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The global robotics market is predicted to experience substantial growth in the coming years, with a projected Compound Annual Growth Rate (CAGR) of 28.51% during the forecast period. In 2018, the market reached a value of USD 42,654.1 million, and it is expected to reach USD 181,028.6 million by 2024. Asia-Pacific currently holds the largest market share, with a value of USD 19,845.5 million in 2018, and is anticipated to maintain its high growth with a CAGR of 31.22%.
The market is segmented based on type, mobility, end user, and region. Various types of robots include SCARA, cartesian, articulated, cylindrical, and parallel. The articulated segment currently dominates the market, with a value of USD 9,937.1 million in 2018. However, SCARA robots are projected to have the highest CAGR during the forecast period due to their versatility and ability to perform curved motions.
Furthermore, the market is divided based on mobility, with mobile robotics and fixed robotics being the two main categories. In terms of end users, industries such as medical, entertainment, field, logistics, defense, public safety, manufacturing, and others are served by the market.
The growth of the global robotics market is primarily attributed to the increasing adoption of industrial robotics and the development of artificial intelligence technology. Industrial robots are being used for precise and efficient manufacturing processes. The demand for entertainment robots for customer engagement in the retail sector is also contributing to market growth. However, high initial costs and technical complexities may hinder the overall growth of the market.
Asia-Pacific is expected to dominate the robotics market during the forecast period, benefiting from advancements in camera and sensor technologies. Key players in the market include Boston Dynamics, iROBOT Corporation, ABB Limited, FANUC CORPORATION, Kuka AG, and more.
In conclusion, with the increasing automation of industries and advancements in technology, the global robotics market is poised for significant growth. The rising demand for robots across various sectors is a driving force behind this growth.
Sources:
– Robotics Market Research Report Global Forecast till 2024