Global Robotics Market Expected to Reach a Volume of 23 Million Units by 2023
United States, 25 June 2019 -- Robotics is the branch of artificial intelligence (AI) that deals with the designing, construction and operations of robots. It consists of different fields of computer science and mechanical and electrical engineering.
According to the latest report by IMARC Group titled, “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the market reached a volume of nearly 8 Million Units in 2017, growing at a CAGR of more than 23% during 2010-2017. Looking forward, the market is expected to reach a volume of 23 Million Units by 2023.
Robotics is the branch of artificial intelligence (AI) that deals with the designing, construction and operations of robots. It consists of different fields of computer science and mechanical and electrical engineering. Robots are industrial machines that are programmed to perform one or more complex tasks with speed and precision. Rapid development in the field of robotics has enabled its application across various industries like healthcare, defense, aerospace and automotive.
In recent years, controlled movements of robots and their ability to lift heavy loads without injury or tiredness have contributed to their rising demand. They aid in reducing human labor, overcoming the lack of skilled labor, and enhancing the overall productivity of any given task. Furthermore, healthcare and defense are the two key sectors where robots are extensively used for diversified purposes such as surgeries and discreet surveillance. Robots can also be used in dangerous environmental conditions including uneven terrains, poor lighting and high toxicity. Additionally, increasing usage of robots is being supported by the implementation of stringent international labor laws which aim toward reducing the number of work accidents. Moreover, as the use of robots is income elastic, a swift rise in disposable incomes of consumers across the globe has enabled them to employ services robots on a large-scale.
The report has also examined the competitive landscape of global robotics market. Some of the major players in the market are ABB Group, KUKA AG, FANUC Corporation, Yaskawa Electric Corporation, etc.
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Profiles of Key Players
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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