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North America Robotics Technology Market Expected to Reach $46.5 Billion by 2022
November 22, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "North America Robotics Technology Market (2016-2022)" report to their offering.
The North America Robotics technology market is expected to reach $46.5 billion by 2022, growing at a CAGR of 10.3% during the forecast period (2016-2022). Wide range of robots are already finding place in the business world for diverse activities such as industrial robots, service robots, and mobile robots.
Among the aforementioned robots available, the industrial robots hold a major share in the market, largely due to its wide adoption in the manufacturing sector for automating processes. The market for industrial robotics is expected to reach $23.7 billion by 2022 at a CAGR of 7.4% during the forecast period (2016-2022). On the other hand, the market for Service robotics would rapidly grow during the forecast period due to its growing adoption in healthcare and domestic sector.
The highly competitive environment and technological advancements has compelled companies to look for options to reduce cost and improve product quality. Advancement in technology and breakthrough in different domains have enabled launch of innovative products while maintaining product affordability. Recently developed robots are energy efficient and designed to serve specific applications. Despite targeted application areas, these robots are efficient, and are affordable, making the adoption easy in small and medium businesses.
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