In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Mobile robots are the automatic machines which are capable of performing various tasks according to their configurations. The principle activities of mobile robots are mapping, navigation, localization, perception, and locomotion. These robots are widely used by different sectors such as entertainment industry, healthcare, military, mining, automotive and others. Mobile robots are equipped with advance technology which includes cameras, sensors, and others.
The global mobile robotic market is expected to grow at a CAGR of 10.1% over the forecast period i.e. 2017-2024. Further, mobile robotic market is anticipated to reach USD 20.8 billion globally by 2024. Likely, growing demand for mobile robotics from defense and health care sector is envisioned to flourish the growth of mobile robotics market across the globe.
In terms of geography, Asia-Pacific is expected to dominate the global mobile robotics market over the forecast period. Additionally, Asia-Pacific region in 2016 accounted for the highest market share of 34% of the overall mobile robotics market. The region is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region. The major countries witnessing the demand for mobile robotics include China, India and Japan. Moreover, increasing adoption of mobile robots by defense and logistic sector in this region is believed to foster the growth of mobile robotics market.
Asia-Pacific region is followed by North America and Europe region. North America holds the second largest market of mobile robotics. North America is likely to exhibit high growth avenues with U.S. mobile robotics market. Likely, the growth of mobile robotics in this region is attributed to the rising adoption of mobile robots for the domestic purposes such as for vacuum and floor cleaning, lawn mowing and others. Europe region is projected to show a tremendous growth by the end of 2024. Further, Europe stands as the third largest market owing to the increasing adoption of mobile robots by the healthcare industry. France, Germany and U.K. are the major countries which are leading the Europe region market.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Middle East and Africa region is also projected to fuel the demand for mobile robots over the forecast period owing to the rising awareness regarding its usage in agriculture practices.
Our in-depth analysis segmented the global mobile robotics market in the following segments:
Global mobile robotics market is further classified on the basis of region as follows:
Rising per capita income in the developing nations and rising awareness regarding its usage in agriculture practices, border surveillance, and law enforcement are believed to be the dynamic factors behind the growth of mobile robotics market. Further, wide adoption of mobile robots across different industry for logistic purposes is also expected to boost the demand for mobile robots across the globe.
Moreover, favorable government initiatives along with increasing investment in defense sector for the adoption of mobile robotics is projected to flourish the growth of mobile robotics market over the forecast period. Further, rapid industrialization and adoption of technologically advanced mobile robots for domestic purposes like cleaning and others are also predicted to expand the market for mobile robotics.
However, high initial investment associated with the installation of mobile robotics is anticipated to dampen the growth of global mobile robotic market over the forecast period. Moreover, high maintenance associated with mobile robotics is expected to hamper the growth of this market.
The major key players for mobile robotics market are as follows