Robotics Technology Market Report, published by Publisher, forecasts that the global market is expected to garner $82.7 billion by 2020, registering a CAGR of 10.11% during the period 2014-2020.The increasing demand for automation in all aspects of life has majorly contributed to the growth of robots. Rising labor costs has pushed organizations to automate their processes with the use of robots. Growing adoption of robots by SMEs will transform the market. Earlier, the robots were only restricted to manufacturing process. However, with the advent of advanced technologies, they are entering homes, offices, hospitals and other institutions. APAC region dominates this market growing at a CAGR of 8.71%. It generates a major revenue in this market owing to the high density of automotive companies in the region.
The growth of smart technologies like smart phones have fueled the growth of this market. Use of robots have increased across all sectors owing to the increase in labor costs and unavailability of skilled labor. There has been a substantial investment in research and development by public and private organizations to further explore and develop new technologies and applications for robotics. A number of international organizations like Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR) have been started to support robotics and supplement its growth. Key players in the market are increasingly developing low-cost, affordable, compact and energy-efficient solutions to cater the growing demands of the customers.
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The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. They help to reduce operating costs, while increasing production output. The increasing use of robotics will boost the growth of the market in the coming future. Robots are being used in a diverse range of applications including tele-surgery, pharmacy, physical and mental therapy, bomb diffusion, mine detection, rescue of the wounded soldiers, space exploration, manufacturing of aircrafts, production of electronics equipment and in domestic chores. Automotive sector generates a major share of the revenue and constituted 39.04% of the global revenue in 2013, followed by Electronics sector which accounted for 20.24%.
Industrial robots dominate the robotics market, with a percentage share of 66.10% in 2013, followed by service robots. Service robots find applications in healthcare, agriculture, construction and infrastructure. In the coming years, service robotics and mobile robotics would increase their penetration in the market at a rapid pace. However, high initial prices, complex technologies, safety and ethical issues regarding the use of robots might restrict the growth of this market.
SMEs are a largely untapped market. Owing to the high initial investment, SMEs are hesitant toward the adoption of robotics. The key players are now developing affordable, compact, customized and energy-efficient robotics solutions aimed at increasing the efficiency of SMEs. Labor unions have protested against the use of robotics, which rendered the loss of jobs to robots. However, according to International Federation of Robotics (IFR), the robotics industry would create more jobs than it replaces. The IFR projects that 1.9 to 3.5 million jobs will be created by the year 2021.
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Key Findings of the Robotics Technology Market:
The Global Robotics Technology Market would grow at a steady rate during the forecasted period owing to the increasing demand for automation and rising labor costs
The automotive sector accounted for 39.04% of the Global Robotics market in 2013. Other industries including healthcare, defense and security and aerospace would grow at a fast pace during 2013-2020
High growth is expected in service robotics and mobile robotics due to technological advancements and growing adoption in diverse industries
There is stiff competition in the Global Robotics Technology Market. Key players in the global market including ABB Group, Fanuc Corporation, iRobot, Kawasaki Heavy Industries and KUKA AGare consistently launching new products to enhance their offerings in the market. A number of acquisitions and collaborations occurring in the market enable these vendors
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This post was originally published on The Picayune Current