The mobile robots market is expected to grow from USD 18.7 billion in 2018 to USD 54.1 billion by 2023, at a CAGR of 23.71% during the forecast period.
The high adoption of robots for personal uses, such as companionship and entertainment, is the key factor driving the growth of the market. Increasing demand for automated ground vehicles (AGVs) of warehouse automation is another driving factor for the market.
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Professional robots to hold largest share of mobile robots market in 2018
The adoption of professional robots for medical applications, such as laboratory automation and surgery assistance is one of the key factors driving the market. However, warehouse automation is a recent trend observed in the industry and AGVs play a very vital role in the warehouse automation process. Apart from this, the robots help the logistic companies in attaining short- to medium-term payback period and provide higher return on investment (ROI).
Domestic applications to contribute a significant share to mobile robots market in 2018
The development of artificial intelligence and IoT has given a new dimension of how robots can interact and work with humans. Also, the development and evolution of MEMS and sensors, and enhancements in visualization technology have improved the efficiency and accuracy of mobile robots. The growth of the mobile robot market for domestic applications is led by innovation and modernization in the field of robotics. Technological advancements and research activities have led to the development of domestic cleaning robots, which are helping humans to perform mundane tasks.
Mobile robots market for control systems to grow at highest CAGR during forecast period
Controller or control system is the main device used in any type of robotic system. Every robot must have a control system to operate its drive system, which is used to move the arm, wrist, and body of a robot, and hence it is also known as the central processing unit (CPU) or processor or the brain of robots. Further, with integration of technologies such as artificial intelligence (AI) and IoT put forth a need for optimized control systems for robots. Hence, the growth of the market for control systems can also be attributed to the evolution of autonomous robots and AI integrated robots worldwide.
Mobile Robots Market in APAC is expected to grow at a significant rate during 2018–2023
Significant development of information technology ecosystem and well-established and robust consumer base in China and neighboring countries are some of the major factors driving the growth of the market in APAC. Apart from this high rate of penetration rate of e-commerce giants, such as Amazon, Walmart, and Alibaba, in the region puts forth the need of AGVs for warehouse automation. Further, owing to the increasing government exemptions for operating commercial drones is contributing to the significant growth of the market in APAC.
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Key Market Players
A few major companies in the mobile robots market are Northrop Grumman (US), Honda Motor (Japan), Softbank (Japan), iRobot (US), DJI (China), Lockheed Martin (US), Kongsberg Maritime (Norway), KUKA (Germany), Bluefin Robotics (US), Samsung Electronics (South Korea), Parrot (France), 3DR (US), GeckoSystems (US), LG (South Korea), Amazon Robotics (US), Mayfield Robotics (US), Promobot (Russia), Bluefrog Robotics (France), LEGO (Denmark), and ECA Group (France). Apart from these, Robotiq (Canada) is one of the key suppliers in the market.