Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global robotics market was worth nearly 10 Million units in 2018, registering a CAGR of 21.8% during 2011-2018. The market volume is further projected to reach 26 Million units by 2024. A robot can be defined as a programmable mechanical device, often equipped with audio, visual, tactile sensors as well as other devices and tools. It is designed to automatically perform a set of tasks with speed, intelligence and accuracy. Robotics has made life much easier and convenient as robots decrease human workload and perform with a higher degree of precision. The use of robotics also enables consumers to increase output level, improve quality and reduce human errors. Additionally, robotics has nowadays become more progressive and autonomous and therefore, finds numerous applications across a number of industries. Some of these include healthcare, defence, aerospace and automotive, where it is used in surgical operations, detecting and defusing bombs, space missions, assembling products and product inspection, respectively.
Global Robotics Market Drivers:
Robots can be used in hazardous environment conditions such as toxic environments, uneven terrains, poor lighting, etc., as they are less prone to accidents as compared to human beings. This is mainly the result of controlled movements as well as the ability of robots to lift heavy loads without injury or tiredness which has positively influenced the growth of the market.
Over the past few years, governments of various developing regions have been encouraging consumers to shift towards automation for performing different tasks. Apart from this, numerous large manufacturers have also started investing in the R&D activities so as to explore growth opportunities in these markets, thereby contributing towards the propelling growth of the robotics market.
Currently, robots are being used across several end-use industries which include healthcare, defence, automotive, etc. The growth in these industries is also supporting the rising demand for robots during the forecast period.
At present, consumers are leading busy lifestyles which has given a rise to the dependence upon easy-to-operate automated technologies. In addition to this, as the use of robots is income elastic, rapid rise in disposable income levels of the consumers have enabled them to employ the services of robots. This has further been acting as a growth-inducing factor for the global robotics market.
Breakup by Product Type:
The robotics market has been segmented on the basis of different types of products available for the consumers including industrial robotics and service robotics. Currently, service robots hold the majority of the market share.
On a regional basis, North America represents the largest market for robotics, followed by Europe, Asia Pacific and Latin America. The growth in North America is due to an increase in the demand for industrial production.
The global robotics market is highly fragmented in nature with the presence of numerous manufacturers competing in terms of quality and prices. These manufacturers offer industry-specific products in order to gain a competitive edge over other companies and create a niche market for themselves. Some of the leading players operating in the market are:
Yaskawa Electric Corporation
This report provides a deep insight into the global robotics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the robotics industry in any manner.
Key Questions Answered in This Report:
How has the global robotics market performed so far and how will it perform in the coming years?
What are the key regions in the global robotics market?
Which are the popular product types in the global robotics market?
What are the various stages in the value chain of the global robotics market?
What are the key driving factors and challenges in the global robotics market?
What is the structure of the global robotics market and who are the key players?
What is the degree of competition in the global robotics market?
How are robotics manufactured?
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