Portland, Sept. 18, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile robotics market was pegged at $9.34 billion in 2018 and is projected to reach $39.58 billion by 2026, registering a CAGR of 21.5% from 2019 to 2026.
The rise in need of safety for human life and surge in demand for mobile logistics by online retailers have boosted the growth of the global mobile robotics market. However, high initial acquisition cost and challenges in working in an untested environment hamper the market growth. On the contrary, the advent of industry 4.0 in warehousing and logistics and surge in adoption of mobile robotics in agriculture are expected to create lucrative opportunities in the near future.
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The global mobile robotics market is divided on the basis of product, component, application, and geography. Based on product, the market is divided into unmanned aerial vehicle (UAV), unmanned ground vehicle (UGV), and autonomous underwater vehicle (AUV). The UAV segment held the largest share in 2018, contributing nearly two-thirds of the market. However, the UGV segment is projected to register the fastest CAGR of 25.5% during the forecast period.
On the basis of component, the market is bifurcated into hardware, software, and support & services. The hardware segment dominated the market in 2018, accounting for nearly three-fourths of the market. However, the support & services segment is projected to register the fastest CAGR of 26.9% through 2026.
Based on application, the market is divided into logistics & warehousing, military & defense, healthcare, domestics, entertainment, education, agriculture & forestry, and others. The logistics and warehousing segment held the largest share in 2018, contributing more than one-fourth of the market. However, the domestic segment is projected to manifest the fastest CAGR of 25.7% during the forecast period.
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The global mobile robotics market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the North America region held the largest share in 2018, contributing more than two-fifths of the market. However, the Asia-Pacific region is projected to register the fastest CAGR of 25.3% during the forecast period.
The global mobile robotics market report includes an in-depth analysis of the major market players such as Honda Motor Co., Ltd., Kuka AG, iRobot Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Amazon Robotics, Softbank Robotics, UBTECH Robotics, Inc., Kongsberg Maritime, and Boston Dynamics.
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