The global mobile robotics market is expected to hit $30.96 billion by the end of 2025, up from $8.58 billion in 2016, according to a report from Transparency Market Research.
The worldwide market for global robotics will expand its recent growth spurt due to factors including new players and greater demand across different industries, according to a report released on Tuesday by research firm Transparency Market Research (TMR).
Valued by TMR analysts at $8.58 billion in 2016, the global mobile robotics market is projected to rise at a CAGR of 15.5% over the period of 2017-2025, hitting a valuation of $30.96 billion by the end of 2025. Across the world, North America is expected to take the lead in holding the maximum share of revenue.
SEE: Robotics in business: Everything humans need to know (TechRepublic)
Mobile robots are defined by TMR as machines that work to some degree in unpredictable and unknown environments. Such robots are designed to operate in factories and other areas without changing or interfering with the overall operation. The market currently comprises unmanned aerial vehicles, unmanned ground vehicles, autonomous underwater vehicles, and unmanned surface vehicles. The use of mobile robots contrasts with the operation of more traditional robots in plants where the environment is tightly controlled.
The entry of new players is one major factor driving growth in the mobile robotics market, according to TMR. In April 2018, Teradyne and the shareholders of Mobile Industrial Robots (MiR) acquired MiR to the tune of $148 million. Other companies carving out a chunk of the mobile robotics market are Seegrid Corp., John Deere, Savioke, FANUC Corp., and Boeing.
Growing demand across different industries is also benefiting the mobile robotics market. The defense industry uses mobile bots to perform dangerous and difficult missions. That requirement is expected to increase in the coming years, making the unmanned ground vehicles category the top growth area. A need for better workspace expertise in factories is also driving demand for mobile robotics.
The use of mobile robotics currently requires a high initial investment, one obstacle that could restrain the growth of the market in the coming years. But other factors such as an aging workforce, rising labor costs, and demand for higher profitability are expected to boost the market.
For more on how robots can support human workers, check out this TechRepublic story.