360 MARKET UPDATES Report provides a 360-degree overview of the global Robotics market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Global Robotics Market report (2019 – 2024) focuses on market overview, scope of report, share, current market trends and upcoming future predictions.
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Robotics Market Report Covers Leading Manufacturers: ABB Ltd , Yaskawa Electric Corporation , Denso Corporation , Fanuc Corporation , Kuka AG , Kawasaki Heavy Industries Ltd , Toshiba Corporation , Panasonic Corporation , Staubli International AG , Nachi Robotic Systems Inc. , Yamaha Motor Co. Ltd , Seiko Epson Corporation , Comau SpA , Adept Technologies Inc. , Intuitive Surgical Inc. , Stryker Corporation , Maxar Technologies Ltd (Mda Corporation)
The Robotics Market Overview:
The Robotics Market was valued at USD 31.78 billion in 2018 and is expected to register a CAGR of 25% over the forecast period of 2019-2024. In the past decade, industrial robots used to be high priced, due to which, the ROI is expected to be achieved after a decade. However, presently, smaller collaborative robots are priced for companies to receive ROI in months, instead of decades, often costing around USD 20,000. Declining sensor prices and increasing adoption have further aided lower costs.
The market studied is experiencing a significant transformation, with robots growing beyond being the workhorses of industrial shop floors and beginning to adopt the roles of personal assistants, surgical assistants, delivery vehicles, autonomous vehicles, exoskeletons, and unmanned aerial vehicles, among many other uses.
Apart from the affordability and user experience, size and shape also plays an essential role in driving the robotics industry. The demand for industrial robots has accelerated since 2010, considerably, due to the ongoing trend toward automation and continued innovative technical improvements in industrial robots.
The market is further expanding into new territories, with small- and medium-sized industries adopting automation, thereby creating demand for robots. The availability of small-capacity and cost-effective solutions from major providers is enabling the penetration of robots into industries.
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Service Robotics to Register Highest Growth
Factors like the aging population and shortages of healthcare workers is driving the demand for assistive technology robots. Companies like KUKA(healthcare subsidiary Swisslog) are specializing in robots for healthcare applications. For instance, Swisslogs Relay is designed for inpatient and outpatient services, like the transport of medicines and other hazardous medications, including chemotherapy.
The emergence of robotic technology has transformed the way businesses are carrying out their operations. Moreover, with the proliferation of e-commerce, the need for automated warehouses is increasing. Kiva and Mobile industrial Robots(MiR) are prominent companies among other startups that are innovating in the warehouse robotics space.
Fully automated solutions are providing huge opportunities for warehouse purposes. For instance, MiRs warehouse robot, MiR 500, a flexible- easy-to-program robots equipped with a laser-scanning technology and lifting capacity of 1,102 lbs and a speed of about 4.5 mph, is designed to automate the transportation of pallets and heavy loads throughout a warehouse. New innovations apart from the laser technologies in warehouse robotics are being led by the startups. For instance, inVia Robotics, a California based startup is developing warehouse cobots, that can work right alongside humans.
Asia -Pacific to Hold Major Share
Asia-Pacific is expected to record the highest growth rate over the forecast period, owing to significant adoption of industrial robots throughout the region. China is dominating the regional adoption rate of robotics, owing to the massive deployment in the countrys dominating electronic and automotive manufacturing sector. As these sectors are also developing at a high rate in other economies in the region like India, there is vast potential for growth in the market studied. The regional government is also a major factor for the development of the regional robotics market. For instance, India plans to invest in military robotics, and by 2023, the country is preparing to deploy advanced robotic soldiers. Also, a New Delhi-based company is building robots for the Indian Army.
The Scope of Robotics Market:
The global robotics market is segmented by type, end user, and region. By type of robots, the market studied is segmented into industrial robots and service robots. Industrial robots are majorly used in the manufacturing industries. Service robots assist human beings, typically by performing tasks. The types of service robots considered in the scope are professional and personal robots. Further, these robots cater to specific applications in particular industries. For instance, industrial robots serve well in the automotive, food and beverage, electronics, metals and mining, plastic and chemical industries. Service robots are used for logistics, military and defense, healthcare, public relations, exoskeletons, construction, household, entertainment, and agriculture. Software solutions offered by vendors, for operating or gathering data from robotic systems, are not considered in the scope of the study.
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