Robotics technology is used in a wide range of industries including automotive, healthcare, aerospace, infrastructure and defense. They can be used for numerous activities The increasing need of automation solutions is a factor that drives the international market. Manufacturers are increasingly opting for process automation, owing to the rise in labor costs and market competition. A dynamic rise in the number of smartphones and tablets supplements the process of robot development and contributes to the growth of the global market. Additionally, emerging technologies in robotics and cost reduction in products with the use of robots supplement the market growth. With the growth of robotics technology, there will be a significant increase in the number of jobs available for the human workforce. Lack of awareness about the advantages of robots in the market, along with the high installation cost of robotics technology are the major drawbacks for this market. The growing demand for automation in mechanical, aerospace and defense industries, along with the growing adoption of new technologies like nano-robotics and cloud robotics, highlight the growth opportunities for players in the market. There has been an increase in the adoption of robotics by SMEs, owing to the development of small, compact and affordable robots by the key players in the market.
The vendors in the market offer a wide range of robotics systems to meet the requirement of the customers. The development of robots requires high-quality hardware and software to control the robots’ operations and integration along with its auxiliary systems in a working environment. The key players in the market are developing small, compact, energy efficient and low-cost robotics systems, which can be used in a wide range of industries, particularly by SMEs. Additionally, the vendors in the market are acquiring and collaborating with the top companies in the market, to enhance their product portfolio.
The global Robotics Technology market is segmented on the basis of types of robots, components, applications and geography. The various types of robots used across different industries include industrial robots, service robots and mobile robots. Industrial robots account for a larger share among others. The component segment is further categorized into hardware, software, and services. The different hardware components include sensors, controllers, effectors, power supply and actuators. Robotic technology finds applications across a wide range of domains including healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. The microscopic analysis of the market has been performed by examining various regions such as North America, Europe, Asia-Pacific and LAMEA.
Until 2020 the global robotics technology market is expected to reach $82.7 billion and almost 1/3 of the total production will be mainly referred to the industrial robots.