The global robotics market is expected to grow from $37.81 Billion in 2017 to $158.21 Billion by 2025 at a CAGR of 19.11% during the forecast period 2018-2025. Global Robotics Market Report is broken down by Robotic Type (Industrial Robots, Service Robots, Mobile Robots), Component, Structure, Application (Military & Defence, Medical & Healthcare, Automotive, Food & Beverage)
Adoption of robots across a wide range of industries including defence & security, manufacturing, automotive, healthcare & electronics, requirement of skilled workforce, introduction of industry 4.0 driving automation, increasing safety concerns across industries, higher demand from the oil & gas industries and provides better quality products and services are the factors driving the robotics market.
Key Players in the current market are: ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Bossa Nova Robotics, Savioke, Fetch Robotics, Aetheon Inc., Locus Robotics, Omron Adept Technologies, Barrette Technology LLC, Swisslog, John Deere, iRobot Corporation, Fanuc Corporation, Honda Motor Co. Ltd., Boeing, Seegrid Corporation, Google Inc., Lowe’s, Fanuc Corporation, Northrop Grumman Corporation, Amazon, Clearpath Robotics Inc., Kuka AG, and among others. The ABB Ltd, Fanuc Corporation, iRobot Corporation, Midea Group, Northrop Grumman Corporation, and Yaskawa Electric Corporation, however as with any new and exponentially growing industry sector, a new emergent within the marketplace can develop, deploy and saturate a market space and niche with agility and quickly gain market share. Those sectors that are already well established such as industrial machines, are likely to remain stable, however as employers and consultants drive towards efficiency and use this as a key performance indicator, more tasks will be taken on by robots/machines, which will see an influx of new entrants into the marketplace.
Robots play a vital role in industrial automation performing various operations in industries from production to services. The growing IoT penetration and investments in robotics has increased the global robotics market. Also, the demand for automation in industries has changed the prospect towards the robotics as they help in reducing labour costs as well as enables to have better quality products and services. The robotics are extensively used in performing sensitive detecting and defusing bombs and surgical operations that are dangerous and unsafe for humans in defence applications. These robotics can be controlled through smartphones providing ease to handling capability. For instance, in 2018, Futura Automation LLC launched an AI-powered social robot. This robot is developed with machine learning and deep learning technology and is available in a customizable face, voice, and personality. The growing preferences for the virtual commissioning method than on-site commissioning have helped in a reduction in time and costs.
Robotics reduces labour cost and need of skilled workforce, introduction of industry 4.0 driving automation, increasing safety concerns across industries, efficient and provides better quality products and services, and higher demand from the oil & gas industries are the key driving factors for the robotics market. In addition, adoption of robots across a wide range of industries including defence & security, manufacturing, automotive, healthcare, and electronics will supplement the growth of robotics market in upcoming of years. However, high installation & maintenance cost and high initial investment may limit the growth of market. The adoption of robotics to automate the processes, increased implementations in various industries, and improvements in robotic system integration services is expected to boost the robotics market over the forecast period.