Global Robotics Market, By Type (SCARA, Cartesian, Articulated, Cylindrical, Parallel), Mobility (Mobile, Fixed), Consumer (Medical, Entertainment, Field, Logistics, Defense, Reuse & Security, Manufacturing) - Forecast to 2024
The global robotics market is expected to value an approximate USD 93 Bn by the end of 2024 and witness an exuberant CAGR of 16% during the forecast period of 2019 to 2024 according to a recent report published by Market Research Future. This projection is expected due to several primary drivers such as the growing trend of industrial automation and the development of robotics for various industries and applications.
The rising costs of labor combined with the availability of skilled labor have prompted the trend of industrial automation, thus driving the demand for robots. Another benefit of robotics in industrial automation is the drastic reduction in human error which can otherwise carry penalties for the production or industrial unit. Robotics have found applications in various industries where there is a need for precise, scalable and accurate industrial operations such as in military, construction, medical and agricultural industries to name a few. Various components of any given robots are expected to boost the growth of associated markets.
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High costs associated with the deployment of robotics in industrial or manufacturing facilities are expected to hamper market growth. However, increasing demand for automation of the industrial sector, continual advancements in robotics and the advent of AI are expected to offer multiple opportunities for growth and advancements. The technology is expected to find additional application in other sectors and as such result in market expansion.
Key players that have been identified in the competitive landscape of the global robotics market include IRobot Corporation, Yaskawa Electric Corp., Kawasaki Heavy Industries, Nachi- Fujikoshi Corp, Fanuc Corp, Northrop Grumman Corporation, ABB Ltd., Parrot SA, Adept Technology, Inc., KUKA AG, Intuitive Surgical, Inc., Honda Motor Co.Ltd, Aethon Inc., DJI, and Mitsubishi Electric Corp
The global Robotics Market has been segmented by type, mobility, consumer, and region. By type, the market has been segmented into SCARA, cartesian, articulated, cylindrical, and parallel. These robots uniquely have uses in various industries such as the use of cartesian robots in precise cutting operations and the use of SCARA in automotive, aerospace and medical industries to name a few.
By mobility, the market has been segmented by mobile and fixed. The mobile segment leads the market due to the compact nature of these types of robots. They also have various applications in the manufacturing of smartphones, medical devices, and auto-engines.
By, consumer the market has been segmented into medical, entertainment, field, logistics, defense, reuse & security and manufacturing. Medical, logistics and manufacturing have leading positions in the total market due to the extensive use of robotics in these industries.
Led by Europe, where there is a high rate of adoption of robotics in industrial applications. The E.U has a forward-thinking approach when it comes to adoption of the latest technology.
The Asia-Pacific is expected to display the fastest growth due to the presence of emerging countries such as China, Japan, South Korea and Taiwan where there is the high adoption of robots in industrial automation in the regions manufacturing industries which carry a strong presence in the region. Additionally, many market players in the region are advancing the field with research and development in robotics.
North America, is another region with strong competitors who are contributing to the regions market position. Although there is a strong adoption of advanced technology in the region, many industries have moved toward developing countries where overall operating costs are lower.
Latest Industry News
Tata Motors' heavy engineering and automation division, TAL is expecting a revenue of over USD 147 Mn over the next five years as the company prepares to foray into high-end automation technology from mid-2019.
Thailand & Japan have entered into an agreement to form a consortium aimed at the development of robotics specialist. The consortium hopes to produce at least 1400 people skilled in the field of robotics within three years.
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TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH ROBOTICS
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
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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