Friday September 2, 2016 0 comments
BOULDER -- The global robotics industry will expand from $34.1 billion in 2016 to $226.2 billion by 2021, representing a compound annual growth rate (CAGR) of 46 percent, according to a new report from Tractica.
The report also notes that non-industrial robots will overtake industrial robots in market size for the first time in 2016.
The robotics market is undergoing a major transformation, in which robots are growing beyond being the workhorses of industrial shop floors, and are beginning to assume the roles of personal assistants, delivery vehicles, surgical assistants, exoskeletons, autonomous vehicles, and unmanned aerial vehicles (UAVs), among many others.
Until now, industrial robots have made up more than 50 percent of overall robotics market revenue. But the Tractica report says 2016 marks a critical turning point in the robotics market, with industrial robots dropping to 41 percent of total robotics revenue and the remaining 59 percent coming from non-industrial robots.
The non-industrial sector largely consists of consumer robots, enterprise robots, military robots, unmanned aerial vehicles, and autonomous vehicles.
“The definition of a robot is in flux and traditional robot manufacturers that have been building and supplying robots for decades have seen this industry undergo a dramatic transformation in the past few years,” said Aditya Kaul, Tractica’s research director.
Kaul adds that, while the industrial robotics market will increase at a healthy CAGR of 9.6 percent over the next several years -- largely fueled by China’s aggressive push toward factory automation -- Tractica forecasts a much larger growth opportunity for non-industrial robots across multiple sectors.
In the long run, the largest robotics category will be autonomous vehicles, which is anticipated to overshadow all other sectors in terms of scale and impact.
Tractica’s report, “Robotics Market Forecasts”, includes global market sizing, segmentation, and forecasts for the robotics industry within 23 distinct application markets in the consumer, enterprise, industrial, and military domains.
Unit shipments and revenue forecasts are included for each application market, segmented by world region. The forecast period for this report extends from 2016 through 2021.
An Executive Summary of the report is available for free download on the firm’s website.