The market size of China's robotics and drones' market will reach $121.12 billion by 2024, IDC China said in a report.
China is the world's largest market for robots (including drones) and is expected to account for 38% of the global total by 2020, with total spending of $47.38 billion, and 44% of the global market by 2024, reaching $121.12 billion, IDC China said today.
Between 2020-2024, robots will be the higher spending of the two categories, but the drone market is growing faster (5-year CAGR of 54.3%) than the robotics market (5-year CAGR of 23.4%).
Moreover, during the period 2020-2024, Chinese drone market spending will be predominantly focused on consumers, accounting for nearly half of the industry-wide share.
As the epidemic escalates, the potential role of robotics and drone technology is becoming more and more apparent, said Yao Yumo, market analyst at IDC China Emerging Technologies Research.
In the short term, companies use robots to accomplish critical tasks while ensuring basic worker safety and productivity; in the long term, the epidemic can be a catalyst for developing robotic systems for deployment. Drone technology is also used in day-to-day operations to reduce human contact and increase efficiency, Yao said.
