Market research analysts estimate that countries in the APAC region will contribute to the highest growth of this market throughout the predicted period
Market research analysts have estimated that the worldwide robotic simulator market will witness an incremental growth close to USD 623 million during the period 2019-2023.
The market will be accelerating at a compound annual growth rate (CAGR) of over 11 percent during the period, according to Technavio’s report ‘Global Robotic simulator Market 2019-2023.’
Robotic simulator is used to create a virtual model of a robot containing the design and programming code.
Technavio’s analysts cited the growing need for robotic simulation as one of the key factors driving the market’s growth in the forthcoming years. Innovations in programming software to improve services will be the key drivers for this market, they predicted.
The sector’s year-over-year growth rate for 2018 is estimated at 9.74 percent.
Various benefits including the faster development and installation of robot building, reduction of automation risks, and other advantages of the robotic simulator are making them a viable choice for a wide range of consumers, the analysts noted.
Owing to the several advantages offered, the demand for robotic simulators is likely to surge considerably in the upcoming years resulting in the market to register a CAGR of over 11% during the forecast period, they said
Robotic simulator market is moderately fragmented
The report said the robotic simulator market is moderately fragmented owing to the presence of several robotic simulator manufacturers leveraging advanced technologies to offer high-quality products to meet the evolving demands of the consumers..
Key vendors in this market space include ABB, FANUC, Midea Group, NVIDIA and Siemens.
48 percent of the growth will come from APAC region
Further, the industry research analysts have estimated that countries in the APAC region will contribute to the highest growth of this market throughout the predicted period, accounting for 48 percent of the worldwide growth.
According to Technavio’s market research experts, the on-premises robotic simulator segment will account for the highest growth in the market.
The Global Robotic simulator Market 2019-2023 report has been prepared based on an in-depth market analysis with inputs from industry experts. To calculate the market value, the industry report considers the income generated from the use of robotic simulators across distinct end-user industries.