Transparency Market Research (TMR) observes, the global robotics market is highly conciliated due to presence of number of companies operating in the market. Some of the key players operating in the global robotics market are Fanuc Corporation, iRobot Corporation, Northrop Grumman Corporation, and Google Inc. These players are focused to manufacture products with their maximum technical and business strength for product innovation and commercialization of these products.
A report estimates, the global robotics market is expected to attain value of US$147.26 bn by the end of 2025 with a CAGR of 17.4% over the forecast period of 2017 to 2025. The market was valued at revenue of US$35.23 bn in 2016. Based on volume, the global robotics market valued at 677.2 thousand units in 2016 and is predicted to amount to 2,731.2 thousand units by the end of 2025, expending with a CAGR of 17.0% over the forecast period from 2017 and 2025. Static type robot is dominating the global robotics market as it is widely deployed across numerous industries such as aerospace, manufacturing, and automotive. Based on the region, North America is dominating the leading position in the global robotics market.
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Growing Adoption for Reducing Labor Cost to Propel Growth
Labor-intensive industries are facing challenges of rising labor cost and lack of skilled workforce is boosting adoption of the robots. This has pushed companies to adopt robotic technology to automate operations. The automotive, aerospace, and healthcare industries for reduction of labor-cost and overcoming the lack of skilled labor globally. Industrial robots are able to performing numerous programmed tasks across numerous manufacturing and production. These robots are able to perform such task which are often dangerous for human workers. Service robots are increasingly assisting human beings for jobs that are typically repetitive and are dangerous. The aforementioned factors are fuelling growth of the global robotics market.
The unmanned aerial vehicles have significance for surveillance, conducting targeted bombing discreetly, and capturing images among other purposes. Additionally, military drones are cost-effective and manned aerial vehicles that offers advantages of strolling above the ground and helps to gather maximum information about target discreetly that ground attack. Additionally, due to the benefits offered by the robotics, the defense sector is experiencing higher investment in improvement of robotic technology.
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High Installation and Maintenance Costs to Limit Growth
Despite of growth prospects, the high investment in the research and development coupled with high initial investment along with higher manufacturing cost. These factors are restraining growth of the global robotics market. Also, high maintenance cost of robots is restraining growth of the robotics market. Additionally, other factors such as turning a prototype, commercial robot, and commercialization of the product is limiting growth of the global robotics market.
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