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“Top robotics market expected to grow at a significant rate between 2018 and 2023”
The top industrial robotics market is expected to grow from USD 44.02 billion in 2018 to USD 69.14 billion by 2023, at a CAGR of 9.45% during the forecast period; the top service robotics market is expected to grow from USD 11.27 billion in 2018 to USD 29.76 billion by 2023, at a CAGR of 21.44% during the forecast period. Major drivers for top industrial robotics market are increasing adoption of automation and growing demand from small and medium-sized enterprises (SMEs) in developing countries. High adoption of robots for personal use, such as companionship and entertainment, and increase in the demand from medical and healthcare sectors are some of the key factors driving the growth of the top service robotics market. However, one of the major factors restraining the growth of the top industrial robotics market is the high overall cost of installation for low-volume production applications. Performance of service robots in untested environments and the lack of high-level interfacing are the major factors restraining the growth of the top service robotics market.
“Top industrial robotics market for collaborative robots to grow at a high rate between 2018 and 2023”
The top industrial robotics market for collaborative robots is expected to grow at a significant rate between 2018 and 2023. The collaborative robots have a good return on investment (ROI) because they are easy to install and simple to program, and are well accepted by workers. These robots are being adopted at a significant rate owing to their safety features and advantages over industrial robots to perform certain tasks in various industries, and the rate of adoption is expected to grow during the forecast period.
“Domestic applications to hold the largest share of the top service robotics market in 2018”
Domestic applications are expected to hold the largest share of the top service robotics market in 2018. Growing demand for domestic robots for domestic applications such as vacuum cleaning and lawn mowing is the key factor driving the growth of the market. However, the market for entertainment, education, and personal applications is expected to grow at the highest rate during the forecast period. The increasing number of working officials across the world is expected to put forth a need for service robots for providing companionship to the elderly and toddlers.
“APAC to hold the largest share of the top industrial robotics market in 2018”
APAC is expected to hold the largest share of the top industrial robotics market in 2018. The low cost of production, enabling various manufacturers to set up their manufacturing units in APAC, especially in countries such as China, South Korea, and India. Automating plant capabilities is another key trend adopted by manufacturers, which has boosted the demand for industrial robots in APAC. However, Europe is expected to hold the second largest share of the top industrial robotics market in 2018.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
ABB (Switzerland), KUKA (Germany), Mitsubishi (Japan), Fanuc (Japan), Kawasaki Heavy Industries (Japan), Denso (Japan), Omron Adept Technologies (US), Nachi-Fujikoshi (Japan), and Yaskawa (Japan) are some of the major companies dominating the top industrial robotics market. Northrop Grumman (US), Honda Motor (Japan), iRobot (US), DJI (China), 3DR (US), Intuitive Surgical (US), Samsung Electronics (South Korea), Parrot (France), GeckoSystems (US), Kongsberg Maritime (Norway), and DeLaval (Sweden) are some of the major companies dominating the top service robotics market.
Top robotics market refers to industrial and service robots that currently dominate the overall robotics market and hold significant potential for future diffusion and deployment across diversified application verticals. The top industrial robotics market has been segmented on the basis of type, industry, and geography. Depending on the type of robots, the market has been segmented into articulated robots, SCARA robots, Cartesian robots, parallel robots, and collaborative robots (cobots). The top industrial robotics market has been segmented on the basis of industry into automotive; electrical and electronics; chemicals, rubber, and plastics; metals and machinery; food & beverages; precision engineering and optics; pharmaceuticals and cosmetics; and others (oil & gas; paper and printing; foundry and forging; ceramics and stone; construction; textiles and clothing; supply chain management; and wood). The top service robotics market has been segmented on the basis of type, application, and geography. The report also forecasts the size of the top industrial robotics market and top service robotics market in 4 main regions?North America, Europe, APAC, and RoW.
The report would help leaders/new entrants in this market in the following ways:
- This report segments the top industrial robotics market and top service robotics market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different industries, applications, and regions.
- The report helps stakeholders understand the pulse of the market and provides them the information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, and product launches, partnerships, and mergers & acquisitions carried out in the top industrial robotics market and top service robotics market.