This trend will have profound long-term economical and societal consequences. Our report "New Robotics and Drones 2018-2038: Technologies, Forecasts, Players" forecasts that the market for robots and drones will grow from $66 billion in 2018 to more than $210 billion in 2028. Interestingly, much of these new robotics will come from new (vs old) robots and drones.
We foresee that these new robots and drones will come to represent 46% of the market in 2028, up from almost zero.
Now the question is why now? This is a fair question because people have always sought to automate more tasks but they have been limited by the economic and technical limitations of automation process. Therefore, the answer must lie in the fact that advances in hardware and software components have rendered them significantly better and cheaper over time, turning once fantastical robotic ideas into a real commercial opportunity.
In this article, we draw from New Robotics and Drones 2018-2038: Technologies, Forecasts, Players to consider developments in price-performance ratio of hardware components to make up a new robotics: transistors, memory, sensors, energy storage, and electric motors. We will leave the discussion of advances in software aspects including deep learning to another article.