According to a new market research report “Programmable Robots Market by Component (Hardware and Software), Application (Education & Research and Hobbyist and Entertainment), and Geography (North America, Europe, Asia-Pacific and RoW) - Global Forecast to 2020” ,The market for programmable robots was valued 1,050 Million in 2014 and is expected reach USD 2,381.5 Million by 2020, at a CAGR of 14.94% from 2015 to 2020.
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The global programmable robots market was valued at USD 1,050.8 Million in 2014 and is expected to grow at an estimated CAGR of 14.94% between 2015 and 2020. The education & research and hobbyist sector constituted the largest application for the programmable robots market in 2014 and is expected to continue to grow at a significant rate because of the increasing adoption of robots in several educational institutions by including them in academic curriculums.
The programmable robots market players have been focusing on the innovations in terms of technological advancements to cater to the specific needs of several consumers and to increase the safety, durability, and robustness of these robots. Robotic toys have been experiencing a slowdown in the recent years. However, robotic pets are expected to offset the robotic toys market during the forecast period. The market for these applications is expected to grow at a significant rate during the forecast period because of the increasing adoption of the robots accompanied by the decreasing price of robots due to the decline in the prices of several robotics components such as sensors, actuators, and others.
North America was the largest market for programmable robots in 2014 with a share of 51.48%. However, developing economies including Asia-Pacific and RoW are expected to be the fastest-growing markets for programmable robots during the forecast period. The growth of the market in North America would be largely driven by the U.S., which accounted for 76.45% of the total North American programmable robots market in 2014. The Asia-Pacific market is expected to be driven by its key markets such as Japan, China, South Korea, and India. The market would also be fuelled by the increase in focus of the major global robotics vendors to expand their product and service offerings in the Asia-Pacific and RoW regions as these regions are expected to witness a significant growth in terms of the adoption of robotics over the next decade.
The report describes market dynamics that include the key drivers, restraints, challenges, and opportunities with respect to the programmable robots market and forecasts the market till 2020. This global report provides a detailed view of the programmable robots market across components, applications, and geographies. The report also profiles the prominent players in the programmable robots market, along with their key growth strategies. The competitive landscape of the market analyzes a large number of players with their market share. The market is witnessing numerous collaborations and partnerships across the value chain to cater to various industries in different geographies.
The major companies in the global programmable robots market that have been included in this report are Lego Group (Denmark), Honda Motor Co., Ltd. (Japan), Aldebaran Robotics SAS (France), Innovation First International, Inc. (U.S.), WowWee Group Limited (Hong Kong), RobotShop, Inc. (Canada), Orbotix, Inc. (U.S.), Bossa Nova Robotics, Inc. (U.S.), RoboBuilder Co., Ltd. (South Korea), Romotive, Inc. (U.S.), Yujin Robot Co., Ltd. (South Korea), and others.
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