Robotics is an interdisciplinary branch of engineering that is concerned with the design, construction, operation, and the use of robots and computer systems. Robotics includes mechanical engineering, electrical engineering, computer science, and information engineering, among others.
Robotics has helped make life easier by decreasing our workload. It also helps in increasing production, improving quality, and reducing human errors by enabling operations to be carried out with greater precision. As a result, robotics has found applications in a large number of industries including defence & aerospace, healthcare, and automotive, among others.
The global robotics market is expected to grow at a CAGR of 17.4% during 2017 to 2025. Accordingly, the market will reach a value of USD 147.26 billion by the end of 2025. In terms of volume, the market was valued at 677.2 thousand units in 2016 and is projected to reach 2,732.2 thousand units by 2025, growing at a CAGR of about 17% during 2017 to 2025.
Robots offer a number of advantages. They can be used in hazardous environments and difficult terrains with less risks of accidents. They can also be employed for tasks that are dangerous for humans. This is one of the major drivers for the global robotics market owing to increased concerns about labour safety. Moreover, rising labour cost and lack of skilled workforce have been a major challenge for labour-intensive industries. This too has encouraged many companies to adopt robotic technology.
Moreover, governments of developing countries are promoting automation for certain tasks. Robotics has been one of the major areas of R&D for large manufacturers across the globe. Apart from these, consumers’ preference for automated technologies is growing due to their busy and hectic lifestyle. A rise is disposable incomes of consumers will therefore, give a major boost to the robotics market.
In defence and surveillance, unmanned aerial vehicles (UAVs) are being increasingly used for surveillance, capturing images, and targeted bombing. There has been a continuous increase in investments in UAVs and robotic technology in the defence sector, which in turn, will drive the global robotics market.
UAVs are also being increasingly explored for commercial purposes, especially in the logistics side of the supply chain. Many large enterprises are already investing in this technology for the effective and efficient management of their supply chain. However, high installation and maintenance costs may limit the market growth, along with a few other factors like high investment required in R&D, turning a prototype, and commercialization of the product.
North America is presently dominating the robotics market and is likely to maintain its dominance in the coming years, owing to the high rate of adoption of this technology and the presence of several global players in the region. Some of the key players operating in the global robotics market are, Fanuc Corporation, ABB Group, Northrop Grumman Corporation, Google Inc., iRobot Corporation, Yaskawa Electric Corporation, Toolmotion GmbH, NIMAK GmbH, Mitsubishi, Softbank, Amazon, and KUKA AG.