Sensors for robotics market to grow to $510-million
BCC Research Finds Europe will lead market growth, while the use of sensors for robotics in consumer markets will rapidly outpace other industry growth rates
Sensors for robotics are becoming increasingly important as the application of robotics grows ubiquitous across a wide range of industries including automotive, agriculture, manufacturing, entertainment, logistics, military and healthcare. A new report published by BCC Research finds that the global sensors for robotics market will grow to $510-million. That figure will continue to grow as consumer markets were cited as the fastest growing industry segment at 12.6% CAGR. Featuring in-depth segmentation and market forecast details, BCC’s latest research combines two rapidly developing market categories – robotics and sensors – to help organizations gain insight into the latest technology developments and market adoption patterns.
According to Michael Sullivan, senior editor, BCC Research and report author, “Robotics have been a commercial venture dominated by industrial automation in the manufacturing sector. The use of such systems in the government, especially the military, and healthcare are also well developed, but the consumer market is quickly becoming equally important. From drones to telepresence, automated cleaning to toys, there are a wide variety of applications that require low cost sensors.”
Key research findings on sensors for robotics:
* BCC Research expects the market to grow to $510 million in 2017 and $840 million in 2022, at a CAGR of 10.5%.
* Europe will lead that market growth with a 12.6% CAGR.
* The industry will continue to be dominated by commercial applications at more than 80% share led by industrial applications, followed by healthcare and automotive segments. However, consumer markets will outpace growth rates in other markets citing a 12.6% CAGR, to attain $20 million by 2022.
* The total number of robotic appliances is increasing while the cost of sensors is decreasing, creating a robust market for sensors for robotics at a lower revenue per sensor.