The largely consolidated nature of the global robotics market, according to a report by Transparency Market Research (TMR) stems from the sheer dominance of some leading players, namely Fanuc Corporation, iRobot Corporation, Northrop Grumman Corporation, and Google Inc. among others. These companies are hard-focused to utilize their technical and business strength for product innovation and for commercialization of these products to serve the industrial and service sectors that are brimming with opportunities. For instance, in 2017, iRobot Corporation has launched Roomba 690 and 890 furthering its existing product line of service robots.
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As per TMR’s research, the global robotics market is likely to collect a revenue valuation of US$147.26 bn by 2025 at a CAGR of 17.4% for the forecast period of 2017 to 2025. The market attracted a revenue of US$35.23 bn in 2016. Vis-à-vis volume, the global robotics market stood at 677.2 thousand units in 2016 and is predicted to amount to 2,731.2 thousand units by 2025 rising at a CAGR of 17.0% between 2017 and 2025. Static type robot leads among other type segments as it is widely deployed across various industries such as manufacturing, aerospace, and automotive. North America occupies the leading position in the global robotics market among other key regional segments.
“Across the world, labor-intensive industries are facing challenges of rising labor cost and lack of skilled workforce. This has pushed companies to adopt robotic technology to automate operations. The automotive, healthcare, and aerospace industries, for instance, are facing major challenges of lack of skilled workforce, and are thus incorporating robots into their process. Industrial robots are capable of performing a variety of programmed tasks in manufacturing and production settings that are often dangerous for human workers. Service robots, on the other hand, assist human beings for jobs that are typically repetitive and are dangerous.
The demand for unmanned aerial vehicles in the defense sector is increasing at a rapid rate,” says a TMR analyst. Unmanned aerial vehicles have significance for surveillance, capturing images, and for conducting targeted bombing discreetly among other purposes. Apart from this, military drones are cost-effective over manned aerial vehicles and have the advantages of loitering above the ground and gather maximum information pertaining to the target discreetly that ground attack combats are not capable of.
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The other advantages of unmanned aerial vehicles include the high degree of accuracy in every blast along with reduced collateral damages as compared to other weapons. Due to these benefits, the defense sector is investing heavily in robotic technology in order to develop advanced unmanned aerial vehicles.
The key factor inhibiting the growth of the robotics market include high initial investment involved in installing these robots. Further, robots are generally deployed for labor-intensive work that involves frequent wear and tear. This leads to high maintenance cost along with the high procurement cost, which is challenging the market’s growth to some extent.
Apart from this, challenges involved in turning a prototype into a commercial robot is further hindering the market’s growth. The arduous task of commercialization of the product results in dead investments leading to loss of interest of investors. This is restraining the market growth.