ALBANY, New York, November 9, 2018 /PRNewswire/ --
The global Robotics Market is consolidated in nature because of a couple of players together accounting for a substantial share in it. Google Inc., Northrop Grumman Corporation, iRobot Corporation, and Fanuc Corporation are to name the leading players who currently enjoy a stronghold over the market. Strategies that have helped them surge ahead of most others in the global robotics market are continued thrust on product innovation keeping in mind the need of service and industrial sectors. They have also placed a lot of emphasis on commercialization of new products.
A research study by Transparency Market Research that thoroughly studies the global robotics market discovers that revenue growth would rise at a solid 17.4% CAGR between 2017 and 2025. At this pace, the revenue in the market would hit US$147.26 bn by the end of 2025, projects the report. In 2016, the revenue equaled US$35.23 bn. The volume in the global robotics market is predicted to rise at a solid 17.0% CAGR again during the forecast period. At this pace, the market which was worth 677.2 thousand units in 2016 would likely reach 2,731.2 thousand units by 2025.
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The various kinds of products available in the global robotics market can be classified into exoskeleton, mobile robotics, and static robotics. The static robots, among them, currently grosses highest revenue cause of its widespread deployment in various industries, namely aerospace, automotive, and manufacturing. With respect to geography, North America holds a leading share in the global robotics market. This is due to the presence of a good number of robot manufacturers in the region. Contracts from the defense sector too is serving to stoke growth in the robotics market in the region.
Quest for Bettering Efficiency by Labor Intensive Industries Drives Robotics Market
The global robotics market is rising at a healthy clip with labor intensive industries deploying robots to carry out repetitive tasks. This speeds up the entire process and also brings about a great deal of accuracy. As a result, manufacturing units can up production levels and also do away with labor cost. Overall it's a win-win for them as it enables to cut down costs and also up production. Adds the lead in-house analyst of our report, "All over the world labor intensive industries are looking for ways to reduce operating costs and improve efficiency. This has led to the uptake of more automated procedures thereby providing a major fillip to the global robotics market."
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Dearth of Skilled Workforce and Unsafe Working Environments Pushes up Demand for Robotics
Another factor having a positive impact on the global robotics market is the absence of skilled workforce in different sectors such as aerospace, automotive, and healthcare. This has led to the adoption of robotics. Industrial robots, for example, are capable of carrying out a range of programmed tasks. Robotics is also being used in difficult or dangerous working conditions such as in mines and oil and gas wells. Those serve to reduce chances of fatal accidents claiming human lives. This is also boding well for the global robotics market.
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Posing a challenge to the global robotics market, on the downside, is the steep upfront capital required in installing the robots. Maintenance cost is another deterrent for the robotics market.
The review is based on the findings of a TMR report, titled, "Robotics Market (Type - Mobile Robotics, Exoskeleton, Static Robotics; Application - Logistics, Personal, Last Mile Mobility, Military, Agriculture, Construction/Mining, Medical, Entertainment, and Research; Component - Sensors, Control Units, Actuators, Brake Systems, and Vision Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025."
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The report segments the Global Robotics Market into the following:
Global Robotics Market, by Type
- Mobile Robotics
- Static Robotics
Global Robotics Market, by Application
- Last Mile Mobility
Global Robotics Market, by Component
- Control Units
- Brake Systems
- Vision Systems
Global Robotics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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