Overview Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
Two of the major growth factors have been the confluence of technological advancements and rising labour costs.
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Robotics refers to the branch of technology that deals with the design, construction and operation of a robot. This technology offers innumerable advantages such as flexibility, precision, consistency and increased production. With the technological innovations, robots have now become more advanced with better sensors, improved vision and faster processors. IMARC Group’s latest report, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global robotics market reached a volume of 7.9 Million Units in 2017, growing at a CAGR of 23.1% during 2010-2017.
Highlights of the Global Robotics Market:
A growing demand for robots in the medical, defence and entertainment industry represents the primary growth driving factor.
Service robots have the highest production, accounting for the majority of the market share.
North America accounts for the majority of the global share, representing the largest market.
A growing demand for smartphones and tablets has been witnessed in the past several years. This has supplemented the process of robot development, thus, augmenting the global demand for robots. Apart from this, a rising demand for robots in the medical, defence and entertainment industry is another force that is influencing the market growth. Several other factors like increase in disposable income, urbanisation and industrialisation rates, rising labour costs as well as expanding applications of robots are also catalysing the growth. According to the report, the market is further expected to reach a volume of 23.2 Million Units by 2023.
The market has been segmented on the basis of product type. Currently, service robots dominate the global robotics market accounting for the majority of the market share. On the basis of region, North America represents the largest market accounting for more than a third of the total global share. This can be attributed to the rapid adoption of new technologies coupled with increasing research and development investments in the region. The other major regions include Europe, Asia-Pacific, Latin America and Others. Some of the key players operating in the market are ABB Group, KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.
The report has examined the global robotics market on the basis of:
Yaskawa Electric Corporation
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