DUBLIN — Research and Markets released a report that estimates the global robotics market to reach $53.2 billion by 2020, growing at a CAGR of 12.9% for the period.
The market was valued at $25.7 billion in 2014.
The adoption of robots across a wide range of industries including manufacturing, defense and security, food and beverage, healthcare, electronics and automotive has accelerated the growth of the market, according to the report.
In addition, the approaching need of automation solutions is a major factor that drives the market. Manufacturers are increasingly opting for process automation due to the rise in labor costs.
The robotics market was dominated by the APAC region in 2014 and is expected to continue to dominate the forecasted period as well. The products generate big revenue in this market due to the high density of automotive companies in the region. The European market increased by 5% in 2014. Supply of robots to the U.S. continued to increase by 8%.
For the entire report, click here.
