Global Robotics Market Expected to Reach $20 Billion by 2022

Global Robotics Market has Applications in Agriculture, Automobile, Construction, Healthcare, Law Enforcement, Manufacturing, Transportation,Utilities etc areas

The Global Robotics market is valued at USD XX.XX billion in 2016 and is expected to reach a value of USD XX.XX billion by the end of 2022, growing at a projected CAGR of 10.54% during the forecast period of 2017 - 2022.

Traditionally robotics was used in the automotive industry, and there has been adoption into sectors like electronics, retail, healthcare, logistics, agriculture, services, education and government. By recent advancements, conventional robots have been replaced by collaborative robots, which have optimized investments by companies. Previously conventional robots, which were pre-programmed to work autonomously, cost about USD 125,000 while their collaborative counterparts, which are designed to assist humans to perform a specific task, are in the range of USD 20,000-25,000. Artificial intelligence has been one of the major innovations in the field of robotics in the past decade.

Market Dynamics:
The growth of robotics market is being driven by a rise in labor cost, shortage in skilled labor and growing emphasis on quality. Increasing investment in robot development is driving competition, thereby reducing prices of robotic equipment. When it comes to designing machines for this emerging industry, most entrepreneurs and investors are following a similar formula. One element is to build low-cost machines that tackle specific tasks, rather than attempt to create general-purpose machines, let alone fully humanoid robots that try to take on too much.

Market Segmentation:
The global robotics market can be segmented by end-user (agriculture, automobile, construction, entertainment, healthcare, laboratories, law enforcement, manufacturing, military, mining (excavation and exploration), transportation, utilities{gas, water, electricity}, warehouses etc.), by robot type (stationary robots cartesian/gantry, cylindrical, spherical, SCARA, articulated (robotic arms), parallel; wheeled robots, legged, swimming, flying, mobile spherical (robotic balls); swarm etc.) and by geography.

Key Industry Players:
The report also considers key trends that impact the industry and key profiles of leading companies in the market, which include:

iRobot
Google (Boston Dynamics)
Touch Bionics
Northrop Grumman
Rethink Robotics
Accuray
Liquid Robotics
Bosch
Qbotix
Prox Dynamics

This report describes a detailed study of Porter's five forces analysis of the market. All the five major factors in these markets have been quantified using internal key parameters governing each of them. It also covers the market landscape of top players, which includes the key growth strategies, geographical footprint, and competition analysis.

Report Offerings:

Market definition for robotics along with identification of key drivers and restraints of the market.
Market analysis for the global robotics market, with region specific assessments and competition analysis on a global and regional scale.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies, which can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
Identification and analysis of the macro and micro factors that affect the robotics market on both global and regional scales.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.

Source: http://www.orbisresearch.com/reports/index/global-robotics-market-2017-2022

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.