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Mobile Robots Market to Grow at a CAGR of 19.67% from 2018-2023

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The introduction of technologies such as artificial intelligence and machine learning have transformed several sectors, including the robotics and UAV industry. Research and development activities in robotics undertaken by several organizations have led to the development of new-age robots performing functions better than humans.

Fixed robots already are being widely adopted across several industries, however at present, mobile robots have become the center of focus in terms of research and applications. Mobile robots are robots that are capable of locomotion i.e. can move around in the environment and are not fixed to one position.

Small and medium-sized enterprises and e-commerce companies are actively adopting mobile robots for various applications such as logistics and warehouse solutions and are contributing to the growth of the mobile robot market.

BIS Research recently published a market intelligence report analyzing the developing market for mobile robots and further highlighting the various aspects associated with the market. As per the published report titled “Global Mobile Robot Market – Analysis and Forecast (2018 – 2023),” the global mobile robot market is anticipated to grow at a CAGR of 19.67% during the forecast period, 2018 – 2023 and reach $9.90 billion by 2023 from $2.52 billion in 2017.

Despite high expected growth, the unavailability of skilled labor and the escalating labor cost are the key restraints hampering the expansion of the mobile robot market.

At present, the market constitutes of three major types of mobile robots, namely automated guided vehicles, autonomous mobile robot, and unmanned ground vehicle. Automated guided vehicles are used in a controlled environment with a pre-defined route, unlike the autonomous mobile robots, which have the capability to function in an uncontrolled environment without the need for any guidance. Further, the unmanned ground vehicle type of mobile robots is used in the military and security sector.

On the basis of the report by BIS Research, the other application industries of the global mobile robot market in addition to the defense sector include automotive, electrical and electronics, logistics and distribution, pharmaceuticals, plastics and polymer, food and beverage, and healthcare.

With the increasing applicability of mobile robots across various sectors, the mobile robot market is emerging to be one of the most competitive markets. Prominent players are adopting strategies and developments such as product launches, mergers and acquisitions, demonstrations, and business expansion to establish themselves in the market.

With the fourth industrial revolution underway, the integration of advanced techniques with the internet of things is expected to transform the conventional manufacturing processes and bring along great opportunities for manufacturers and end users in the mobile robot market.

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