by Autonomous mobile robots are robotic machines that can navigate autonomously without any human intervention in unknown or dynamic environments. These robots are capable of performing repetitive tasks such as transportation, inspection, material handling, and surveillance with increased efficiency and flexibility. The ability of autonomous mobile robots to reduce operational costs and improve workplace safety by taking over hazardous tasks from humans is driving their demand across industries. Autonomous mobile robots find applications in various sectors including agriculture, manufacturing, healthcare, retail, and warehouse. The increasing need for automation to enhance productivity and minimize human errors is propelling the adoption of autonomous mobile robots in these sectors.
The global Autonomous Mobile Robots Market is estimated to be valued at US$ 2.96 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends gaining traction in the autonomous mobile robots market is the increasing integration of AI capabilities. AI enables autonomous mobile robots to optimize their movements, detect items or obstacles in their paths, recognize visual patterns, and respond to voice commands. Many robotic manufacturers are integrating advanced computer vision, machine learning, deep learning, and natural language processing capabilities in their robots to facilitate autonomous navigation in complex environments. For instance, Anthropic, an AI safety startup, introduced a new technique called Constitutional AI which helps robots understand language better and act safely according to human instructions. Such developments are expected to fuel the demand for autonomous mobile robots with integrated AI.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the autonomous mobile robots market is moderate. Established players have strong brand equity, existing customer relationships, and economies of scale which create entry barriers. However, opportunities exist for new entrants with differentiated technologies.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have several product options from various suppliers and can negotiate on price and quality parameters. They also have the option to develop robotics solutions in-house.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While a few large players dominate the supply of key components, alternative sourcing options are available which prevents suppliers from significantly inflating prices.
Threat of new substitutes: The threat of substitutes is moderate. Alternatives exist such as manual labor, but autonomous mobile robots provide optimized efficiency and reduced labor costs. Technological advancements will enable new substitutes in the future.
Competitive rivalry: The competitive rivalry is high due to the presence of several global and regional players competing on the basis of technology, quality, and pricing. Significant investments in R&D is directing competition towards innovation.
Key Takeaways
The Global Autonomous Mobile Robots Market is expected to witness high growth.
Regional Analysis:
North America region is expected to hold the largest market share owing to early technology adoption and presence of numerous suppliers. The increasing labor costs and workplace safety concerns are also fueling demand in the region.
Europe is also expected to hold a significant share in the market. Countries such as Germany and France are major contributors to the regional market growth due to strong automotive and manufacturing industries. Stringent regulations regarding workplace safety are further driving the demand for autonomous mobile robots across industries.
Key players operating in the Autonomous Mobile Robots market are Sanofi, Pfizer, Inc., Novartis AG., B. Braun Melsungen AG, Fresenius Medical Care, Medtronic, Preservation Solution Inc., TransMedics, Inc., Organ Recovery Systems, and Transonic Systems Inc. The competitive environment is directed towards achieving technological superiority through investments in R&D. Strategic collaborations are also shaping the competitive nature of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
