Programmable Robots Market Set for Rapid Growth, To Reach Around USD 3.03 Billion by 2022
Zion Market Research has published a new report titled “Programmable Robots Market by Type (Hardware and Software) for Entertainment, Education Sectors, Household, Research, and Machinery: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016–2022”. According to the report, the programmable robots market was valued 1,369.37 million in 2016 and is expected to reach around USD 3.03 Billion by 2022, at a CAGR 14.20% for the forecast period from 2017 to 2022.
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Programmable robots are types of automatic devices that normally perform functions ascribed through remote controls or specified programs. These programmable robotic kits range from PC-controlled robots to simple remote controlled robots and further from complex robots such as humanoids to simple wheeled robots.
These robots aid in conceptualizing and understanding the theories that are used for the purpose of designing and operating robots and further augments in programming the robots with the help of easy virtual programming languages such as Java, C++, and C and also helps the users to have a well-structured mindset towards solving problems. The prime users of these programmable robots are researchers, hobbyists, and students. Programmable robots are also used for driving cars and as robotic pets among the several other applications of them.
North America was the leading market with the highest share in programmable robots market in 2016. North America has the largest share around 71.42% for programmable robots market in 2016 in terms of revenue. The growth of the market in North America would be largely driven by the U.S. which accounted below for 76.45% of the total North American programmable robots market in 2016. Currently, North America accounts for the largest market share due to the well-established market and increasing adoption rate of programmable robots in schools, colleges, and by hobbyists and researchers.
The programmable robots market on a Europe basis offers forecast and statistics in terms of revenue for the anticipated forecast period 2016 to 2022. In the forecast period, there might be a promising growth and opportunities in the Europe programmable robots market.
Asia-Pacific is the major growth market for programmable robots. Asia-Pacific will emerge as the leading market in terms of growth over the next couple of years owing to the growing demand from countries such as India, China, and Japan. This is mainly due to dropping prices of robots and rapid industrialization in this region.
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Latin America and Middle East & Africa has seen significant investment in the programmable robots market. Latin America along with the Middle East and Africa regions are expected to witness a significant growth in terms of the adoption of robotics over the next decade.
The major participants which includes Honda Motor Co., Ltd., The LEGO Group, Aldebaran Robotics Sas, Innovation First International, Inc., Wowwee Group Limited, Orbotix, Inc., Evollve, Inc., Bossa NOVA Robotics, Inc., Robobuilder Co., Ltd., Robotshop, Inc., Romotive, Inc. and Yujin Robot Co., Ltd..
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