: +1 (646) 661-6066An Insight on Robotics Technology Market
The robotics technology market, worldwide, is triggered with the rise in demand for process automation. Robotics implementation helps in simplifying the operations and thereby automating repetitive work which generally requires a dedicated workforce. Robots enable the operational efficiency in industries and improve product quality and reduce the operational cost significantly. The rise in adoption of smart technologies, inflating labour cost and the need for continuous development of energy efficient solutions are influencing the robotics technology market across the globe. However, high initial investments along with the stringent safety regulations pose as a challenge and hinder the adoption of robotics technology, thereby make the adaption of technology difficult for the Small and Medium Enterprise segments globally.
The global Robotics technology market is estimated to attain a market value of more than $80 billion by 2020 and grow at a rate of 10%, over the period of five years. Currently, the market is opportunistic with a decent range of robots, which includes the robots designed specifically for the applications in sectors such as industrial robots, mobile robots and service robots. The optimism is a result of the wide application of robotics for automating processes in the manufacturing sector. The industrial robotics market has a potential to achieve a market value that is more than $40 billion by 2020, and grow at a rate of nearly 5.5% in the next 5 years, leveraging its rising adoption in healthcare as well as domestic sectors.
Hardware, and software & services form the major components of the robotics systems. Major hardware components include actuators, sensors, power supply, and controller among others. Software is required to control and manage the operation of robots. The hardware market is estimated to grow at a rate that is more than 8% till 2020.
The Robotics solutions find their application across diverse sectors such as automotive, electronics, healthcare, aerospace, defence & security, agriculture and food & beverages among others. The automotive industry, with its dominance due to the extensive deployment of robots in automating manufacturing process, would drive the robotics technology market, worldwide.
