecast period due to their growing use in industrial applications.
By mobility, the global robotics market is segmented into portable and fixed.
By end use, the global robotics market is segmented into medical, entertainment, field, logistics, educational, personal use, reuse and security, and manufacturing. Medical, manufacturing, and logistics are likely to remain the leading end-use segments for the robotics market over the forecast period due to the high need for precise operations in these industries.
Europe holds the largest share in the global Robotics Market at present and is likely to remain a leading contributor to the global market over the forecast period due to the widespread adoption of industrial robotics in the region. The automotive manufacturing industry, which is a major part of European economics, has been a leader in adopting industrial robotic manufacturing systems, enabling rapid progress of the robotics market in Europe.
North America is also likely to remain a leading player in the global robotics market over the forecast period due to the growing manufacturing sector in the region and the growing demand for technologically advanced manufacturing solutions in developed countries such as the U.S. and Canada.
Asia Pacific is likely to exhibit rapid growth over the forecast period, led by the growing demand for industrial robotics in China, where the manufacturing sector is likely to grow at a rapid pace over the forecast period.
Key questions addressed by the report
- What was the historic market size (2017)?
- Which segmentation (Type / Mobility / End User) is driving the market?
- What will be the growth rate by 2024?
- Who are the key players in this market?
- What are the strategies adopted by key players?
LIST OF TABLES
TABLE 1 ROBOTICS MARKET, BY TYPE
TABLE 2 ROBOTICS MARKET, BY MOBILITY
TABLE 3 ROBOTICS MARKET, BY CONSUMER
TABLE 4 ROBOTICS MARKET, BY REGION
TABLE 5 NORTH AMERICA ROBOTICS MARKET, BY TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH ROBOTICS
FIGURE 2 ROBOTICS MARKET, BY TYPE (%)
FIGURE 3 ROBOTICS MARKET, BY MOBILITY (%)
FIGURE 4 ROBOTICS MARKET, BY CONSUMER (%)
FIGURE 5 ROBOTICS MARKET, BY REGION (%)
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