Mobile robot component market growth due to greater investment, technology advances
The mobile robot component market is growing thanks to increased investments all over the world and technology improvements. See video.
- The mobile robot component market is set to have a projected value of more than $7 billion by 2027 thanks to increased use in manufacturing and non-manufacturing industries.
- The U.S. market will remain a dominant player in the next several years, but heavy growth in the Asia-Pacific region will narrow the gap considerably.
- Brianna Jackson, a market research analyst for Interact Analysis, said the mobile robot industry is still quite young compared to others.
The mobile robot component market as a whole has been growing in the last several years and is projected to continue to do so. A recent report by Interact Analysis indicates the market will have a projected value of $7.4 billion by 2027 with a compound annual growth rate (CAGR) of almost 45% over the next five years and will positively impact the manufacturing and non-manufacturing market.
Brianna Jackson, a market research analyst for Interact Analysis, who was involved in conducting the survey, discussed some of the findings from the report and where she sees the market heading in the next several years in a video interview.
Jackson described mobile robot components as all the organs that go into the robot. “We’re talking about drives, the motors, the gearboxes, as well as the batteries and the charging stations that are going to supply energy into the battery. Also the sensors that give the robot information on where they are in their environment.”
All of these components are in high demand right now and the market has picked up, Jackson said, thanks in part to the COVID-19 pandemic.
“The growth of e-commerce as a result of the COVID-19 pandemic has been a major boost in the adoption of mobile robots,” she said. “Also, we saw constraints placed on the labor market, which because of labor shortage as well as the cost of labor, has been a driver for industrial automation. But not just in the warehousing and logistics sector, but also in the manufacturing sector.”
The impact is being felt in other regions, as well, and the report indicated China is help spur the industry’s growth along with the Asia-Pacific region as a whole. The U.S. continues to have a majority of the revenues, but other areas are catching up. Jackson said some of that is due to the United States putting less emphasis on building new warehouses and facilities were mobile robots might be needed. Companies like Amazon, she said, are working with what they have in the United States rather than what they need.
“You kind of have the opposite happening in China and the Asia-Pacific region as a whole because you have India building warehouses at a rapid rate, as well. You have companies building partnerships with mobile robot providers in the same way Amazon has done,” she said.
The market looks bright indeed for the mobile robot market as a whole and the component market will benefit from this, as well, Jackson said. With this growth comes maturity and consolidation with some of the vendors and suppliers.
“We see the standardization of components becoming more and more prevalent in this market. With mobile robot companies providing different solution types, we don’t want them to change that much between robot types.
She added companies are changing their purchase tactics, as well. Rather than buying a drive here or there from different vendors, companies are taking a more focused perspective.
“Now we see the integration of components becoming a much, much larger trend and we see bigger industrial players that are going to provide whole system solutions to mobile robot manufacturers and that was expected as the use business scaled up.”
Trends that will likely continue as the mobile robot market goes from being young into a mature and versatile industry impacting companies in many different industries all over the world.
Chris Vavra, web content manager, Control Engineering, CFE Media and Technology, firstname.lastname@example.org.
Original content can be found at Control Engineering.