Overview:
The Robotics Market will witness a healthy growth from 2018 to 2024, a research report suggests. Growing at a CAGR of 28.51%, the market is projected to reach US$181028.6 million by 2024. Advantages such as cost reduction and increased production are expected to support the market growth along with the presence of untapped market opportunities. As predicted by analysts, high initial cost and maintenance will negatively affect the market’s performance from 2018 to 2024. During the forecast period, the market will be supported by the growing need for automation in industries and growth in industrial robotics. High cost involved in maintenance on the other hand will challenge mechanical robots-based organizations functioning in the global robotics market.
Analysts have split the market into type, mobility, and end-user segments based on products and services. Mechanical robots-based companies have been profiled. Expensive deployment is set to affect the global market during the forecast period 2018 to 2024. The report also provides the market’s performance forecasts till 2024. Analysts have studied the strategy of mechanical robots-based organizations to help new entrants and established businesses. The mechanical robot’s sector itself is supported by the growing demand for automation in all sectors as well as international players expanding their product ranges. During the forecast period 2018 to 2024, the Robotics Market is set to witness a health growth across type, mobility, and end-user segments as well as regional markets.
Market Segmentation:
The mechanical robot’s sector has seen growth across type, mobility, and end-user segments owing to the increasing need for custom solutions and the increased need for automation in non-conventional areas. To study the market, analysts have further segmented type, mobility, and end-user into mobility on the basis of articulated, Cartesian, cylindrical, parallel, and SCARA. The market is further segmented into type which is split into mobile robotics and fixed robotics. Additionally, the robotics market on the basis of end-user is segmented into medical, entertainment, field, logistics, defense, public safety, manufacturing, and others.
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The segmental analysis presented in the report provides mechanical robots-based organizations insights into key growth factors such as advances in technology as well as challenges such as increased competition the market will face from 2018 to 2024. The structure and operational capabilities and the availability of reliable and energy efficient robots are some of the key factors having an influence on mechanical robots-based companies, suggest analysts as per the Robotics Market Report. But the report also identifies the need for highly skilled manpower and high investment needs as major threats companies in mechanical robots will face till 2024.
Regional Overview:
Mechanical robots-based companies in the robotics market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Increasing adoption by small and medium-sized enterprises will be a key growth driver for regional markets. However, complex deployment will turn out to be a threat. For the forecast period 2018 to 2024 each of these regional markets are studied in the report. Starting from North America, the regional market and mechanical robots-based companies are spread across the United States, Canada, and Mexico. Difficulties in updation, upgradation, and maintenance will turn out to be a major challenge from 2018 to 2024.
Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by industries across the globe adopting energy-efficient robots as well as shifting trends in the consumer market, suggests the report. Similarly, the mechanical robot’s sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the robotics market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2024.
Competitive Landscape:
The Global Robotics Market Research Report brings a comprehensive study of type, mobility, and end-user market segments, regional analysis, and mechanical robots-based company details of key players. As the forecast period 2018 to 2024 will bring new opportunities for the market owing to the rising developments in industrialization and favorable infrastructure, the market is set to grow at a compound annual growth rate of 28.51% and is predicted to reach a value of US$181028.6 million by 2024. With SWOT analysis of mechanical robots-based companies and Porter’s Five Force model analysis-based findings and understanding challenges such as concerns regarding reliability and high costs, companies in the mechanical robots sector can change the way business is done.
Industry News:
Ocado, a British online grocery store, is speeding up its automation activities by acquiring two robotics firms. Ocado has agreed to purchase Kindred Systems for $262 million cash consideration including Haddington Dynamics for $25 million in cash and stock, according to the firms. With AutoStore, Ocado is involved in a patent dispute over robotically powered warehouse technology. Ocado, a customer since 2012, is said to be using a storage device focused on AutoStore's setups, according to the robotics firm. Ocado has used the autonomous technologies to spur collaboration agreements with retailers all over the world, despite having just 1.7 percent of the British retail market.
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