Global Market for Robotics worth $21.4 Billion in 2014
According to the new market research report available at Electronics.ca Publications, 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.
According to the new market research report available at Electronics.ca Publications, 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%.
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.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' web site. View the report: http://www.electronics.ca/
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