The key driver for growth in Robotics business is the fast adaptation of automation across industries. This has led to an increased productivity, improved quality and affordable prices for products. Growth in the Robotics Business is expected to grow from 21 B USD in 2016 to touch 73 B USD in 2025 with a CAGR of 14.9% by value The major contribution to growth rate by value is expected from the category of Industrial Robots and so also, a radical growth rate from its major sub category COBOTS.
Business Categories of Robots-Business Forecast for the period 2016 to 2025
From the Business forecast point of view we can categorize Robots into five distinct categories
Main categories of Robotics business are listed as five and in an alphabetical order, basis their level of contribution to growth. Industrial sub categories are similarly listed in a numerical order
|Legends; USD: US Dollars B: Billion CAGR %: Compounded Annual Growth Rate Percentage|
The business forecast spans 10 years from 2016 to 2025 including both years.
A. Industrial Robots: From 12.3 B USD to 33.8 B USD with a CAGR of 11.8%
Robots used in manufacturing applications in verticals such as automotive, electronics, metals and machinery, and plastics and rubber etc.
1. Traditional industrial Robots have existed for over two decades, but in an isolated environment with minimal contact (if needed) taking into account the human safety aspects. From 12.06 B to 24.62 B, with a CAGR of 8.4 %
Traditional robots will continue doing their jobs in a fenced environment danger
2. Collaborative Robots (COBOTS): From 0.26 B USD to 9.21 B USD with a CAGR of 56.25 %
User friendly COOBTS will be the key driver for future growth. With low investment, short integration time and loaded with sensors, AI and very less of programming, COBOTS will effectively work alongside (co-assisting) the human co- worker without endangering his safety, particularly in high traffic work places.Cost levels of COBOTS will decline by 2.5 to 3 % annually through 2025 leading to great opportunities in wide applications, especially in the small and medium level industries.
B. Commercial Robots (Excluding Manufacturing Robots): From 4.9 B USD to 29.9 B USD with a CAGR of 23.1 %
These robots are used in all commercial applications including logistics, warehousing, healthcare, agriculture, construction, hospitality, security and public safety etc.
Healthcare business will see a high growth rate with common usage of surgical robots like the Da Vinci surgical systems from Intuitive Surgical which performs general laparoscopic surgeries.
Exoskeletons (from EKSO Bionics), are robotic structures that aid and assist in human movements of the disabled, like walking, lifting etc
C. Domestic Robots: From 1.4 B USD to 4.4 B USD with a CAGR of 14.4 %
Robots used to perform household chores; for example, vacuuming, mopping and mowing etc
Examples of some commonly available products are iRobot Roomba 980 – vacuuming robot and Robomow RS630 – robotic lawn mower
Kitchen Assist Robot KAR being developed at JSK Lab –University of Tokyo is a kitchen assistant who among other things can place tableware into a dishwasher..Future robots will, help to perform dull and tedious household chores
D. Military & Security Robots: From 1.2 B USD to 2.8 B USD with a CAGR of 9.4 %
Robots used in transport, combat, search & rescue, (ISR) intelligence surveillance and reconnaissance applications, underwater minesweeping, drones, bomb disposal and cargo transportation etc.
Currently in use, to name a few, are unmanned drones, insect sized surveillance drones, remote controlled sentry guns used in Israel and South Korea along its borders and the ‘Protector’, an unmanned speed boat which guards the port of Singapore.
Military developments are secretive, yet it has been mentioned that the US military is developing ‘Kinfefish’, an underwater mine sweeper robot and an unmanned helicopter carrying a remotely controlled sniper rifle.
E. Social and Entertainment Robots: From 1.1 B USD to 2.0 B USD with a CAGR of 7.3 %
Robots used as toys or personal companions (pets), entertainment etc.
Hashbro, the interactive cat, and Wow Wee, the chip robot dog are, to name a few, are common in the market. As also, Blue Frog Robotics social robots and Buddy who protects your home, entertain your kids and help you stay connected with them.Future robotics focuses on introduction of robots capable of interacting directly (high levels of cognitive skills) with humans, may be even prevent a fight between spouses!
Some of the major players in the fray are Robot Care Systems, Savioke, Blue Frog Robotics, Avatarmind, Jibo, Asus, Future Robot, Vstone, Aldebaran, Fellow Robots, and PAL Robotics among others.
Year on year, AI, robotics and at times cloud computing are integrating at various levels for Robot product development in the listed business categories. The affordable price levels of manufactured products will increase the demand leading to the set up of new manufacturing units and more jobs The ultimate goal of technology is seemingly to integrate into all the aspects of the businesses and transform the way we think, act and live our daily lives.
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