The global robotics market is anticipated to project a double-digit CAGR in the forthcoming years, owing to the rise in automation in various industries. Automation is becoming highly popular across industries with numerous labors, which are coping up with high labor expenses and the shortage of skilled workforce problem. This has propelled the adoption of robotic technology in automate operations. Industrial robots, for example, are used in manufacturing and production settings to carry out various kinds of programmed activities.
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The major applications of robotic products comprise of personal, logistics, military, agriculture, last mile mobility, construction/mining, medical, entertainment, research, and so on. The other segment comprises aerospace, automotive, and food processing. The logistics segment turned up as an important application of robotic products and Zis likely to maintain the position as the key application segment in the upcoming years.
As per the geography, the market is categorized into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. Among them, Asia Pacific accounted for the major share in the robotics market back in 2016. The region is expected to grow at a rapid rate in upcoming years, majorly due to consistent innovation and growth in the robotics field which led to widespread application all over the industries. The Asia Pacific robotics market is likely to grow due to emergence of nano-technology as well, integrated with robotics. Besides, the emergence of collaborative robots which have notably increased the productivity in material handling, manufacturing, medical, and automotive industry with reduced human labor will work in favor of the regional market.
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North America is prognosticated to represent a comparatively speedier growth in the coming years. The region is a home to a huge number of robot manufacturers, coupled with contracts from government bodies and defense. This leads to ongoing development and innovations in robotics technologies, aiding the rise in North America robotics market.
Some of the key players in the global robotics market, are Clearpath Robotics Inc., Fanuc Corporation, Barrett Technology LLC, Kuka AG, John Deere, Honda Motor Co. Ltd., Bossa Nova Robotics, Boeing, Seegrid Corporation, Google Inc., Aetheon Inc., Swisslog, iRobot Corporation, Northrop Grumman Corporation, Lowe’s, Amazon, Savioke, Omron Adept Technologies, Fetch Robotics Inc., and Locus Robotics.