March 29, 2020

Mobile Robotics Market to Expand with a CAGR of 10.6%(2016 to 2023)

According to a new market research report published by Credence Research “Mobile Robotics Market  (Unmanned Ground Vehicles (UGVs), Unmanned Aerial Vehicles (UAVs), Unmanned Surface Vehicles (USVs), Autonomous Underwater Vehicles (AUVs)) – 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. 

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Mobile Robotics Market

Market Insights:

Mobile robot refers to an automatic machine capable of performing various tasks assigned to it, which has a mobility feature. While technology advances continue, mobile robotic systems are expected to be as effective as human assistants through different tasks and activities. Such robots are capable of operating / assisting in kitchen appliances, water plants and a variety of other domestic tasks. Over time, mobile robots have been used in various industrial industries, including transportation and factories, painting and construction, testing, the automotive industry and others. In addition to the industrial sector, mobile robots are used in the service sector for applications including defense, healthcare, domestic / residential and other field applications.

The mobile robotics market is strongly driven by the overall rising adoption of automation solutions across the various application sectors. The broad adoption of automated guided vehicles across different industry verticals for logistics purposes is another key factor in boosting market growth. Likewise, the mobile robotics market is strongly driven by the high demand for defense and homeland safety for Unmanned Ground Vehicles (UGVs) and Unmanned Aerial Vehicles (UAVs). UAVs are increasingly being used for surveillance and surveillance in the defense sector and, as a result, the segment is expected to continue to experience strong growth over the forecast period, globally.

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Competitive Insights:

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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Key Trends:

Integration of mobile robots with other smart products such as smart appliances and smartphones
Focus on research and development
Emphasis on government contracts; expansion across different applications
Decline in the overall prices of mobile robots
Acquisition and mergers for expanding product portfolio and geographical presence

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