This can be attributed to various factors such as rapid adoption of new technologies across several developed nations, increasing investments as well as reduced time and cost.
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According to the latest report by IMARC Group, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global robotics market reached a volume of nearly 8 Million Units in 2017, growing at a CAGR of more than 23% during 2010-2017. Robotics is a field of engineering that studies the manufacturing, operation, handling, design and conception of robots. A robot is a machine which can automatically perform a set of complex activities. It can either be embedded with the control system or can be guided by an external control device. Additionally, robots provide improved productivity and efficiency as they are more consistent and precise as compared to human beings. Earlier, they were majorly used in the assembly lines of the automotive industry, whereas now they are utilised for performing different tasks ranging from cleaning nuclear waste and mowing lawns to exploring outer space and performing surgeries.
Over the years, there has been a rise in the technological advancements as well as the number of investments made in the field of robotics which is proliferating the growth of the robotics market. In addition to this, nowadays, robots have an improved sensory perception due to enhanced force sensors, fast processors and better vision. This has led to a shift towards automation in various industries for the purpose of reducing costs and increasing productivity which has augmented the demand for robotics across the globe. Other factors which are positively influencing the growth of the market include improvements in the integration of robotic system, reduction in the time taken to perform an activity along with an increase in the preferences of virtual commissioning methods. However, higher cost of mobile robots is one of the factors which is impeding the growth of the global robotics market. Looking forward, the market volume is projected to exceed 23 Million Units by 2023.
The global robotics market has been segmented on the basis of type which mainly includes industrial robotics and service robotics. Amongst these, industrial robotics represent the most popular type of robotics owing to their ability to perform a series of programmed tasks in the production and manufacturing settings.
On a geographical front, North America currently dominates the market with the majority of the market share. The growth is stimulated by an increase in research and development activities and a rapid rise in the adoption of new technologies across the region. North America is followed by Europe, Asia Pacific and Latin America.
The competitive landscape of the market has also been examined with some of the key players being ABB Group, KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.
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