Robotics Technology Market Global Outlook to 2020 profiling key players like ABB Group, Adept technology, Yaskawa Electric Corporation, Fanuc Corporation, iRobot Corporation, KUKA AG, Intuitive Surgical Inc., Honda Motor Co., Ltd

Robotics Technology Market Report, Added by Premium Market Insights, forecasts that the global market is expected to garner $82.7 billion by 2020, registering a CAGR of 10.11% during the period 2014-2020.

The increasing demand for automation in all aspects of life has majorly contributed to the growth of robots. Rising labor costs have pushed organizations to automate their processes with the use of robots. Growing adoption of robots by SMEs will transform the market. Earlier, the robots were only restricted to the manufacturing process. However, with the advent of advanced technologies, they are entering homes, offices, hospitals and other institutions. APAC region dominates this market growing at a CAGR of 8.71%. It generates a major revenue in this market owing to the high density of automotive companies in the region.

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The growth of smart technologies like smartphones has fueled the growth of this market. Use of robots has increased across all sectors owing to the increase in labor costs and unavailability of skilled labor. There has been a substantial investment in research and development by public and private organizations to further explore and develop new technologies and applications for robotics. A number of international organizations like Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR) have been started to support robotics and supplement its growth. Key players in the market are increasingly developing low-cost, affordable, compact and energy-efficient solutions to cater to the growing demands of the customers.

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. Robots are being used in a diverse range of applications including telesurgery, pharmacy, physical and mental therapy, bomb diffusion, mine detection, the rescue of the wounded soldiers, space exploration, manufacturing of aircraft, production of electronics equipment and in domestic chores. The automotive sector generates a major share of the revenue and constituted 39.04% of the global revenue in 2013, followed by Electronics sector which accounted for 20.24%.

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Industrial robots dominate the robotics market, with a percentage share of 66.10% in 2013, followed by service robots. Service robots find applications in healthcare, agriculture, construction, and infrastructure. In the coming years, service robotics and mobile robotics would increase their penetration in the market at a rapid pace. However, high initial prices, complex technologies, safety and ethical issues regarding the use of robots might restrict the growth of this market.

SMEs are a largely untapped market. Owing to the high initial investment, SMEs are hesitant toward the adoption of robotics. The key players are now developing affordable, compact, customized and energy-efficient robotics solutions aimed at increasing the efficiency of SMEs. Labor unions have protested against the use of robotics, which rendered the loss of jobs to robots. However, according to the International Federation of Robotics (IFR), the robotics industry would create more jobs than it replaces. The IFR projects that 1.9 to 3.5 million jobs will be created by the year 2021.

There is stiff competition in the Global Robotics Technology Market. Key players in the global market including ABB Group, Fanuc Corporation, iRobot, Kawasaki Heavy Industries, and KUKA AGare consistently launching new products to enhance their offerings in the market. A number of acquisitions and collaborations occurring in the market enable these vendors to expand their geographic presence and penetrate into emerging economies.

Key findings of Robotics Technology Market:

• The Global Robotics Technology Market would grow at a steady rate during the forecasted period owing to the increasing demand for automation and rising labor costs.
• The automotive sector accounted for 39.04% of the Global Robotics market in 2013. Other industries including healthcare, defense and security, and aerospace would grow at a fast pace during 2013-2020
• High growth is expected in service robotics and mobile robotics due to technological advancements and growing adoption in diverse industries

KEY MARKET SEGMENTS
The market is segmented based on Types, Components, Applications, and Geography.

MARKET BY TYPES

Industrial Robots
Service Robots
Mobile Robots
Others

MARKET BY COMPONENTS

Hardware
Software
Services

MARKET BY APPLICATIONS

Healthcare
Defense and Security
Aerospace
Automotive
Electronics
Domestic
Others

MARKET BY GEOGRAPHY
North America
Europe
Asia Pacific
LAMEA

KEY PLAYERS

ABB Group
Adept Technology
Fanuc Corporation
Yaskawa Electric Corporation
KUKA AG
iRobot
Intuitive Surgical
Honda Motor Co., Ltd.
Yamaha Corporation
Kawasaki Heavy Industries

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This release was published on openPR.