Mobile Robots Market Set for 23.1% CAGR Surge, Reaching USD 107.1 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., July 1, 2024 /PRNewswire/ -- According to SkQuest, global Mobile Robots Market size was valued at USD 16.5 Billion in 2022 and is poised to grow from USD 20.31 Billion in 2023 to USD 107.1 Billion by 2031, growing at a CAGR of 23.1% during the forecast period (2024-2031).
Robots that can move from one place to another and perform their programmed functions are known as mobile robots. Use of advanced technologies such as artificial intelligence and machine learning have made mobile robots more capable than ever before. High investments in the development of advanced robotics technologies are also slated to help mobile robots market expansion in the future. The global mobile robots market is segmented into offering, type, application, and region.
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Mobile Robots Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 20.31 billion |
Estimated Value by 2031 | $ 107.1 billion |
Growth Rate | Poised to grow at a CAGR of 23.1% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Application, Offerings, Type, and Payload |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Adoption of industry 4.0 technologies in warehousing and industrial automation |
Key Market Drivers | Advancements in Robotics Transforming Personal Assistance and Household Tasks is a driving factor of market expansion |
Segments covered in Mobile Robots Market are as follows:
- Application
- Agricultural, Cleaning, Educational, Healthcare, Manufacturing, Warehousing & Logistics, and Others
- Offerings
- Hardware (Sensors, Actuators, Power supplies, Control Systems, Others), Software & Services
- Type
- Professional Robots (Autonomous Mobile Robot, Automated Guided Vehicle, Others), and Personal & Domestic Robots
- Payload
- Up to 300 kg, 500–600 kg, 1000-1500 kg
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Hardware Determines the Success of Any Mobile Robot Manufacturer
Hardware plays a crucial role in determining the efficacy and functionality of mobile robots and this is why this segment is high important for all market players. Sensors, actuators, control systems, etc. are key hardware components that mobile robot providers will need to focus on. Companies can completely develop new hardware technologies to stand out from the competition or collaborate to leverage each other's expertise.
Software is also a key component of mobile robots and its importance is slated to increase exponentially across the forecast period. Integration of new and advanced technologies will mostly be dependent on software. High demand for advanced technology integration will allow the software and services segment to bring in many new opportunities for mobile robot companies through 2031.
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Professional Robots to Remain the Talk of Town as Implementation of Robots in Commercial Spaces Rises
Developing professional mobile robots is projected to remain the most lucrative thing for all market players. The growing adoption of robotics in several industry verticals and the high availability of novel professional mobile robots is allowing this segment to hold sway over others. Proven improvements in operational efficiency, costs, and productivity are key benefits that will bolster the sales of professional mobile robots in the future.
On the other hand, domestic or personal robots are also slated to offer good returns as consumer preferences change around the world. The rising disposable income of people around the world is also projected to favor the demand for domestic robots and create new opportunities for mobile robot companies in the long term.
Rise of Precision Farming to Augment Product Adoption Rate in Agricultural Applications
The rapidly growing population, followed by the need to feed the ever-increasing population has boosted the adoption of precision and smart farming techniques. Such methods utilize machinery and technology to improve efficiency in farming, thus boosting the demand for mobile robots to operate in the agricultural sector. Healthcare is another industry where the use of mobile robots is estimated to increase at a good pace going forward. Robotic surgeries are also gaining traction and acceptance around the world, which is also slated to boost the demand for mobile robots in the future. Manufacturing and logistics are also highly remunerative industries where sales of mobile robots could shine brightly.
Mobile robot manufacturers must invest in developing innovative robots equipped with advanced technologies. The creation of more capable robots will be the primary focus of upcoming as well as established mobile robot providers in the future.
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