Global Robotics Market 2018-2022
A robot is an automated and operator control system that is used to speed up industrial processes, applications, and productivity by minimizing the requirement of manual workers. Any robotic system is a combination of hardware which includes the robot, and its allied components, control system, software that is installed in the control panel and services regarding installation and after-sales services.
Technavio’s analysts forecast the global robotics market expected to grow to USD 77.32 million during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global robotics market for 2018-2022. To calculate the market size, the report considers the revenue generated from new sales of robot systems including robot hardware, software, and services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Robotics Market 2018-2022
Technavio recognizes the following companies as the key players in the global robotics market: ABB, FANUC, Intuitive Surgical, iRobot, Midea Group, Mobile Industrial Robots, OMRON, and Yaskawa Electric
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is virtual commissioning. This method is gaining traction over on-site commissioning, as it helps in the reduction of time and cost by 50-60%. Virtual commissioning supports the entire lifecycle of industrial robots, apart from the initial design and decision-making processes.”
According to the report, one of the major drivers for this market is Technological advances in robot hardware. With the emergence of vendors offering commercial-off-the-shelf components, vendors can lower the cost of production with more compact product designs. Miniaturization of sensors, which is expected to be a trend in the forecast period as well, will play a significant role in the pricing of robots. As the price of the sensors continues to fall, there will be an emergence of more industrial and service robots at relatively lower prices. Vendors are incorporating sensors, such as vision systems, to enhance functions like detecting the location of parts and orientation and perform quality checks.
Further, the report states that one of the major factors hindering the growth of this market is Regulatory hurdles for service robots. Vendors in the global robotics market are expected to follow certain regulations relating to the usage of safety-critical components, wireless technologies, batteries, etc. in their product offerings. These rules are enforced to ensure the safety and reliability of humans when the robots work collaboratively with humans.
ABB, FANUC, Intuitive Surgical, iRobot, Midea Group, Mobile Industrial Robots, OMRON, and Yaskawa Electric
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook