Mobile Robot Market Trends Technology Innovation, Analysis Application
Posted: Aug 15, 2020
In terms of value, the global mobile robot market was valued at $13.81 billion in 2019 and is expected to reach $28.06 billion in 2025 at a CAGR 18.62% during the forecast period 2020-2025. The growth of the mobile robot market is majorly due to the increased adoption of mobile robots in different commercial application areas. Also, the increasing demand for mobile robots, mainly due to the urge for logistics and warehouse solutions from e-commerce companies, is driving the growth of the mobile robot market. Several factors, such as rising labor cost and unavailability of skilled labor, have led the businesses to invest in mobile robots, thereby further increasing the business prospects for the mobile robot industry.
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The cleaning and sanitizing robot segment is expected to dominate the mobile market during the forecast period. The demand for cleaning and sanitizing robots has increased due to the COVID-19 pandemic. Moreover, companies are exploring new techniques to sanitize and disinfectant the floor and rooms.
North America dominated the mobile robot market with a share of 40.20% in 2019. Its total market size was valued at $5.55 million in 2019 and is projected to reach $11.64 billion by 2025, registering a CAGR of 18.90% during the period 2020-2025.
Europe is the second most prominent region for the mobile robot market. The mobile robot market in Europe reported revenue of $4.21 billion in 2019 and is expected to grow at a CAGR of 16.73% during the forecast period 2020-2025. In Europe, Germany acquired the majority market share in 2019.
Asia-Pacific is expected to witness the highest growth rate of 20.59% during the forecast period to reach $8.24 billion by 2025. This high growth is expected to be attributed to the demand from small and medium businesses that form an essential part of the Asian economy and growth in the e-commerce industry. The global mobile robot industry is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the mobile robot industry exhibits an inclination toward emerging strategies and developments by market players.
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The prominent players in the mobile robot market adopted strategies of product launches, contracts, mergers, and acquisitions to expand their business. The companies are also involved in some of the other developments that include demonstration, integration, and business expansion, among others. Due to the intensive competition, the mobile robot industry requires manufacturers to constantly innovate and develop cost-effective products. The existing companies as well as new entrants, which aim to develop next-generation solutions to cater to the need for future applications, could benefit from this market.
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Bis Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.