Robotics Market

The manufacturing industry in its early age of adopting automation faces big challenges such as changing customer requirements, lack of infrastructure and resources, and skilled workforce. Robotics technology in collaboration with the help of artificial intelligence, human-machine interface, and Internet of Things (IoT) help the manufacturers to overcome these challenges. Among all the sectors and industries served by robots, industrial robotics has witnessed the highest rate of adoption. The major objective fulfilled by industrial robots is performing redundant manufacturing processes and operations in real-time with high accuracy and reliable implementation. Robotics is being rapidly adopted across major economies; South Korea being on top with the highest number of robots installed. Robots are in huge demand owing to increasing adoption of artificial intelligence and cognitive computing in combination with these devices. These robots find a wide range of applications in the industries, healthcare, defense, and entertainment, among others. In October 2016, Anki, a US-based company, introduced Cozmo Robots embedded with emotion sensors, artificial intelligence, and computer vision. This robot can recognize products using OLED cameras.

There has been a considerable increase in the demand for interactive entertainment robots, robot pets, and industrial robots embedded with omnidirectional sensors & cameras, that are used for processing 360-degree images and videos in real-time. The robots such as humanoids and robotic pets have a huge demand in Asia. The major factors boosting the growth of the market include high growth in industrial robotics and developing artificial intelligence technology.

The robotics market has been broadly classified by mobility, type, and end user. By mobility, the robotics market has been segmented into fixed robots and mobile robots. Among these, mobile robots dominated the market in 2018, capturing nearly 50% market share and growing at the highest CAGR during the forecast period. By type, the robotics market has been bifurcated into SCARA, cartesian, articulated, cylindrical, parallel, and others. SCARA robots are expected to grow with the highest CAGR during the forecast period. However, articulated robots dominated the market in 2018. The adoption of robotics technology and robots has reached various industries and sectors. The end users considered for the robotics market include medical, entertainment, field, logistics, defense, public safety, manufacturing, and others. Robots used for manufacturing applications dominate the market. However, consumer robots and those used for entertainment purposes are expected to grow with the highest CAGR during the forecast period.

The global robotics market comprises various manufacturers, government research firms, universities, and technical institutes that engage in developing and making advancement in the robotics industry. The major players considered in the scope of robotics market Universal Robots A/S, Boston Dynamics, iRobot Corporation, Nachi-Fujikoshi Corporation, Kawasaki Heavy Industries Ltd, Honda Motor Co Ltd, ABB Limited, Sony Corporation, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Omron Corporation, Fanuc Corporation, KUKA AG, Yaskawa Electric Corporation, and Denso Corporation. The major players reside in Asia-Pacific followed by North America and Europe. The competition in the robotics industry is rapidly increasing owing to the entry of new players in the market serving various application areas.