Mounting production of deep-water offshore oil & gas along with the need for fortifying maritime safety will steer the growth of the market. Nonetheless, the high costs of deployment of the autonomous robots facility can pose a threat to the market expansion over the forecast timeline.
According to the report, the global Autonomous Robot market is predicted to be valued at approximately USD 5,365 million in 2018 and is expected to reach a value of around USD 17,729 million by 2027, at a CAGR of around 14.14% between 2019 and 2027.
An autonomous robot carries out tasks with a higher level of autonomy. These robots are utilized for increasing the precision, exactness, and speed of the day-to-day activities in warehousing, thereby enhancing the proficiency & output in the manufacturing sector. In addition to this, these robots are likely to find a spectrum of applications across domains such as spaceflight, wastewater treatment, and household maintenance.
The growth of the industry during the forecast timeline is owing to the large-scale use of autonomous robots across various industries. Moreover, the products are utilized in healthcare, factories, defense operations, households, and security purposes.
Furthermore, high risks to human life in various factories such as mineral & mining will generate a humungous demand for autonomous robots. Moreover, autonomous marine robots help in the exploration of most extreme oceanic conditions without any human intervention. For instance, in mining activities, workers cannot reach the underground surface due to high temperatures, and these underground operations are carried out by autonomous robots. All these aforementioned factors are predicted to play a pivotal role in favorably leveraging the growth of the market during the period from 2019 to 2027.
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Human Operated to lead the mode of operation segment over 2019- 2027 in terms of value
The growth of the human-operated segment during the forecast timeline is owing to the high demand for human-operated robots in the food & beverages, defense & security, healthcare, and manufacturing sectors.
Aerospace & defense segment to dominate the end-user landscape by 2027
The growth of the segment during the forecast timeline is due to the burgeoning demand for autonomous robots across the aerospace & defense sector during the forecast timeline. Moreover, these products are utilized in detecting bombs, rescue functions, intrusion systems, and safe transport activities. Apparently, high funding of defense activities by various governments across the globe will further proliferate the market demand over the time span from 2019 to 2027.
North America to account for a major revenue share of the overall market during the forecast timeline
The growth of the market in the region during the forecast period is owing to the growing acceptance of new technology resulting in huge sales of these robots. Apart from this, the manufacturing of autonomous vehicles along with the massive adoption of autonomous mobile robots for product delivery will further scale up the expansion of the autonomous robot industry in North America.
Top Market Players
Some of the key participants in the business include Omron Adept Technologies, Fetch Robotics, Locus Robotics, Seegrid Corporation, Clearpath Robotics, Hi Tech Robotics Systemz, Swisslog, GeckoSystems, Aethon, Aviation Industry Corporation of China, Oceaneering, Mobile Industrial Robots, SAAB, SMP Robotics, Bluefin Robotic, Cimcorp Automation, and Vecna.