Robotics Technology Market Overview:
Robotics Technology Market is expected to reach $82.7 billion by 2020, registering a CAGR of 10.11% during 2014 - 2020. Robotics technology is a combination of machine, tools and computer applications used for various activities including designing, manufacturing and other applications of robots. Use of robotics technology allows consumers to automate processes, increase productivity, enhance quality and reduce human errors. Robotics technology is used in wide range of industries including healthcare, defense, aerospace, automotive and infrastructure. Robots are used for numerous activities encompassing assembling products, detecting and defusing bombs, surgical operations, product inspection, space missions, cleaning and household chores. A dynamic rise in the number of smartphones and tablets supplements the process of robot development and contributes to the growth of the global market. With the growth of robotics technology, there would be a significant increase in the number of jobs available for the human workforce.
Rising demand for automation in industries has revolutionized the adoption of robotics technology especially in the automotive industry. With advancement of technologies like modular robotics, nano-robotics and cloud robotics, the global robotics market would receive a boost. The major players in the market are developing affordable, small, compact and energy efficient robotics solutions to reach a wider customer base.
Robotics system market comprises of several small components. A robot needs to be integrated in a specific environment along with software and specialized components. Standard robots are rarely used independently. System integration phase takes care of integration of different components together in a specialized environment with specific tools, required inputs of power and production systems. The value chain of robotics technology market includes stakeholders like robot designers and suppliers of standard hardware components, suppliers of special engineered components, software providers, system integrators, and end users. Each of these players share a specific value at their point of operation, which in turn contributes to the competitive value of the product. The R&D activities, innovations, and marketing strategies enhance the value associated with the end-deliverable by each player.
Global Robotics Technology market has been analyzed and segmented based on types of robots, components, applications, and geography. The various types of robots used across different industries include industrial robots, service robots and mobile robots. Robot comprises of components such as hardware, software, and services. The type of components used in a robot determine the performance of the robot. Robots find its major applications in the field of healthcare, defense, security, automotive, aerospace, food and beverage and domestic spaces. The Global Robotics Technology market is segmented across geographies including North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East & Africa).
Asia-Pacific generated highest revenue accounting for in 2013. North America is rapidly growing region during the forecast period. North America would grow rapidly due to the adoption of robotics technology majorly in the field of defense, security and healthcare sectors. Automotive was the largest revenue-generating segment in 2013. Automotive robotics market dominates the global market due to its prominent use in automotive manufacturing industry. Aerospace robotics market would grow at the highest CAGR throughout the forecast period. Industries including healthcare, defense and security, and domestic would grow at a fast pace during the forecast period.
Top factors impacting robotics technology market
Increased labor safety concerns
With international labor safety standards becoming more stringent, robots are being employed in hazardous environments in place of humans. Robots find application in situations that are dangerous and unsafe for human beings to work, such as working in irregular terrains and handling hazardous substances. Robots enable organizations to avoid risks and reduce the number of work accidents. This factor leads to greater adoption of robotics solutions in the global market.
Greater use in diverse industries including food, agriculture, and healthcare
The utility of robotics has gained its applications in the field of food and beverage, agriculture, healthcare, and education among others. These industries are increasingly using service robots to meet their requirements and increase efficiency. Customized robots are deployed for these industries to meet their specifications. The escalating employment of robotics in diverse applications has led to tremendous growth in the market and its impact would increase in years to come.
Need for automation
With increasing need for automation in all industry sectors, use of robots has multiplied significantly. Organizations are adopting robotics to automate their processes to deliver high quality products, increase their manufacturing capabilities, provide better customer serve, and efficiently manage their processes. This factor pushes organizations to adopt robotics and further strengthening the market.
Rising labor and energy costs
Labor costs have increased worldwide, especially in developed countries. Organizations are implementing robotics solutions to reduce their labor costs and energy costs. Though the initial cost is high, robotics solutions enable them to efficiently manage their processes, while reducing their expenditure in the end. Rising costs would have a lower impact on the market in the future due to advancements in technology.
- The study provides an in-depth analysis of the Global Robotics Technology Market with current and future trends to elucidate the imminent investment pockets in the market
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends in order to gain a stronger foothold in the market
- The report provides information regarding key drivers, restraints and opportunities with impact analysis
- Quantitative analysis of the current market and estimations through 2013-2020 are provided to showcase the financial appetency of the market
- Porter’s five forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
- Company Profiles provides an overall competitive scenario of the market
Robotics Technology Market Segment:
The market is segmented based on types, components, applications and geography:
- Industrial Robots
- Service Robots
- Mobile Robots
- Defense and Security
- North America