Mobile Robotics Market will reach valuation of US$30.96 bn by 2024
The global mobile robotics market is expected to exhibit an intense level of competition in the coming years.
[ClickPress, Wed Oct 10 2018] The global mobile robotics market is expected to exhibit an intense level of competition in the coming years. The quest of market players to capture a greater market share has got them to a situation wherein a single player’s moves are expected to prompt a response from others. Research and development initiatives are expected to play a pivotal role in deciding the success of the market players. This is because the market for mobile robotics is adaptive to new technologies and inventions that ease the flow of work. The major players such as Amazon, Alibaba, and JD.com are expected to come neck and neck with each other, thus, intensifying competition within the market. Another reason expected to intensify the competition is the investment in marketing made by the leading players. The entry of new players into the market will also up the competitive gradient of the market. The major players are striving to sell products at competitive prices and offer utility to the consumers. Since most of the products are similar in functionality and performance, competition levels are expected to reach new levels. Other key market players are Boeing Co., John Deere, Seegrid Corp., Savioke, FANUC Corp., Locus Robotics.,Swisslog, KUKA AG, Barrett Technology, Honda Motor Co. Ltd., iRobot Corp., Bossa Nova Robotics,Google Inc., Fetch Robotics Inc., Aethon Inc., Clearpath Robotics Inc., Northrop Grumman Corp., Omron Adept Technologies, and Lowe’s Co. Inc.
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The global market was valued at US$8.58 bn in 2016, and is expected to touch a valuation of US$30.96 bn by the end of 2025. The market is anticipated to expand at an astral CAGR of 15.60% over the period from 2017 to 2025. The need for unmanned ground vehicles has proliferated across several industrial units. Hence, based on product type, the segment of unmanned ground vehicles is expected to dominate the market share. On a geographical scale, Asia Pacific has led the global market share in the past and is expected to retain its supremacy in the coming years as well. The prominence of the region owes to the investments in logistics and defense.
The e-commerce sector has been a key consumer for mobile robotics; the pressing need for swift fulfilment of orders has persuaded the industry heads to automate the systems. Hence, the need for mobile robots has grown significantly across the globe. Furthermore, delivery systems across several other industries have undergone renovation and upgrades, which has also called for mobile robots. Unmanned robots have also become the prime resort for industrial units that want to increase their operational efficiency. The labor costs across the world have been on a rise which has compelled industrial units to replace the workforce with mobile robots. The extent of this replacement is high in some industries and is gaining momentum in others. This is an important standpoint for market growth.
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Other types of products within the market are unmanned aerial vehicles, autonomous underwater vehicles, and unmanned surface vehicles. The unmanned aerial vehicles are an important fetcher of demand for the market players because of their usage in law enforcement, agriculture, and border surveillance. The high cost of investment could be a threat to the growth of the market but the wide applicability of these devices will make up for the deficit in demand.