The Global Robotic Market in 2019
So what does 2019 and beyond have for the robotics market?
Back in 2018, the robotics market was already valued at over $30 billion. Experts predict that the market will keep on expanding in the coming years.
The robotics market is predicted to see an explosive growth. It is set to have a compound annual growth rate of 25% starting this year, up until 2024. In any industry, that would be seen as phenomenal growth.
In the past, most robots used industrially. Those were the robots used in factories which were quite expensive, which also meant that ROI for those robots took a long time to be achieved. Now, the robots are less expensive and ROI is achieved much sooner, and that is doing wonders for the increase in demand.
Different Types of Robots
It’s not just the industrial robots that are very much in demand right now. Household robots like robot vacuums are also becoming popular.
In countries where the population is aging, there is an increasing demand for robots using assistive technology. Those robots can be used for helping in caring for the elderly.
There are also robots like GoCart which can be used for logistics and delivery and in settings like hospitals and hotels.
The Robotics Market
The Asia-Pacific is the top region for the number of service robots, but North America is following as a close second. The market is also highly competitive with no single company dominating the market.
With such an expanding market, we are going to see so many more robots by 2024. Not only will they be used in factories and homes, they will soon be used in militaries in large numbers as well.
The future is truly robotic.