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Research and Markets has announced the addition of the "Global Robotics Technology Market (Types, Components and Geography) - Size, Share, Global Trends, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2014 - 2020" report to their offering.
The global robotics technology market is expected to reach $82.7 billion by 2020, registering a CAGR of 10.11% during 2014 - 2020
The increasing demand for automation in all aspects of life has majorly contributed to the growth of robots. Rising labor costs has pushed organizations to automate their processes with the use of robots. Growing adoption of robots by SMEs will transform the market. Earlier, the robots were only restricted to manufacturing process. However, with the advent of advanced technologies, they are entering homes, offices, hospitals and other institutions. APAC region dominates this market growing at a CAGR of 8.71%. It generates a major revenue in this market owing to the high density of automotive companies in the region.
The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. They help to reduce operating costs, while increasing production output. The increasing use of robotics will boost the growth of the market in the coming future. Robots are being used in a diverse range of applications including tele-surgery, pharmacy, physical and mental therapy, bomb diffusion, mine detection, rescue of the wounded soldiers, space exploration, manufacturing of aircrafts, production of electronics equipment and in domestic chores. Automotive sector generates a major share of the revenue and constituted 39.04% of the global revenue in 2013, followed by Electronics sector which accounted for 20.24%.
There is stiff competition in the Global Robotics Technology Market. Key players in the global market including ABB Group, Fanuc Corporation, iRobot, Kawasaki Heavy Industries and KUKA AG are consistently launching new products to enhance their offerings in the market. A number of acquisitions and collaborations occurring in the market enable these vendors to expand their geographic presence and penetrate into emerging economies.