The mobile robot market is currently witnessing a high growth rate owing to the growing usage of robots in emerging countries for varied applications, the technological advancements, and the increasing concerns for labor safety and human. Recent innovations and government funding and initiatives in robotics and AI domain have enabled the solution providers to reach a wider segment of consumers in the industry.
Despite the multiple sensors, mapping and location software, and computer vision capabilities, embedded in many commercial robots making them more intelligent and receptive to human presence, the concerns regarding safety. Robots can carry out powerful movements during different tasks that can cause danger to humans surrounding them. Also, any kind of malfunction in these robots can pose a life threat to the people working around them.
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.
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.
For Sample Report, Click here: https://bisresearch.com/requestsample?id=939&type=download
Key players that are actively participating in the mobile robot market include AUBO Robotics, Blue Ocean Robotics, Clearpath Robotics Inc, Eddyfi, Fetch Robotics, GE Inspection Robotics, Locus Robotics, Lockheed Martin, Mobile Industrial Robots, Northrop Grumman, QinetiQ Group, Seegrid Corporation, Swisslog Holding AG, and Transbotics Corporation.
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.
UPCOMING INDUSTRY TRENDS 