DUBLIN--(BUSINESS WIRE)--The "Robotics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Robotics Market was valued at USD 31.78 billion in 2018 and is expected to register a CAGR of 25% over the forecast period of 2019-2024.
In the past decade, industrial robots used to be high priced, due to which, the ROI is expected to be achieved after a decade. However, presently, smaller collaborative robots are priced for companies to receive ROI in months, instead of decades, often costing around USD 20,000. Declining sensor prices and increasing adoption have further aided lower costs.
The market studied is experiencing a significant transformation, with robots growing beyond being the workhorses of industrial shop floors and beginning to adopt the roles of personal assistants, surgical assistants, delivery vehicles, autonomous vehicles, exoskeletons, and unmanned aerial vehicles, among many other uses.
Apart from the affordability and user experience, size and shape also plays an essential role in driving the robotics industry. The demand for industrial robots has accelerated since 2010, considerably, due to the ongoing trend toward automation and continued innovative technical improvements in industrial robots.
The market is further expanding into new territories, with small- and medium-sized industries adopting automation, thereby creating demand for robots. The availability of small-capacity and cost-effective solutions from major providers is enabling the penetration of robots into industries.
Key Market Trends
Service Robotics to Register Highest Growth
Factors like the aging population and shortages of healthcare workers is driving the demand for assistive technology robots. Companies like KUKA (healthcare subsidiary Swisslog) are specializing in robots for healthcare applications. For instance, Swisslog's Relay is designed for inpatient and outpatient services, like the transport of medicines and other hazardous medications, including chemotherapy.
The emergence of robotic technology has transformed the way businesses are carrying out their operations. Moreover, with the proliferation of e-commerce, the need for automated warehouses is increasing. Kiva and Mobile industrial Robots (MiR) are prominent companies among other startups that are innovating in the warehouse robotics space.
Fully automated solutions are providing huge opportunities for warehouse purposes. For instance, MiR's warehouse robot, MiR 500, a flexible, easy-to-program robot equipped with a laser-scanning technology and lifting capacity of 1,102 lbs and a speed of about 4.5 mph, is designed to automate the transportation of pallets and heavy loads throughout a warehouse.
New innovations apart from the laser technologies in warehouse robotics are being led by the startups. For instance, inVia Robotics, a California-based startup is developing warehouse cobots, that can work right alongside humans.
Asia-Pacific to Hold Major Share
Asia-Pacific is expected to record the highest growth rate over the forecast period, owing to significant adoption of industrial robots throughout the region.
China is dominating the regional adoption rate of robotics, owing to the massive deployment in the country's dominating electronic and automotive manufacturing sector. As these sectors are also developing at a high rate in other economies in the region like India, there is vast potential for growth in the market studied.
The regional government is also a major factor for the development of the regional robotics market. For instance, India plans to invest in military robotics, and by 2023, the country is preparing to deploy advanced robotic soldiers. Also, a New Delhi-based company is building robots for the Indian Army.
The robotics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
In Jun 2018, ABB Ltd launched the third-generation IRB 6790 foundry prime robot, at Automatica 2018, in Munich. The product is aimed at high-pressure water jet cleaning applications in harsh industrial environments. This robot increases reliability and system uptime while reducing the maintenance costs by up to 60%.
In Sep 2018, Denso Corporation announced that the company agreed with Pioneer Corporation to take the stake in Tohoku Pioneer EG Corporation (Tohoku Pioneer EG), which is involved in the factory automation (FA) business and is owned by Tohoku Pioneer Corporation, a consolidated subsidiary of Pioneer Corporation.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Advent of Industry 4.0 Driving Automation
4.3.2 Increasing Emphasis on Safety
4.3.3 Demand from the Oil & Gas Industry
4.4 Market Restraints
4.4.1 High Cost Of Installation
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.2 By End User
5.2.1 End Users of Industrial Robots
184.108.40.206 Food and Beverage
220.127.116.11 Other End Users of Industrial Robots
5.2.2 End Users of Service Robots
18.104.22.168 Military and Defense
22.214.171.124 Medical and Healthcare
126.96.36.199 Other End Users of Service Robots
5.3.1 North America
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ABB Ltd.
6.1.2 Yaskawa Electric Corporation
6.1.3 Denso Corporation
6.1.4 Fanuc Corporation
6.1.5 Kuka AG
6.1.6 Kawasaki Heavy Industries Ltd.
6.1.7 Toshiba Corporation
6.1.8 Panasonic Corporation
6.1.9 Staubli International AG
6.1.10 Nachi Robotic Systems Inc.
6.1.11 Yamaha Motor Co. Ltd.
6.1.12 Seiko Epson Corporation
6.1.13 Comau S.p.A.
6.1.14 Adept Technologies Inc.
6.1.15 Intuitive Surgical Inc.
6.1.16 Stryker Corporation
6.1.17 Maxar Technologies Ltd. (MDA Corporation)
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/research/tw4trw/robotics?w=4