The global robotics market will enjoy a 17.4% compounded annual growth rate between 2017 and 2025, and will be a $147.26 billion market by 2025, according to Transparency Market Research.
The Albany, N.Y.-based research company said the four leading companies in the market are Google Inc., Northrop Grumman Corporation, iRobot Corporation, and Fanuc Corporation.
2016 revenue in the market was $35.23 billion, and produced 677,200 units, according to the Nov. 9 TMR report. Unit production is expected to reach 2.731 million by 2025.
Products available in the global robotics market can be classified into exoskeleton, mobile robotics, and static robotics. Static robots generate the most revenue because of widespread deployment in various industries, namely aerospace, automotive, and manufacturing, noted the TMR report.
“With respect to geography, North America holds a leading share in the global robotics market. This is due to the presence of a good number of robot manufacturers in the region. Contracts from the defense sector too is serving to stoke growth in the robotics market in the region.”
Industries that are labor intensive and have repetitive tasks are likely to be targets for robotic use. The TMR report noted that not only do the robots reduce labor costs, but they help resolve the problem of a shortage of skilled labor, especially in aerospace, automotive and healthcare industries.
“All over the world labor intensive industries are looking for ways to reduce operating costs and improve efficiency. This has led to the uptake of more automated procedures thereby providing a major fillip to the global robotics market.”
The use of robots is also growing in dangerous and difficult work places like mines, and oil and gas production, noted the report.