Robotics Market: High Demand for Unmanned Aerial Vehicles from Defense Sector to Drive Market Growth

The global market for robotics is expected to be dominated by a handful of established players in the market such as FANUC Corporation, iRobot Corporation, Barrett Technology LLC, John Deere, and Clearpath Robotics among others. These companies are constantly striving to gain an upper hand in the overall market and are thus indulging into strategic business activities such as mergers, acquisitions, joint ventures, and partnerships to strengthen their market presence. Moreover, these companies are also focusing on offering better services to consumers by launching newer and innovative products and thus bolster their consumer bases. Recently, to keep up with the existing competition in the global robotics market, FANUC has been consistently concentrating on the activities of research and development. It launched new products called M-710iC/45M, CR-35iA, and M-710iC/12L in the year 2015 to maintain its competitive edge. For each line of product consisting of RoboMachines, factory automation, and robots, the company has set up business branch as a part of marketing strategy against the slow paced recovery of certain geographical sectors. 

The global market for robotics stood at an overall valuation of US$44.13 bn in the year 2017. This valuation is expected to reach a figure worth US$154.30 over the course of the given forecast period of 2017 to 2025. The market growth is projected to be achieved with the help of a very strong CAGR of 15.5% over the course of the same forecast period.  

Why Defense Sector Leading in Demand for Global Robotics Market?

The global market for robotics have been projected to take advantage of the heavily investments made by the defense sector across the world to develop and manufacture unmanned aerial vehicles. The fast growth in the demand for technologically advanced unmanned airborne vehicles in the defense sector could be because of their applications in wide areas such as bombing, image capturing, and surveillance. Military drones brag of less collateral damage and enhanced accuracy of their weapons compared to other types.

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The deployment of robotics has increased at a great pace in multiple industries over the last few years. With a vision to serve patients effectively, robotics technology have been significantly adopted by hospitals as well as the companies operating in the healthcare sector. Robotic technology can effective administer several medical operation and show an improved accuracy. Banking on the rapid growth in the emerging economies, the demand for robotic operations and surgeries have been projected to drive the overall growth of the global market. 

The global market for robotics has been forecasted to gain strong momentum on the back of an increased requirement for industrial robots on account of their outstanding efficiency in the workspace. Industrial robots can operate in factories and warehouses without causing any modification to the general structure or layout of the premises. In addition to this, they could also modify their paths should there be any hindrances in the facility. 

What Factors may Impede Growth of Global Market?

One of the chief restraining factor for the development of the global robotics market is the high initial cost of these robotics equipment. Moreover, the maintenance and procurement cost of these robotics equipment is also high and may discourage many vendors. However, the continuous research to develop cooperative robots has been projected to create numerous lucrative opportunities in the global robotics market. 

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