Top Robotics Market worth $176.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 23, 2020 /PRNewswire/ -- According to the new market research report "Top Robotics Market with COVID-19 Impact Analysis by Top Industrial Robotics (Articulated, SCARA, Cartesian, Parallel, Collaborative), Top Service Robotics (Logistics, Domestic, Medical, Defense, Rescue, and Security) - Global Forecast to 2025", published by MarketsandMarkets™, the Top Robotics Market is projected to grow from USD 76.6 billion in 2020 to USD 176.8 billion by 2025; it is expected to grow at a CAGR of 18.2% during the forecast period. Owing to COVID-19, the top robotics market is estimated to have lower growth for 2019–2020 than expected. The key reason for this is that the market for industrial robots is expected to be severely impacted due to COVID-19 during Q3 and Q4 of 2020, which can be attributed to a slowdown in production in the large industries such as automotive and metals & machinery. Some service robots, such as drones and AGVs, are witnessing increased growth due to the need for no contact delivery. However, milking robots are expected to have a decline due to supply chain disruptions in agriculture.
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Market for personal & domestic service robots is projected to grow at a higher CAGR during the forecast period
Personal & domestic service robots are meant for household chores, educational purposes, entertainment, and assistance to the elderly, as well as people with special needs. Robots used for personal and domestic purposes include vacuuming robots, lawnmowers, pool cleaning robots, window cleaning robots, gutter cleaning robots, exoskeletons, toy robots, hobby systems, educational robots, and robots for assistance and elderly care. The market for personal and domestic robots is expected to grow at a higher CAGR during the forecast period. This can be attributed to initiatives such as offering robots on a rental basis. For instance, Pepper, a humanoid manufactured by SoftBank Robotics (Japan), is available on a subscription contract of USD 360 per month over a period of 36 months (excluding fixed and maintenance costs), distributing the total cost of USD 14,000. Robotic vacuums and lawn mowers have increased their value proposition due to innovative features and technology, making then more attractive and practical to buyers
Market for ground robots projected to grow at highest CAGR during the forecast period
Ground-based robots can be used on the surface of the earth without human presence in applications such as medical, logistics, and personal services. The ground environment constitutes of automated guided vehicles (AGVs), cleaning robots, agricultural robots, surgical robots, entertainment robots, inspection robots, humanoid robots, powered exoskeletons, telepresence robots, and others. Ground robots are used for applications such as surgeries, cleaning, and elderly care and communication through telepresence and assistance. With the increase in nuclear families and global population, the number of households has increased, generating more demand for vacuuming robots. According to the World Economic Forum 2018, "The world needs to build 2 billion new homes over the next 80 years." Also, the increase in the aging population worldwide has increased the demand for assistive robots, particularly in countries such as China and Japan, and affordable prices are driving the market of vacuuming robots.
Automotive to dominate the industrial robotics market from 2020 to 2025
The automotive industry is one of the biggest users of industrial robots in the market. Automotive manufacturers strive for consistency and repeatability since any issue can stop the flow in a vehicle assembly line. Traditional industrial robots in the automotive industry are primarily used for productivity. For instance, Great Wall Motors (China) has installed 27 IRB 7600 robots from ABB (Switzerland) to facilitate handling and welding applications. It is considered to be among the most productive manufacturing lines in the industry. Collaborative robots, on the other hand, are deployed for working alongside factory workers. For instance, Nissan (Japan) installed UR10 robot from Universal Robots (Denmark) to loosen engine bolts and install engine block intake manifolds.
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APAC to have highest share of top industrial robotics market and is also estimated to grow at the highest CAGR during forecast period
APAC is considered as a major manufacturing hub in the world and expected to provide ample growth opportunities to the industrial robotics market in this region. The industrial robotics market in APAC is expected to witness higher growth than the matured markets in Europe and North America due to low production costs, easy availability of economical labor, lenient emission & safety norms, and government initiatives for Foreign Direct Investments (FDIs). The ageing population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation. Increasing labor costs in APAC is also forcing manufacturers to automate to maintain their cost advantage. Therefore, strong growth for collaborative robots is expected in APAC.
Major vendors in the top robotics market include ABB (Switzerland), YASKAWA (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), Seiko Epson (Japan), Dürr (Germany), Universal Robots (Denmark), Omron Adept (US), b+m Surface Systems (Germany), Stäubli (Switzerland), Comau (Italy), Yamaha (Japan), IGM (Austria), ST Robotics (US), Franka Emika (Germany), CMA Robotics (Italy), Intuitive Surgical (US), DJI (China), Daifuku (Japan), iRobot (US), DeLaval (Sweden), Kongsberg Maritime (Norway), Northrop Grumman (US), Neato Robotics (US), Swisslog Holding (Switzerland), Stryker (US), Lely (Netherlands), ECA GROUP (France), 3DR (US), SoftBank Robotics Group (Japan), PrecisionHawk (US), UBTECH Robotics (China), Parrot Drones SAS (France), CYBERDYNE (Japan), GE Inspection Robotics (Switzerland), Starship Technologies (US), ecoRobotix (Switzerland), HARVEST CROO (US), and GRAAL (Italy). Apart from these, Hyundai Robotics (South Korea) and Moley Robotics (UK) are among a few emerging companies in the top robotics market.
Related Reports:
Collaborative Robot (Cobot) Market by Payload, Component (End Effectors, Controllers), Application (Handling, Assembling & Disassembling, Dispensing, Processing), Industry (Electronics, Furniture & Equipment), and Geography – Global Forecast to 2026
Automated Guided Vehicle (AGV) Market with COVID-19 Impact Analysis, by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology, Industry, and Geography - Global Forecast to 2025
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