The new report by the Zion Market Research on the “Autonomous Robot Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024" covers the market and its potential.
The global autonomous robot market was valued at around USD 4,615 million in 2016 and it is expected to reach more than USD 11,920 million by 2024. The global autonomous robot market is expected to grow at a CAGR of over 14% between 2017 and 2024. In terms of volume, the demand for autonomous robot is expected to reach around 115,400 units by 2024 at a CAGR of around 13% during the forecast period.
Market Report Highlights
• Autonomous robot market is witnessing a major growth in terms of investments in R&D activities and product development. This is due to the increasing demand from the automotive, healthcare, electrical & electronics, machinery, food & beverage, and defense sectors.
• Rising demand for the oil & gas production and maritime security expects driving the growth of the market. In the mining industry, the workers are unable to reach the underground surface where the temperature level is life-threatening. Such life-risking tasks are done with the help of autonomous robots.
• Autonomous robots can be used to improve the speed and accuracy of routine operations in warehousing which, in turn, has increased the revenue of the manufacturing industry. It is anticipated that the autonomous segment will register a market growth of 51,140 units by 2024.
• Increasing oil & gas production activities and rising investment by the government in oil production is likely to raise the demand for the unmanned marine vehicles (UMV) in near future. This segment anticipates growing with a significant CAGR of around 14% between 2017and 2024.
• With the advancement in technologies, many robots have changed the face of healthcare. As per research, human error is estimated to cause between 44,000 and 98,000 patient deaths every year. Increasing investment in the healthcare robotics, government support for autonomous, rising number of medication error deaths are some of the key drivers for the growth of the healthcare autonomous robotics segment.
• Aerospace & defense is anticipated to grow with the highest CAGR of around 17% between 2017 and 2024. Military and defense forces are moving towards unmanned solutions due to the increased reliability and best quality offered by such robots.
• North America contributed a major share in terms of both value and volume in 2016. The development of self-driving cars and the wide acceptance of autonomous robots in various industries are expected to increase the revenue of autonomous robot market in this region.
As per the analysis, industrial & manufacturing segment contributed a major market share of around 26% in 2016. Robots have always been at the forefront of the modern automotive manufacturing. For more than 50 years, the automotive industry has been well known for its comprehensive use of robotics. Robots reduce the manufacturing time and increase the accuracy and quality of the end-product. There are many applications of robots in automotive sector which comprise of welding, painting, assembly, pick and place, product inspection, and testing. Owing to the increased use of autonomous robots in the manufacturing industry the market has witnessed a significant contribution from the industrial & manufacturing segment.
Increasing spending on the development of the robots is also propelling the growth of autonomous robot market. Asia Pacific region has accounted for more than half of the revenue generated by robotics in 2017 (USD 65.8 billion) followed by the U.S. and Western Europe.
The major market players in the global autonomous robot market are Aethon, Bluefin Robotic, Cimcorp Automation, Clearpath Robotics, Oceaneering, Omron Adept Technologies, and SAAB, among others.