Robotic Platform Market Estimated to Witness Growth Due to Increasing Demand for Automation
The robotic platform market refers to robotic systems that provide mobility to various robotic applications. Robotic platforms are commonly used for transportation and logistics applications to automate material handling, such as delivery of goods within facilities, warehouses and distribution centers. Key advantages of robotic platforms include improved efficiency, reduced labor costs, high payload capacity, flexibility and customization.
There is growing Robotic Platform Market need for automation across industries to enhance productivity and minimize human errors. Additionally, shortage of labor is driving the adoption of automated systems using robotic platforms.
The Global Robotic Platform Market is estimated to be valued at USD 10.6 Bn in 2024 and is expected to reach USD 17.9 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the robotic platform market include Clearpath Robotics, Mobile Industrial Robots, KUKA, Omron Adept Technologies, Savioke, and Locus Robotics.
Key opportunities: Growing e-commerce industry is expected to drive the deployment of autonomous mobile robots for warehouse logistics and fulfillment applications. Additionally, increasing focus on automating hazardous operations in industries such as oil & gas, chemical and construction is creating demand for automated guided vehicles.
Global expansion: North America dominated the robotic platform market in 2021. However, Asia Pacific is expected to witness fastest growth owing to strong manufacturing activity and rapid industrialization in China and India. Several global players are expanding their footprint in Asia Pacific to leverage growth opportunities.
Market drivers
The major driver contributing to the growth of robotic platform market is the increasing demand for automation across industries to minimize labor costs and improve productivity. Industrial robots and autonomous guided vehicles deployed on robotic platforms help reduce dependency on human labor for repetitive, tedious and hazardous tasks. Rapid growth of e-commerce has accelerated the need for automating warehouse operations to efficiently handle increasing volumes. Additionally, ongoing labor shortage faced by various industries is compelling them to adopt robotic solutions for material handling and logistics applications. This growing demand for automation solutions is expected to propel the robotic platform market over the forecast period.
PEST Analysis
Political: The government regulations and initiatives regarding AI adoption and privacy laws can impact the robotic platform market.
Economic: Factors such as GDP, income levels, production and spending on technologies affect the demand for robotic platforms from industries.
Social: Changing demographics, lifestyle changes, acceptance of technologies influence the growth of the robotic platform market.
Technological: Advancements in AI, machine learning, IoT, edge computing are driving the development of smarter robotic platforms. Incorporation of these technologies makes robotic platforms more intelligent and autonomous.
Geographical concentration: The robotic platform market is currently concentrated in developed economies like North America and Europe in terms of value. This is due to high spending capability and early adoption of technologies in these regions.
Fastest growing region: However, Asia Pacific region is expected to grow at the fastest rate for the robotic platform market over the forecast period. This is attributed to rapidly increasing investments in automation by manufacturers, developing manufacturing sector and rising labor costs in countries like China and India.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)