The Global Robotics Market is expected to increase at 28.51% CAGR, registering significant growth during the forecast period. The market was valued at USD 42,654.1 million in the year 2018; it is expected to reach USD 181028.6 million by 2024. Asia-Pacific accounted for the largest market value of USD 19,845.5 million in the year 2018; the market is forecast to register a CAGR of 31.22% during the forecast period. Based on type, the market has been classified as SCARA, cartesian, articulated, cylindrical, and parallel. The articulated segment accounted for the larger market share in the year 2018, with a market value of USD 9,937.1 million. A cartesian robot is a three-axis robot which performs the linear motion along any of the axis, which is marked perpendicular to each other. An articulated robot is a rotational joint robot able to make circular motion. It has a one fixed leg and many joints which are individually powered by electric motors. Cylindrical robots work on a cylindrical coordinate. This type of robot is generally used in assembly operations, handling machine tools, spot welding, and handling at die casting machines. Parallel robots consist of close-loop mechanism which shows enhanced performance in terms of velocity, precision, rigidity, and ability to deploy large loads. The SCARA segment is the second largest segment; it is expected to register the highest CAGR during forecast period. A SCARA robot is based on a four-axis design, wherein the z-axis is kept constant and it can move in the XY axis, thereby allowing it to perform a curved motion. Growth in industrial robotics and the developing artificial intelligence technology are factors expected to drive the global robotics market during the forecast period. Though, high early cost and technical complexities are expected to curb market growth during the forecast period. Further, rising demand for entertainment robots in retail for customer involvement is expected to act as an option for players in the global robotics market during the forecast period. Robotics technology, in collaboration with artificial intelligence, human-machine interface, and the Internet of Things (IoT) help the manufacturers to meet these challenges. Among all the sectors and industries serviced by robots, industrial robotics has registered the highest rate of adoption. The major objective fulfilled by industrial robots is performing the excess manufacturing processes and operations in real-time with high accuracy and reliable implementation.
Robotics Market Research has been segmented by type, by mobility, by end user and by region. By type the Robotics Market has been divided into SCARA, Cartesian, Articulated, Cylindrical, and Parallel. By Mobility the robotics market has been segmented into Mobile Robotics and Fixed Robotics. Based on End User the robotics market has been segmented into Medical, Entertainment, Field, Logistics, Defense, Public Safety, Manufacturing, and Others. Based on Region the robotics Market has been split into regions like North America, Asia-Pacific, Europe, Middle East & Africa, and South America.
Regionally, the global robotics market has been split into different regions like Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is forecast to control the robotics market during the forecast period due to advancements in camera and sensor technologies in the region.
BOSTON DYNAMICS (US), iROBOT Corporation (US), Heavy Industries, Ltd. (China), ABB Limited (Switzerland), Northrop Grumman Corporation(US), Omron Corporation(Japan), FANUC CORPORATION(Japan), Kuka AG (Germany), Yaskawa Electric Corporation(Japan), and Denso Corporation (Japan), Universal Robots A/S (Denmark), Nachi-Fujikoshi Corp (Japan), Kawasaki, Honda Motor Co. Ltd (Japan), Mitsubishi Electric Corporation (Japan), Sony Corporation (Japan) are some of the key players of global robotics market. Some of the key developments took place in April 2019, January 2019, In October 2018, In June 2018 and In February 2018. ABB partnered with Dassault Syst?mes to provide a digital twin created using 3DEXPERIENCE platform from the latter. This partnership allows customers to optimize its operations in a fully digital way, including design, build, operate, and maintenance phases of operations. This uses ABB’s IRB 6700 robot in April 2019. KUKA launched a new generation of the KR QUANTEC series. This has been increasing flexibility, lowered operating costs, and reduced delivery times, in January 2019. Omron launched TM series joint robot to activate an innovative manufacturing environment where humans and machines work in collaboration, in October 2018. Sony Corporation entered into an agreement with Carnegie Mellon University (CMU) to collaborate for conducting artificial intelligence and robotics research. This collaboration is expected to focus on optimizing food preparation, cooking, and delivery in June 2018. FANUC acquired Robotics Inc., which is involved in the development, manufacturing, sales and other activities regarding CORO, which can take different positions and has a wide motion range, and minimal interference with its surroundings in February 2018.