As per the latest report by IMARC Group, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global robotics market size reached a volume of 12 Million Units in 2019, growing at CAGR of 22.2% during 2014-2019. Robotics is a field of engineering that deals with the manufacturing, operation, handling, design and conception of robots. A robot is a machine that 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. Robots help in improving productivity and efficiency as they are more consistent and precise as compared to human beings. Earlier, they were majorly used in assembly lines of the automotive industry, whereas now they are utilized for performing different tasks ranging from cleaning nuclear waste and mowing lawns to exploring outer space and performing surgeries.
Global Robotics Market Trends:
Nowadays, the use of robotics technology has enabled individuals to automate processes, increase output levels, improve quality and decrease errors due to enhanced sensors, fast processors and better vision. As robots reduce human workload and perform with a higher degree of precision, it has led to a shift toward automation in various industries. Apart from this, the advancements made in technology have made robots more progressive and autonomous. They are quick, suitable for multitasking and can handle repetitive tasks efficiently. Furthermore, several leading companies are investing considerably in the field of robotics, which is providing a positive impact on the industry. For instance, FANUC Corporation, in collaboration with Preferred Networks, Inc., has developed new AI functions that apply machine or deep learning to its robot and Robo-machine products. Other factors that are positively influencing the growth of the market include improvements in the integration of robotic systems, reduction in the time taken to perform an activity and an increase in the preference for virtual commissioning methods. Looking forward, the market volume is projected to reach 37 Million Units by 2025.
- Based on the product type, the market has been bifurcated into industrial and service robots. Service robots, which include personal and domestic, and professional robots, represent the most popular product type, holding the largest market share.
- On the basis of the application, the market has been categorized into the household, entertainment, defense, fields, logistics, healthcare, infrastructure, mobile platform, cleaning and other applications.
- Region-wise, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being ABB Asea Brown Boveri Ltd., KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.
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