Upsurge in need for safety along with rise in demand of mobile logistics by online retailers drive the growth in the global mobile robotics market
PORTLAND, Oregon, June 28, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Robotics Market by Product (UGV, UAV, and AUV), Component (Hardware, Software, and Support & Services), Application (Logistics & Warehousing, Military & Defense, Healthcare, Domestics, Entertainment, Education, Agriculture & Forestry, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global mobile robotics market garnered $9.34 billion in 2018, and is expected to reach $39.58 billion by 2026, growing at a CAGR of 21.5% from 2019 to 2026.
Upsurge in need for safety along with rise in demand of mobile logistics by online retailers drive the growth in the market. However, high cost of acquisition and challenges posed by untested environments hinder the market growth. On the other hand, rise in adoption in agricultural applications and emergence of Industry 4.0 in logistics and warehousing create new opportunities in the industry.
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UAV segment to maintain its leadership status throughout the forecast period
The unmanned aerial vehicle (UAV) segment contributed nearly two-thirds of the total share in 2018, and is expected to maintain its leadership status throughout the forecast period. This is due to wide adoption in civil applications for real-time monitoring, wireless coverage, remote sensing, search & rescue, delivery of goods, security & surveillance, and others. However, the unmanned ground vehicle (UGV) segment would register the highest growth rate, with a CAGR of 25.5% from 2019 to 2026. This is attributed to rise in implementation in the defense sector for surveillance, transportation of supplies & equipment, and explosive activation.
Hardware segment to maintain its dominant share by 2026
Based on component, the hardware segment held the major market share, with nearly three-fourths of the total share in 2018, and is expected to maintain its dominant share by 2026. This is attributed to surge in manufacturing robotics technology for different applications including logistics & warehousing, military & defense, and others. However, the support & services segment is expected to register the fastest CAGR of 26.9% from 2019 to 2026, owing to demand for services such as installation, robot upgradation, robots servicing, and automated systems for mobile robots.
North America to continue its dominance in terms of revenue during the forecast period
North America contributed the largest market share in 2018, accounting for more than two-fifths of the total market share, and is expected to continue its dominance during the forecast period. This is due to rise in automation applications across various industry verticals including e-commerce, food & beverage, pharmaceuticals, automotive, and others. Asia-Pacific is expected to grow at the highest growth rate with a CAGR of 25.3% from 2019 to 2026, owing to the region being a prime center for rise in manufacturing activities, which in turn, drives the mobile robotics market for commercial applications.
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Frontrunners of the industry
Leading market players analyzed in the research include Kuka AG, Northrop Grumman Corporation, Honda Motor Co., Ltd., Lockheed Martin Corporation, iRobot Corporation, Amazon Robotics, Softbank Robotics, UBTECH Robotics, Inc., Kongsberg Maritime, and Boston Dynamics.
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