The global robotics market was worth nearly 10 Million units in 2018, registering a CAGR of 21.8% during 2011-2018. The market volume is further projected to reach 26 Million units by 2024. A robot can be defined as a programmable mechanical device, often equipped with audio, visual, tactile sensors as well as other devices and tools. It is designed to automatically perform a set of tasks with speed, intelligence and accuracy. Robotics has made life much easier and convenient as robots decrease human workload and perform with a higher degree of precision. The use of robotics also enables consumers to increase output level, improve quality and reduce human errors. Additionally, robotics has nowadays become more progressive and autonomous and therefore, finds numerous applications across a number of industries. Some of these include healthcare, defence, aerospace and automotive, where it is used in surgical operations, detecting and defusing bombs, space missions, assembling products and product inspection, respectively.
Global Robotics Market Drivers:
Breakup by Product Type:
The robotics market has been segmented on the basis of different types of products available for the consumers including industrial robotics and service robotics. Currently, service robots hold the majority of the market share.
On a regional basis, North America represents the largest market for robotics, followed by Europe, Asia Pacific and Latin America. The growth in North America is due to an increase in the demand for industrial production.
The global robotics market is highly fragmented in nature with the presence of numerous manufacturers competing in terms of quality and prices. These manufacturers offer industry-specific products in order to gain a competitive edge over other companies and create a niche market for themselves. Some of the leading players operating in the market are:
This report provides a deep insight into the global robotics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the robotics industry in any manner.
Key Questions Answered in This Report:
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