Mobile Robot Market In-depth Global Industry Growth and Future Demand by Key Players


Posted September 7, 2020 by bisrsrch

Focus on Product Types, Components and Applications - Analysis and Forecast, 2020-2025

 
At present, robotics companies are designing and developing robots according to the market demand and user need. Various research institutes as well as companies have also been involved extensive research and development (R&D) of robots, especially mobile robots. Moreover, rapid technological advancements in mobile robots have led to a significant increase in their adoption rate, resulting in the growth of the mobile robot market.

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Mobile robots are capable of locomotion and have the capability to move around in their environment while not being fixed to one physical location. Over the years, mobile robots have found widespread usage in various industries, bringing automation to an advanced level. Mobile robots have multiple applications across various sectors such as commercial, industrial, hotel and hospital, and defense.

The mobile robot market is currently witnessing a high growth rate owing to the growing usage of robots in emerging countries for varied applications, the technological advancements, and the increasing concerns for labor safety and human. Recent innovations and government funding and initiatives in robotics and AI domain have enabled the solution providers to reach a wider segment of consumers in the industry.

North America dominated the mobile robot market with a share of 40.20% in 2019. Its total market size was valued at $5.55 million in 2019 and is projected to reach $11.64 billion by 2025, registering a CAGR of 18.90% during the period 2020-2025.

Europe is the second most prominent region for the mobile robot market. The mobile robot market in Europe reported revenue of $4.21 billion in 2019 and is expected to grow at a CAGR of 16.73% during the forecast period 2020-2025. In Europe, Germany acquired the majority market share in 2019.

Asia-Pacific is expected to witness the highest growth rate of 20.59% during the forecast period to reach $8.24 billion by 2025. This high growth is expected to be attributed to the demand from small and medium businesses that form an essential part of the Asian economy and growth in the e-commerce industry.

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The growth of the mobile robot market is majorly due to the increased adoption of mobile robots in different commercial application areas. Also, the increasing demand for mobile robots, mainly due to the urge for logistics and warehouse solutions from e-commerce companies, is driving the growth of the mobile robot market. Several factors, such as rising labor cost and unavailability of skilled labor, have led the businesses to invest in mobile robots, thereby further increasing the business prospects for the mobile robot industry. The cleaning and sanitizing robot segment is expected to dominate the mobile market during the forecast period. The demand for cleaning and sanitizing robots has increased due to the COVID-19 pandemic. Moreover, companies are exploring new techniques to sanitize and disinfectant the floor and rooms.

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Issued By BIS RSRCH
Country United States
Categories News , Research , Technology
Tags Mobile Robot Market , mobile robots , Robotics
Last Updated September 7, 2020