Cart
0

Robotics Technology Market is Expected to Reach $82.7 Billion, Globally, by 2020

 
 

quote Industrial robots dominate the robotics market, with a percentage share of 66.10% in 2013, followed by service robots. Service robots find applications in healthcare, agriculture, construction and infrastructure. In the coming years, service robotics and mobile robotics would increase their penetration in the market at a rapid pace. However, high initial prices, complex technologies, safety and ethical issues regarding the use of robots might restrict the growth of this market. quote

Gunjan Malani
,

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

Robotics Technology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $82.7 billion by 2020, registering a CAGR of 10.11% during the period 2014-2020.The increasing demand for automation in all aspects of life has majorly contributed to the growth of robots. Rising labor costs has pushed organizations to automate their processes with the use of robots. Growing adoption of robots by SMEs will transform the market. Earlier, the robots were only restricted to manufacturing process. However, with the advent of advanced technologies, they are entering homes, offices, hospitals and other institutions. APAC region dominates this market growing at a CAGR of 8.71%. It generates a major revenue in this market owing to the high density of automotive companies in the region.

View Detail Summary of this report: https://www.alliedmarketresearch.com/robotics-technology-market

The growth of smart technologies like smart phones have fueled the growth of this market. Use of robots have increased across all sectors owing to the increase in labor costs and unavailability of skilled labor. There has been a substantial investment in research and development by public and private organizations to further explore and develop new technologies and applications for robotics. A number of international organizations like Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR) have been started to support robotics and supplement its growth. Key players in the market are increasingly developing low-cost, affordable, compact and energy-efficient solutions to cater the growing demands of the customers.

The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. They help to reduce operating costs, while increasing production output. The increasing use of robotics will boost the growth of the market in the coming future. Robots are being used in a diverse range of applications including tele-surgery, pharmacy, physical and mental therapy, bomb diffusion, mine detection, rescue of the wounded soldiers, space exploration, manufacturing of aircrafts, production of electronics equipment and in domestic chores. Automotive sector generates a major share of the revenue and constituted 39.04% of the global revenue in 2013, followed by Electronics sector which accounted for 20.24%.

Industrial robots dominate the robotics market, with a percentage share of 66.10% in 2013, followed by service robots. Service robots find applications in healthcare, agriculture, construction and infrastructure. In the coming years, service robotics and mobile robotics would increase their penetration in the market at a rapid pace. However, high initial prices, complex technologies, safety and ethical issues regarding the use of robots might restrict the growth of this market.

SMEs are a largely untapped market. Owing to the high initial investment, SMEs are hesitant toward the adoption of robotics. The key players are now developing affordable, compact, customized and energy-efficient robotics solutions aimed at increasing the efficiency of SMEs. Labor unions have protested against the use of robotics, which rendered the loss of jobs to robots. However, according to International Federation of Robotics (IFR), the robotics industry would create more jobs than it replaces. The IFR projects that 1.9 to 3.5 million jobs will be created by the year 2021.

Key findings of Robotics Technology Market:

  • The Global Robotics Technology Market would grow at a steady rate during the forecasted period owing to the increasing demand for automation and rising labor costs
  • The automotive sector accounted for 39.04% of the Global Robotics market in 2013. Other industries including healthcare, defense and security and aerospace would grow at a fast pace during 2013-2020
  • High growth is expected in service robotics and mobile robotics due to technological advancements and growing adoption in diverse industries

There is stiff competition in the Global Robotics Technology Market. Key players in the global market including ABB Group, Fanuc Corporation, iRobot, Kawasaki Heavy Industries andKUKA AGare consistently launching new products to enhance their offerings in the market. A number of acquisitions and collaborations occurring in the market enable these vendors to expand their geographic presence and penetrate into emerging economies.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1⟨855⟩ 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Abhinav Rautela
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
mediacommunications@alliedanalytics.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Robotics Technology Market by Type (Industrial Robots, Service Robots, Mobile Robots and Others) and Application (Defense and Security, Aerospace, Automotive, Domestic and Electronics) Global Opportunity Analysis and Industry Forecast, 2013 - 2020 quote

View Report
 
 

Why Allied Market Research

 

Infallible Methodology

To ensure high level data integrity, accurate analysis and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to eliminate redundant information to provide valued information and save time of the reader

 

Featured Readings

 
rep-img

Published Date Feb 2019

Manual Wheelchair Market

Download Sample
rep-img

Published Date Feb 2019

Identity analytics Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interest you.

 
Get Industry Data Alerts