Robotics Market : foreseen to prosper high growth Industry Innovations Forecasting by 2023 | Add Keyplayers
Global Robotics Market: Snapshot
The global market for robotics is expected to display double-digit growth in the upcoming years, thanks to the increasing automation across industries. Automation is increasingly becoming the buzzword across labor-intensive industries that are grappling with rising labor costs and lack of skilled workforce issues. This has pushed the adoption of robotic technology to automate operations. Industrial robots, for instance, are deployed in manufacturing and production settings to perform an array of programmed tasks.
As per estimates of a report by Transparency Market Research (TMR), the global robotics market will attract a revenue worth US$147.26 bn by 2025 end rising at a healthy 17.4% CAGR over the forecast period from 2017 to 2025. The market was evaluated at US$35.23 bn in 2016. In terms of volume, the market is expected to reach an amount of 2,731.2 thousand units by 2025.
Static Robotics Segment to Continue to Witness Significant Demand
The key segments of the worldwide robotics market depending upon type are mobile robotics, exoskeleton, and static robotics. Of them, in 2016, the segment of static robotics led the market in terms of both value and volume. Going ahead, the static robotics segment is anticipated to register the leading growth rate over the forecast period between 2017 and 2025.
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The prime applications of robotic products include logistics, personal, military, last mile mobility, agriculture, construction/mining, entertainment, medical, research, and others. The other segment comprises automotive, aerospace, and food processing among others. The logistics segment has emerged as a significant application of robotic products and is anticipated to continue as the leading application segment in the next couple of years.
The leading component segments of the global robotics market considered in this study are sensors, control units, actuators, brake systems, vision systems, and others. In 2016, sensors led the market followed by vision systems. With the increasing demand for enhanced sensing capabilities of robots, sensors are anticipated to display significant growth over the forecast period.
Asia Pacific to Display Robust Growth Rate through 2025
The robotics market is classified on the basis of geography into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia Pacific held the leading share in the robotics market in 2016 and is anticipated to rise at a significant rate over the forecast period of 2017 to 2025. This is mainly because of incessant innovation and development in the field of robotics leading to its widespread application across industries. The Asia Pacific robotics market is also anticipated to gain from the advent of nano-technology in robotics in the future. Moreover, the introduction of collaborative robots that have substantially upped productivity in manufacturing, material handling, medical, and automotive sectors with less human labor will benefit the growth of this regional market over the forthcoming years.
North America is estimated to display a relatively higher-paced growth in the upcoming years. The region being home to a large number of robot manufacturers, along with contracts from government agencies and defense forces, is leading to consistent innovation and development in robotics technologies, which is aiding the growth of North America robotics market. Further, the increasing uptake of service robots among consumers to reduce workload is also expected to benefit the North America robotics market in the next few years.
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