PORTLAND, Oregon, May 6, 2015 /PRNewswire/ --
According to a new report by Allied Market Research entitled,
"Global Robotics Technology Market- Size, Industry Analysis,
Trends, Opportunities, Growth and Forecast, 2013-2020", 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.
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http://www.alliedmarketresearch.com/robotics-technology-market
The growth of smart technologies like smart phones have fueled
the growth of this market. Use of robots have increased across all
sectors owing to the increase in labor costs and unavailability of
skilled labor. There has been a substantial investment in research
and development by public and private organizations to further
explore and develop new technologies and applications for robotics.
A number of international organizations like Standardized
Procedures for the Advancement of Robotic Combat (SPARC) and
International Federation of Robotics (IFR) have been started to
support robotics and supplement its growth. Key players in the
market are increasingly developing low-cost, affordable, compact
and energy-efficient solutions to cater the growing demands of the
customers.
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%.
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Industrial robots dominate the robotics market, with a
percentage share of 66.10% in 2013, followed by service robots.
Service robots find applications in healthcare, agriculture,
construction and infrastructure. In the coming years, service
robotics and mobile robotics would increase their penetration in
the market at a rapid pace. However, high initial prices, complex
technologies, safety and ethical issues regarding the use of robots
might restrict the growth of this market.
SMEs are a largely untapped market. Owing to the high initial
investment, SMEs are hesitant toward the adoption of robotics. The
key players are now developing affordable, compact, customized and
energy-efficient robotics solutions aimed at increasing the
efficiency of SMEs. Labor unions have protested against the use of
robotics, which rendered the loss of jobs to robots. However,
according to International Federation of Robotics (IFR), the
robotics industry would create more jobs than it replaces. The IFR
projects that 1.9 to 3.5 million jobs will be created by the year
2021.
Key findings of the study:
- The Global Robotics Technology Market would grow at a steady
rate during the forecasted period owing to the increasing demand
for automation and rising labor costs
- The automotive sector accounted for 39.04% of the Global
Robotics market in 2013. Other industries including healthcare,
defense and security and aerospace would grow at a fast pace during
2013-2020
- High growth is expected in service robotics and mobile robotics
due to technological advancements and growing adoption in diverse
industries
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.
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market
Research provides global enterprises as well as medium and small
businesses with unmatched quality of "Market Research Reports" and
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provide business insights and consulting to assist its clients to
make strategic business decisions and achieve sustainable growth in
their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Each and every data presented
in the reports published by us is extracted through primary
interviews with top officials from leading companies of domain
concerned. Our secondary data procurement methodology includes deep
online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
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