Robotics Market Overview:
Robots play a critical role in industrial automation, with many core services in industries being managed by robots. Owing to the rising support of smart factory systems, the market has been witnessing significant interest over the past decade. The growing penetration of IoT and investments in robotics have been the principal contributors to the growth of the market. The increasing demand for automation in industries has revolutionized the appropriation of robotic technologies, particularly in the automotive industry. With the improvement of technologies, such as modular robotics, Nano-robotics, and cloud robotics, the market though is expected to be boosted The Global Robotics Market is expected to register a CAGR of 24.32% over the forecast period of 2017-2022.
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Robotics Market Drivers and Restraints
With the rising demand for automation in all industries, the use of robots has developed significantly. Organizations are using robotics, to automate their manners, deliver high-quality products, expand their manufacturing capacities, provide better customer service, and efficiently maintain their operations. Therefore, the offerings available in the market have also developed over the recent years, with several international players developing their product portfolios, to gain adhesion in the market. Moreover, the industry’s growing need for custom solutions is estimated to drive the robotics market further.
Rising concerns for employee safety, adoption of automation to ensure quality production and to meet the market requirement on time are the main drivers that are expected to promote the global robotics market. On the other hand, huge expenditure on the production of smart robots is struggling the market. Additionally, loss of jobs due to growing utilization of these robots is also one of the circumstances that have a negative effect on global market growth.
Robotics Market-Geographical Segmentation
Geographically, the global robotics market is set to be overshadowed by North America in the near future. The North America robotics market is likely to rise to more than US$7.6 bn at a 24.12% CAGR till 2022. North American players have managed to retain a domineering position in the global robotics market due to the pioneering role performed by the region in the development of robotics technology.
The Europe robotics market is also reasonable to play a major role in the robotics market. The region is likely to create an absolute possibility worth close to US$3 bn over the forecast period, making it a major regional entity for players looking to build a firm foundation in the global robotics market.
Major Players covered in Robotics Market:
The major players of the market are ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, Intuitive Surgical, Stryker Corporation, Kuka Robotics, Kawasaki Robotics, Toshiba Corporation, Panasonic Corporation, Staubli Mechatronics Company, Nachi Robotic Systems Inc., Yamaha Robotics, Epson Robots, Comau Spa, Adept Technologies and MDA Corporation.
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