Market Insights: The Global Robotics market is valued at USD XX. XX billion in 2016 and is expected to reach a value of USD XX. XX billion by the end of 2022, growing at a projected CAGR of 10.54 % during the forecast period of 2017 – 2022. Traditionally robotics was used in the automotive industry, and there has been adoption into sectors like electronics, retail, healthcare, logistics, agriculture, services, education and government. By recent advancements, conventional robots have been replaced by collaborative robots, which have optimized investments by companies. Previously conventional robots, which were pre-programmed to work autonomously, cost about USD 125,000 while their collaborative counterparts, which are designed to assist humans to perform a specific task, are in the range of USD 20,000-25,000. Artificial intelligence has been one of the major innovations in the field of robotics in the past decade.
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Market Dynamics: The growth of robotics market is being driven by a rise in labor cost, shortage in skilled labor and growing emphasis on quality. Increasing investment in robot development is driving competition, thereby reducing prices of robotic equipment. When it comes to designing machines for this emerging industry, most entrepreneurs and investors are following a similar formula. One element is to build low-cost machines that tackle specific tasks, rather than attempt to create general-purpose machines, let alone fully humanoid robots that try to take on too much.
Market Segmentation: The global robotics market can be segmented by end-user( agriculture, automobile, construction, entertainment, healthcare, laboratories, law enforcement, manufacturing, military, mining( excavation and exploration), transportation, utilities { gas, water, electricity }, warehouses etc.), by robot type( stationary robots cartesian / gantry, cylindrical, spherical, SCARA, articulated( robotic arms), parallel; wheeled robots, legged, swimming, flying, mobile spherical( robotic balls); swarm etc.) and by geography.
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