Sarasota, FL -- (SBWIRE) -- 04/24/2018 -- The global autonomous robot market was valued at around USD 4,615 million in 2016 and it is expected to reach more than USD 11,920 million by 2024. The global autonomous robot market is expected to grow at a CAGR of over 14% between 2017 and 2024. In terms of volume, the demand for the autonomous robots is expected to reach more than 115,400 units by 2024 at a CAGR of around 13% during the forecast period.

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There is an increasing demand for the autonomous robots in the industries since autonomous robots help to minimize the turnaround time and maximizes the quality. This is the primary factor triggering the growth of the autonomous robot market. The autonomous robots are available in varied patterns and can perform several operational functions. These robots have the ability to work in areas where human interference is difficult and impossible. Hence, autonomous robots are used in industries such as oil & gas, military & defense, and mining where there is an increased risk for the human life.

Our research analysts came up with the conclusion that unmanned ground vehicles are an essential segment of automation. Rising need for fast and efficient manufacturing process across various industries has increased the demand for the unmanned ground vehicles. Owing to this increased demand the unmanned ground vehicles segment anticipates holding more than 50% of the market share by 2024, in terms of volume.

The global automation robot market has been segmented on the basis of mode of operation, mobile product, end user, and regions.

Human operated autonomous robots contributed a major market share in 2016. This segment dominated the market in 2016 with around 60% of market share and it is anticipated that this dominance will be retained over the forecasted period.

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Autonomous robots segment is expected to grow with highest CAGR of 15% in the forecasted period. In the coming years, the autonomous robots will have an increased demand owing to its benefits such as increased efficiency, improved speed and accuracy of routine operations. In addition, the implementation of autonomous robots in any industry can reduce direct and indirect operating costs and increases the revenue of the business. Thus, it is expected that the popularity of the autonomous robots will increase in near future.

On the basis of mobile product, the market has been segmented on the basis of the unmanned ground vehicle (UGV), unmanned aerial vehicle (UAV), and unmanned marine vehicle (UMV). The unmanned aerial vehicle segment is expected to register the highest CAGR growth of around 15% between 2017 and 2024. This significant growth is due to the increasing need for monitoring, precision agriculture, surveying and mapping, product delivery, and aerial remote sensing. Furthermore, the technological advancements of the drone payloads coupled with the rising defense budgets of emerging economies are likely to drive the growth of this market.

Based on the end-user industry, the industrial & manufacturing segment is expected to drive the autonomous robot market. The autonomous robots are intelligent machines that have simplified the tasks and have given increased precision and speed. Robots have already gained a strong existence in the operations such as manufacturing, final assembly, and warehousing. As the autonomous robots are getting smarter, more flexible in nature, cost-effective they are being used in the small and medium-scale manufacturing industries. In the coming years, the adoption rate of autonomous robots is expected to grow significantly.

North America dominated the autonomous robot market in 2016 followed by Europe. The early adoption of the technology in North America and Europe is the main factor that has led to a huge growth of the autonomous robot market in these regions. The Asia Pacific is expected to be the fastest growing region in the forecasted period. The advancements in manufacturing industry in the emerging economies of Asia Pacific anticipate driving the growth of autonomous robot market.

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The major market players in the global autonomous robot market are Aethon, Bluefin Robotic, Cimcorp Automation, Clearpath Robotics, Oceaneering, Omron Adept Technologies, and SAAB, among others.

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