- Robotics is a combination of engineering and technology, which includes mechanical engineering, electronics & electrical engineering and computer science.
- The Global Robotics Market is by far led by the usage in industrial applications.
- Lack of skilled and technical workers for robot handling & operations may hamper the market growth.
The Global Robotics Market is expected to show significant growth with a rising adoption of industrial automation due to increased labor cost and lack of skilled labor, resulting in the adoption of the more precise, scalable, and accurate industrial operation.
Robotics has shown most of the growth in manufacturing, medical, and logistics, which all require precise workflow operation. Robotics is a combination of engineering and technology, which includes mechanical engineering, electronics & electrical engineering, computer science, and other engineering domains.
For a robotic process, the system requires a combination of software and physical components such as; power supply, actuators, sensors, locomotive parts, storage devices, and control software. Robotics is widely used in military, construction, and field, medical, agriculture, household operation, and education.
The Global Robotics Market is by far led by the usage in industrial applications, and likely to continue over the review period. However, lack of skilled and technical workers for robot handling & operations may hamper the market growth during the assessment period.
By regions, Europe is the front runner with the maximum ratio of robot deployment to the employee in a manufacturing unit. The growth of Europe accounts for the factor of large presence manufacturing and automotive industries adopting industrial automation.
The global Global Robotics Market has been segmented on the basis of robot type, mobility, consumer, and region. On the basis of the type of robots, it is segmented into SCARA, Cartesian, articulated, cylindrical, and parallel. Among these, the Cartesian is the basic robot with 3 axis movement, which is placed perpendicular to each other. These robots are used for precise cutting operations.
SCARA (Selective Compliance Assembly Robot Arm) robots are used in most of the industrial verticals such as aerospace, medical, automotive, and many others. These robots possess a rotational arm and different joints, which helps it to perform the circular and linear motion. These robots can lift heavy objects with help of motors, and the arm, which makes them suitable to perform in the automobile assembly line. Also, parallel robots seem to have a decent growth during the forecast period as they possess an application in 3D printing.
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On the basis of mobility, the Global Robotics Market is segmented into fixed robotics and mobile robotics. The fixed robots are heavy and bulky, and are placed either at an assembly line or a fixed chamber. Their physical work span is restricted due to the fixed operation of the robot. However, on the other hand, the mobile robots are popular in industries requiring human and machine equilibrium. These robots are compact and are easily movable with the help of a hydraulic system. Additionally, they are used in varied applications such as smartphone manufacturing, medical device manufacturing, and auto engine manufacturing.
The segmentation is also done on the basis of consumers; medical, entertainment, field, logistics, reuse & security, educational, manufacturing, and personal use. Out of these, medical, logistics, manufacturing leads the segment, as these industries require a precise manufacturing, and repeatable operations that can be scaled.
Some of the key players and vendors in the Global Robotics Market: ABB Ltd. (Switzerland), KUKA AG (Netherlands), Mitsubishi Electric Corp (Japan), Nachi- Fujikoshi Corp (Japan), Fanuc Corp (Japan), Kawasaki Heavy Industries (Japan), Yaskawa Electric Corp. (Japan), Northrop Grumman Corporation (U.S.), IRobot Corporation (U.S.), DJI (China), Intuitive Surgical Inc. (U.S.), Parrot SA (France), Honda Motor Co. Ltd (Japan), Adept Technology Inc. (U.S.), and Aethon Inc. (U.S.).
On the basis of region, the Global Robotics Market is divided under North America, Europe, Asia Pacific, and rest of the world. Europe leads the Global Robotics Market at the highest usage of industrial robots. The European Union tends to be advanced in automation. Asia Pacific shows the fastest growth in the Global Robotics Market, majorly due to the presence of emerging countries like China, Japan, South Korea, and Taiwan. China is leading the Asian market for robotics with the highest sale and deployment of industrial robots. This is due to the increased adoption of industrial automation and the presence of large manufacturing industries like semiconductor, consumer electronics, defense, and many others.
North America shows steady growth. Although North America includes countries like the U.S and Canada, which are technologically advanced, the manufacturing units are expanding rapidly in other parts of the world because of availability of cheap labor. This has affected the growth of the manufacturing units in North America and simultaneously the growth of Global Robotics Market.
The Global Robotics Market is expected to reach $93 billion by 2024 at a CAGR of 16% during the forecast period 2018-2024