Mobile robot market set to reach $30bn in 5 years

The global mobile robots market is estimated to have reached US$11.404-billion in 2019, and is projected to grow at 15.34% a year to reach US$30.966 billion by 2026. This is the key finding of the “Mobile Robots Market – Forecasts from 2021 to 2026” report, recently made available at ResearchAndMarkets.com.

Companies Mentioned

• Aviation Industry Corporation of China
• Clearpath Robotics
• General Atomics Aeronautical Systems
• Hi-Tech Robotic Systemz
• Softbank Robotics
• SMP Robotics
• Aethon

Mobile robots refer to non-stationary robots that operate without human intervention. The major growth driving factor for this market is the increasing demand for mobile robots in various sectors such as logistics, warehousing, medical and healthcare, and defence. Optimising business processes, resolving human constraints and efficient management of industry-specific activities further supplement the growth of the market. Conversely, the major limitations are the high cost of manufacturing coupled with time-consuming research and development, marketing, and manufacturing.

Moreover, increasing demand for mobile robots for a range of applications across various industries is a major factor expected to continue to drive the growth of the global mobile robots market. Mobile robots are extensively used in areas and locations such as warehouses, in the health care sector, for scientific research purposes, education, automation manufacturing, military and security operations, and applications, energy harvesting, agriculture, etc.

Mobile robots are used to assemble information from any area or setting that could endanger personnel or to handle difficult tasks that cannot be done by humans. Increasing demand for mobile robots for a range of applications across various industries is a major factor expected to continue to drive the growth of the global mobile robots market.

Growing demand in various manufacturing industries for handling heavy loads, or repetitive tasks including welding, packing, material handling, dispensing, and also for the ability to complete such tasks more quickly, thereby saving time and money are additional factors expected to drive the growth of the global mobile robots market to a significant extent.

The growing trend towards going digital and increasing number of companies preparing or in the process of utilising artificial intelligence (AI) for tasks to improve speed and productivity and save time and effort cost-effectively through the deployment of mobile robots, as well as to enhance the work environment, increase profitability, function over longer working hours, and/or boost company image is excepted to drive the growth of the global mobile robots market.

However, deployment costs are relatively high and could be out of budget for smaller or budget-crunched companies. In addition, engineering expertise is required for maintenance purposes, and mobile robots require continuous updating, which is among some of the basic but major factors that could restrain the growth of the global mobile robots market.

The advent of Covid-19 harmed the global mobile robots market. The immense downturn in the automation sector has been a significant reason for the decline in the demand for mobile robots at a global level. The pandemic has kept its claw on the throat of the global economy, compelling the giant industries to gasp for breath. Furthermore,

Because of the pandemic, the supply chain and the manufacturing processes across industries were disrupted which resulted in the loss of demand. Many industries have been shut down. These factors impacted the global market of industrial robotics negatively. According to a report published by the International Federation of Robotics (IFR), by 2022 almost four million industrial robots are expected to be operational across the globe. This, however, will be possible once the impact of Covid-19 is reduced.

The development of robots to cope up with the pandemic is expected to trigger the recovery of the robotics industry. For instance, disinfecting robots are on the rise in the post-pandemic world. SmartGuardUV, launched by Fetch Robotics, is a disinfecting autonomous mobile robot that can abolish up to 99.9% of viruses. The gradual growth in the market of mobile robots is expected to start during the initial quarters of 2021.

For more information about the report, visit https://www.researchandmarkets.com/r/ugjgoe