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(IT-NEWSWIRE.COM, December 22, 2018 ) The top industrial robotics market is expected to grow from USD 40.68 Billion in 2017 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 9.55 Billion in 2017 to USD 29.76 Billion by 2023, at a CAGR of 21.44% during the forecast period. The growth of the top robotics market is driven by factors such increasing demand for service robots from medical and healthcare sectors, and growing investments for automation in various industries.
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Articulated robots are expected to hold the largest share of the top industrial robotics market in 2018 owing to increased payload capacity, work envelope, reliability, and speed. Articulated robots are used in several applications, including welding, painting, assembly, packaging, palletizing, depalletizing, machine tending, sealing, gluing, cutting, cleaning, deburring, die casting, grinding, polishing, material handling, case packing, pick and place, pre-machining, and press brake tending. However, the market for collaborative robots is expected to grow at the highest rate during the forecast period.
Among all industries, the metals and machinery industry has been among the versatile industries for automation solutions. It performs several functions ranging from small details to higher performance in complex tasks. With growing demand for machines in industries, such as agriculture, packaging, and manufacturing, for various applications, the top industrial robots market for the metals and machinery industry is expected to grow at the highest rate during the forecast period. However, the automotive industry is expected to hold the largest share of the top industrial robotics market in 2018.
Professional robots are expected to hold the largest share of the top service robotics market in 2018. The major factors driving the market for professional robots include the integration of service robots with various technologies, increase in demand for warehouse automation, short- to medium-term payback period, and high return on investment (ROI). However, the market for personal and domestics robots is expected to grow at a higher rate during the forecast period.
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Among all applications, 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.
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. Despite the high rate of adoption of industrial robots in SMEs, there still exist restraints for the adoption of industrial robots for low-volume production. As industrial robots are designed as per the requirements of the application, it is an inevitable process of modifying or reconfiguring industrial robots every time the application is changed. The cost of reconfiguration and reinstallation of robots is high for lower volume production. Hence, high overall installation cost for low-volume production applications is a key factor that restraints the growth of the top industrial robotics market. For top service robotics market, the performance of service robots in untested environments and the lack of high-level interfacing are the major factors restraining the growth of the market.
APAC to hold the largest share of the top service robotics market during the forecast period
Among the 4 regions considered (North America, Europe, APAC, and RoW) in the report, APAC is expected to hold the largest share of the top service robotics market during the forecast period (2018–2023). Adoption of service robots by countries such as China, India, Japan, and South Korea for a myriad of personal and professional applications contribute to the growth of the top service robotics market in APAC. Also, the rising demand for mobile service robots, such as autonomous ground vehicles (AGVs) and logistic robots, for logistic stock management application is driving the growth of the market in this region.
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The top industrial robotics market is currently dominated by players such as FANUC (Japan), ABB (Switzerland), Yaskawa (Japan), KUKA (Germany), and Mitsubishi (Japan). CMA Robotics S.p.A. (Italy), Robert Bosch GmbH (Germany), Anhui Efort Intelligent Equipment (China), Precise Automation, Inc. (US), Rethink Robotics (US), and F&P Robotics AG (Switzerland) are some of the emerging players in the top industrial robotics market. The top service robotics market is currently dominated by players such as Northrop Grumman (US), iRobot (US), DJI (China), Intuitive Surgical (US), and Honda Motor (Japan). Samsung Electronics (South Korea), GeckoSystems (US), DeLaval (Sweden), and Kongsberg Maritime (Norway) are some of the emerging players in the top service robotics market.
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