FREMONT, California, April 17, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Mobile Robot Market - Analysis and Forecast 2018-2023", the global mobile robot is projected to reach $9.90 billion by 2023, witnessing a CAGR of 19.67% during the forecast period, 2018-2023. The market is likely to showcase a high growth rate owing to the increased need for organizational efficiency and accuracy, rising labor cost and unavailability of skilled labor, and progress in both software, including cognitive technologies, and hardware, particularly sensors, actuators, and batteries.
The advancements in robotics, artificial intelligence, and machine learning are ushering in a new age of automation in which robots are likely be able to perform a range of routine physical work activities. These robots are also becoming increasingly capable of accomplishing activities that include cognitive capabilities, sensing emotion, making tactical judgments, and even driving activities that were earlier considered to be fairly difficult to automate successfully.
Additionally, rapid technological advancements, such as enhanced localization, capability of mapping and prediction, and tracking features, in mobile robots have given rise to a new generation of smarter and more efficient mobile robots. These robots offer extra value in terms of productivity and flexibility resulting in gaining a great adoption across sectors such as healthcare, food and beverage, banking, and retail.
Moreover, as the technology becomes affordable owing to the decreasing cost of robots, the mobile robots will be able to serve multiple industries resulting in increasing adoption of the technology in both developing and developed countries. In addition, the acceleration in venture capital investment for robotic technologies and the introduction of Industry 4.0 across multiple sectors are some of the major factors expected to create lucrative opportunities for the global mobile robot market in the coming five years.
According to Rahul Papney, Analyst at BIS Research, "North America is currently dominating the global mobile robot market. However, the geographical analysis of this market unveils a great potential for the growth in the Asia-Pacific region. According to the analysis, the presence of major economies, particularly the U.S. and China, is majorly contributing to the growth of the market".
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into type, industry, and region.
Automated guided vehicle (AGV), autonomous mobile robot (AMR), and unmanned ground vehicle (UGV) are covered as a major part of the type segmentation in the study. The report also includes a comprehensive section on the geographical analysis including North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).
Rapid technological advancements in mobile robots like enhanced localization, capability of mapping and prediction, and tracking features have given rise to a new generation of smarter and more efficient mobile robots resulting in greater adoption across sectors like healthcare, food and beverage, banking, and retail.
Some of the key players in the global mobile robot market include Aethon Inc., Aubo Robotics, Clearpath Robotics Inc., Daifuku Co., Ltd, Fetch Robotics, Inc., General Dynamics, Israel Aerospace Industries (IAI), John Bean Technologies (JBT Corporation), KION Group, Lockheed Martin, Locus Robotics, Mobile Industrial Robots (MiR), Northrop Grumman Corporation, Omron Adept Technology, Oshkosh Corporation, Rocla Oy, Seegrid Corporation, Swisslog Holding AG, Transbotics Corporation, and QinetiQ Group.
Key questions answered in the report:
What are the trends in the global mobile robot market across different regions?
What are the major driving forces that tend to increase the demand for mobile robots during the forecast period 2018-2023?
What are the major challenges inhibiting the growth of the global mobile robot market?
Which type of mobile robot such as automated guided vehicle, autonomous mobile robot, and unmanned ground vehicle is expected to dominate the market in the coming years?
Which industry among logistics and distribution, automotive, food and beverage, electrical and electronics, plastics and polymers, pharmaceuticals, and others is expected to dominate the global automated guided vehicle market, global autonomous mobile robot market, and global unmanned ground vehicle market, during the forecast period?
Which region from North America, Europe, Asia-Pacific, and Rest-of-the-World is expected to acquire the largest share of the market, during the forecast period?
Who are the key players in the global mobile robot market and what are the new strategies adopted by them to make a mark in the industry?
What major opportunities do the mobile robot companies foresee in the next five years?
What is the competitive strength of the key leading players in the mobile robot market?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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