Global Mobile Robot Market to Reach to $9.90 Billion by 2023

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The global mobile robot is projected to reach $9.90 billion by 2023, witnessing a CAGR of 19.67% during the forecast period, 2018-2023. The market is likely to showcase a high growth rate owing to the increased need for organizational efficiency and accuracy, rising labor cost and unavailability of skilled labor, and progress in both software, including cognitive technologies, and hardware, particularly sensors, actuators, and batteries.

The advancements in robotics, artificial intelligence, and machine learning are ushering in a new age of automation in which robots are likely be able to perform a range of routine physical work activities. These robots are also becoming increasingly capable of accomplishing activities that include cognitive capabilities, sensing emotion, making tactical judgments, and even driving activities that were earlier considered to be fairly difficult to automate successfully.

Additionally, rapid technological advancements, such as enhanced localization, capability of mapping and prediction, and tracking features, in mobile robots have given rise to a new generation of smarter and more efficient mobile robots. These robots offer extra value in terms of productivity and flexibility resulting in gaining a great adoption across sectors such as healthcare, food and beverage, banking, and retail.

Moreover, as the technology becomes affordable owing to the decreasing cost of robots, the mobile robots will be able to serve multiple industries resulting in increasing adoption of the technology in both developing and developed countries. In addition, the acceleration in venture capital investment for robotic technologies and the introduction of Industry 4.0 across multiple sectors are some of the major factors expected to create lucrative opportunities for the global mobile robot market in the coming five years.

According to Rahul Papney, Analyst at BIS Research, "North America is currently dominating the global mobile robot market. However, the geographical analysis of this market unveils a great potential for the growth in the Asia-Pacific region. According to the analysis, the presence of major economies, particularly the U.S. and China, is majorly contributing to the growth of the market".

The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into type, industry, and region.

Automated guided vehicle (AGV), autonomous mobile robot (AMR), and unmanned ground vehicle (UGV) are covered as a major part of the type segmentation in the study. The report also includes a comprehensive section on the geographical analysis including North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).

Rapid technological advancements in mobile robots like enhanced localization, capability of mapping and prediction, and tracking features have given rise to a new generation of smarter and more efficient mobile robots resulting in greater adoption across sectors like healthcare, food and beverage, banking, and retail.

Some of the key players in the global mobile robot market include Aethon Inc., Aubo Robotics, Clearpath Robotics Inc., Daifuku Co., Ltd, Fetch Robotics, Inc., General Dynamics, Israel Aerospace Industries (IAI), John Bean Technologies (JBT Corporation), KION Group, Lockheed Martin, Locus Robotics, Mobile Industrial Robots (MiR), Northrop Grumman Corporation, Omron Adept Technology, Oshkosh Corporation, Rocla Oy, Seegrid Corporation, Swisslog Holding AG, Transbotics Corporation, and QinetiQ Group.