The global robotics market is set to grow at an annual rate of 16% over the next seven years as the impact of Covid-19, advances in technology and increasing automation across the production process drives demand.
According to the new report, ‘Global Robotics Industry’ by market researcher ReportLinker, mobile robotics, one of the segments analysed in the report, is projected to record a 18.5% CAGR and reach 813.5 Thousand Units by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the exoskeleton segment is readjusted to a revised 15.4% CAGR for the next 7-year period.
The US market is estimated to grow by some 214.2 thousand units from 2020-27, while China is forecast to Grow at a 20.9% CAGR.
China, the world`s second largest economy, is forecast to reach a projected market size of 532.1 thousand Units by the year 202.7. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.2% and 14.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.6% CAGR.
In the global static robotics segment, the USA, Canada, Japan, China and Europe will drive an estimated 13.5% CAGR. These regional markets will account for a combined market size of 276.7 thousand units in the year 2020 will reach a projected size of 670.1 thousand Units by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Indeed, led by countries such as Australia, India, and South Korea, the report says the market in Asia-Pacific is forecast to reach 344 Thousand Units by the year 2027, while Latin America will expand at an estimated 15.9% CAGR through the analysis period.