As the coronavirus pandemic continues to cripple businesses around the world, some gadgets are becoming essential. One of such are robots and drones. These gadgets very important deliveries to coronavirus patients. They also come handy for surveillance, broadcasts, disinfectant spraying, temperature check, etc. As the need for these items continues to rise, its market size is consistently increasing. According to a recent report from IDC, China’s robot and drone market will grow rapidly in the coming years.
China’s robot and drone market expenditure will exceed $121 billion in four years
The report says that due to the coronavirus pandemic, China’s robots and drones market expenditure will exceed $121 billion in 2024. IDC China said that China is the world’s largest robot (including drone) market. It accounts for 38% of the global market in 2020, with a total expenditure of $47.38 billion. By 2024, it will account for 44% of the global market with a total expenditure of over $121 billion.
Between 2020 and 2024, robots will have the highest expenditure in the two major categories, but the drone market is growing faster (5-year CAGR is 54.3%) than the robot market (5-year CAGR is 23.4%). In addition, between 2020 and 2024, China’s unmanned aerial vehicle market will mainly focus on consumers in the industry, accounting for nearly half of the entire industry.
Yao Yumo, a market analyst at IDC China’s Emerging Technology Research Department, said: “As the epidemic escalates, the potential role of robot and drone technology is becoming more obvious. In the short term, companies use robots to complete critical tasks while ensuring basic worker safety and productivity. In the long run, the epidemic can be a catalyst for the development of robotic systems. Drone technology is applicable in daily operations to reduce human-to-human contact and increase efficiency”.
Although other nations invest heavily in drone and robot technologies, China seems to be at the helm of things. However, this forecast could change abruptly if the pandemic takes a surprising direction.