The global robotics market reached a volume of 10 Million Units in 2018, growing at CAGR of 21.8% during 2011-2018. Robotics is an interdisciplinary branch of artificial intelligence (AI) that studies the conception, operation, design and manufacturing of robots. It involves different fields of electrical and mechanical engineering and computer science. Robots refer to multifunctional, automatic and re-programmable industrial machines, which can be embedded with a variety of high-tech devices, such as visual, tactile and audio sensors. They are designed to perform several tasks automatically with speed, intelligence and accuracy. The essential components of a robot are body or frame, control system, manipulators and drivetrain. The R&D in the field of robotics enables the development of versatile robots that can perform tasks across various industries, including healthcare, aerospace, defense and automotive. The emergence of this technology has facilitated producers and service providers across the globe with convenience, increased output level, reduced human errors, enhanced quality and process automation.
Over the past few years, market players have been introducing high-quality, innovative robotic technologies in the industrial sector, where these are used for warehousing, manufacturing, and assembling applications. Some of these innovations include underwater robotics, human-robot interaction, legged mobility, machine learning (ML), and self-driving vehicles. Besides this, there has been a significant increase in cybersecurity threats as robots are becoming more connected with internal data systems. Owing to this, organizations and firms across the globe have been investing heavily in research and development (R&D) activities to address the current vulnerabilities while ensuring safe, secure and reliable production. Furthermore, AI and robotic technologies are largely used in the healthcare sector on account of the rising need of surgical robotics, and growth in lab and pharmacy automation. Also, there has been an escalating demand for collaborative robots to avoid any possible errors. These robots can operate alongside humans and are considerably cheaper than their industrial counterparts. On account of the aforementioned factors, IMARC Group expects the market to reach a volume of 26 Million Units by 2024.
Breakup by Product Type:
At present, service robots are the most popular in the industry.
On the basis of regions, North America represents the biggest market for robotics, accounting for the majority of the total market share. This can be attributed to the growing investments in automation, rapid adoption of new technologies, and the rising demand for industrial production and manufacturing.
The report has also analyzed the competitive landscape of the market. Some of the key players operating in the market include ABB Group, KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.
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