LONDON--(BUSINESS WIRE)--The global robotics market size is expected to exceed USD 77 billion by 2022, an accelerating progress from USD 32 billion in 2017. What could be triggering this growth? Technavio’s market research experts pinpoint toward technological advances in robot hardware as a pivotal factor for this significant growth. As the prices for sensors continue to decline, manufacturers in the robotics market are likely to introduce more industrial and service robots at relatively lower prices.
The technological singularity theory where the integration of robots and artificial intelligence will become extremely smart and supersede human intelligence remains a highly debatable topic, meanwhile, the robotics market continues to progress.
Get the latest market updates from Technavio’s robotics experts: View robotics reports
According to Technavio, some of the biggest names in the robotics market include:
- ABB
- FANUC
- Intuitive Surgical
- iRobot
- Midea Group
ABB and FANUC manufacture industrial robots, Intuitive Surgical and iRobot manufacture service robots, while Midea Group manufactures both industrial and service robots. As of 2017, the market share occupied by the industrial robotics segment was almost 79% whereas the service robotics segment held 21%. However, with the increasing consumer base in service robotics, this segment is expected to have a higher incremental growth as compared to the industrial robotics segment. The highest incremental growth in terms of region is expected from APAC with two of the world's largest robot manufacturers such as FANUC and Yaskawa Electric headquartered in Japan.
ABB launched the IRB 1200 FoundryPlus2 robot with class IP67 protection, which is the smallest foundry robot in its class. This new foundry robot has been developed for material handling and machine tending processes.
Technavio has analyzed ABB’s business landscape in hundreds of markets: View all reports
With over 200 reports on the robotics industry, Technavio’s specialized team monitors the industry from all aspect, from trending technologies to emerging markets, and provides insight into the present and future market scenario. Each report classifies the key drivers, latest trends, and challenges that the industry is currently experiencing. It also includes market positioning of the key players in the robotics industry.
Technavio’s research library covers different segments of the robotics industries such as industrial robots, construction robotics, robots in the healthcare sector, robotics in the automotive industry, prosthetic robot arm, educational robots, and collaborative robots.
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