Mobile Robotics Market is estimated to expand with a CAGR of 10.6% from 2016 to 2023, Credence Research
According to a new market research report published by Credence Research “Mobile Robotics(Unmanned Ground Vehicles (UGVs), Unmanned Aerial Vehicles (UAVs), Unmanned Surface Vehicles (USVs), Autonomous Underwater Vehicles (AUVs)) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global mobile robotics market was valued at US$ 7.78 Bn and is estimated to expand with a CAGR of 10.6% from 2016 to 2023.
Mobile robot refers to an automatic machine, capable of performing various tasks assigned, that has mobility feature. With the ongoing technological advancements, the mobile robotic systems are estimated to become as good as assistants for humans across various tasks and activities. These robots are capable of operating/assisting in kitchen appliances, water plants and several other domestic tasks. Over the period of time, mobile robots have found application across various industrial sectors including logistics and warehouses, painting and depainting, inspection, automotive industry, and others. Apart from the industrial sector, mobile robots are used in service sector for applications including defense, healthcare, domestic/residential and other field applications.
The mobile robotics market is highly driven by the overall rising adoption of automation solutions across various application sector. Another major factor bolstering the market growth is the wide adoption of automated guided vehicles across different industry verticals for logistics purpose. Similarly, the mobile robotics market is strongly driven by the high demand for Unmanned Ground Vehicles (UGVs) and Unmanned Aerial Vehicles (UAVs) from the defense and homeland security. UAVs are increasingly being used for surveillance and monitoring in the defense sector and hence the segment is estimated to continue witnessing strong growth during the forecast period, globally.
The global mobile robotics market is highly competitive in nature with market players focusing on establishing presence across different products in the market. The mobile robotics market is highly technology driven making the overall market competitive in nature. National governments are among the largest consumers for mobile robots. Thus, major mobile robot manufacturers have focus on acquiring government contracts for providing defense related mobile robots. One of the major strategies is to lower the prices so as to acquire larger customer base.
The threat of new entrants in the market is relatively low, mainly due to higher initial investment and R&D capabilities required. Nevertheless, governments of various countries such as U.S., Japan and other European countries are encouraging new entrants in the market. This may significantly accelerate the market competition in the coming years. Thus, the existing companies focus on delivering advanced mobile robots capable of performing multiple tasks.
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