Nov 14 2018
The "Global Robotics Market and Volume (Industrial and Service Robotics), Key Players Analysis - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Robotics Market is expected to register a CAGR of 14% over the forecast period of 2018-2024
The demand for robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety.
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.
Industrial Robotics Market Overview
The global industrial robotics market was valued at just over US$ 16 Billion in 2017, and is likely to grow at a double digit CAGR between 2018 and 2024. The demand for industrial robotics is anticipated to grow exponentially during the forecasting period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety.
The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial robotics market globally.
Industrial Robotics Market Segment Analysis
- The automotive industry accounted for highest share of the industrial robotics market in 2017, followed by electrical and electronics segment.
- The market for industrial robotics in the electrical and electronics industry is expected to grow at double digit CAGR between 2018 and 2024.
- The metal industry is the third largest market for industrial robotics.
- Chemical, rubber and plastics industry is the fourth largest market for industrial robotics market, while food industry accounted for least share of the global industrial robotics market.
Industrial Robotics Market Regional Analysis
- In terms of region, the five major markets including China, South Korea, Japan, United States, and Germany accounts for around 73% of the total robotics sales volume in 2017.
- Asia/Australia is the world's largest market for industrial robots, driven by growing demand for industrial robots from small- and medium-scale enterprises in China, Japan, South Korea, and India.
- Europe is the second leading region for industrial robotics market, followed by the Americas at the third spot.
Note: The market value figures cited in this report for industrial robotics generally do not include the cost of software, peripherals and systems engineering. Including the mentioned costs might result in the actual robot systems' market value to be about three times as high.
Service Robotics Market Overview
The global service robotics market was valued at over US$ 9 Billion in 2017. Service robots have witnessed widespread acceptance among various professional and personal applications owing to benefits such as enhanced usability, delivery of accurate and high-quality services, reliability, and reduced operational costs and human errors.
Professional service robots are employed in various industries including medical, defense, rescue and security, agriculture, logistics, construction, and professional cleaning among others, whereas personal service robots are used for domestic and entertainment and leisure purpose.
The global service robotics market is expected to almost triple by 2024 from the 2017 level, driven by an upsurge in its adoption owing to high labor cost, lack of skilled workforce, increasing research and development investments, growing awareness regarding the benefits of service robots, and increased demand for automation among professional and personal sectors. However, high initial investment and concern for human safety restricts the growth of the market.
Service Robotics Market Segment Analysis
- The global professional service robotics market was valued at close to US$ 7 Billion in 2017.
- In 2017, logistic application was the major industry vertical, in terms of market share, followed by medical applications.
- Agriculture/field robots controlled over 14% share of the professional service market in 2017.
- In volume terms, the logistic robots accounted for maximum share of the overall professional service robotics volume in 2017.
- The medical robots accounted for single digit share of the professional service robotics volume in 2015, due to expensive nature of these devices.
- Household robots accounted for maximum share of the personal and domestic service robotics market in 2017.