The global robotics market is projected to experience significant growth during the forecast period, with a Compound Annual Growth Rate (CAGR) of 28.51%. In 2018, the market was valued at USD 42,654.1 million, and it is expected to reach USD 181,028.6 million by 2024. Asia-Pacific currently holds the largest market share, with a value of USD 19,845.5 million in 2018, and the region is expected to continue experiencing high growth with a CAGR of 31.22%.
The market is segmented based on type, mobility, end user, and region. Types of robots include SCARA, cartesian, articulated, cylindrical, and parallel. The articulated segment currently holds the largest market share, with a value of USD 9,937.1 million in 2018. SCARA robots are expected to register the highest CAGR during the forecast period. SCARA robots are four-axis robots that can perform curved motions, making them highly versatile.
The market is also segmented based on mobility, with mobile robotics and fixed robotics as the categories. In terms of end users, the market serves industries such as medical, entertainment, field, logistics, defense, public safety, manufacturing, and others.
The growth of the global robotics market can be attributed to the increasing adoption of industrial robotics and the development of artificial intelligence technology. Industrial robots are being used to perform manufacturing processes with high accuracy and efficiency. Additionally, the demand for entertainment robots in retail for customer engagement is also contributing to market growth. However, the high initial cost and technical complexities associated with robotics may hinder market growth.
Asia-Pacific is expected to dominate the robotics market during the forecast period, thanks to advancements in camera and sensor technologies in the region. Key players in the market include Boston Dynamics, iROBOT Corporation, ABB Limited, FANUC CORPORATION, Kuka AG, and more.
In conclusion, the global robotics market is set to experience significant growth in the coming years, driven by industrial automation and advancements in technology. With a wide range of applications in various industries, the demand for robots is expected to continue rising.
– Robotics Market Research Report Global Forecast till 2024