Robotics: Technologies and Global Markets
April 22, 2009
Wellesley, Mass—According to a new technical market research report, ROBOTICS: TECHNOLOGIES AND GLOBAL MARKETS (ENG001B) from BCC Research (www.bccresearch.com), the global market for robotics was worth $17.3 billion in 2008. This will increase to $17.6 billion in 2009 and $21.4 billion in 2014, for a compound annual growth rate (CAGR) of 4.0%.
The market is broken down into segments of industrial, domestic service, professional service, military, security and space applications. Of these, industrial applications currently have the largest market share, worth $11.5 billion in 2008. This is expected to decrease slightly to an estimated $10.5 billion in 2009 but should reach $12.1 billion in 2014, for a CAGR of 2.8%.
Professional service applications have the second largest share of the market, worth $3.3 billion in 2008 and an estimated $4.0 billion in 2009. This segment is expected to grow at a CAGR of 6.0% to reach $5.4 billion in 2014.
Military is the third largest market segment, generating $917.0 million in 2008. This should increase to $1.2 billion in 2009 and almost $1.6 billion in 2014, for a CAGR of 6.8%.
SUMMARY FIGURE
WORLDWIDE DEMAND FOR ROBOTS, BY TYPE, 2007-2014
($ MILLIONS)
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Source: BCC Research
Suddenly and unexpectedly the cost-benefit equation that has historically driven the growth of the robotics industry has become unbalanced. When industries see such rapid declines, the cause is typically an industry-wide unwillingness to modernize in order to meet changing customer needs. Very much the opposite has happened with the robotics industry.
An industry that was once grounded in a handful of highly specialized types of industrial and space robots has expanded to include new, commercially viable types of service and security robots. Despite recent economic challenges, the global robotics industry is poised to enter a new era of sustainable growth.
Robotics: Technologies and Global Markets( ENG001B )
Publish Date: Apr 2009
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Robotics: Technologies and Global Markets
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