Global Robotics Market Size
Global Robotics Market is going to cross US$ 411.55 billion by 2032 from US$ 47.69 billion in 2023, with the Compound Annual Growth Rate at 27.06% for the years 2024 to 2032. Factors driving the growth of the industry faster: Successful adoption of several government policies and funding Enjoying increasing expansion in the application areas, developing demand for automation Increasing labour shortage and its cost Rising technologies in machine learning and artificial intelligence.
Global Robotics Market Outlook
Robotics can be defined as one of the technology disciplines that deals with construction, designing, implementation, and operation of robots. Indeed, automation refers to these programmable machines that are capable of performing operations on their own or partly on their own, especially with high level of accuracy and speed than is achievable with a human being.Robots are an important part of almost all industries and sectors of human activity. In manufacturing for instance, robots perform routine operations such as assembly and welding and hence increase efficiency and quality of production as well as reducing the cost of labor. In healthcare, robots are used for surgeries, delivering drugs, and even physical therapy thus increasing the efficiency in handling patients.
The current robotics are used in logistics and transportation to address issues with automation including arranging, packaging and moving goods in the warehouse in ways that increase the efficiency of supply chains. In agriculture subservient work is done by robots to plant, to harvest crops and to monitor them for better yield.
Furthermore, in the space exploration, and other dangerous situations, robots perform assignments that are too dangerous for human beings; research, maintenance, and exploration. Over the years, technology keeps on improving, and so is robotics which has infiltrated almost every aspect of the society; service, entertainment and so on, which shows the impact it can have in revolutionizing various industries.
Driving Forces of the Global Robotics Market
Technological Advancements
Technological enhancements that are currently observed in AI and computer sciences as well as in the production of sensors and machine learning allow robots to perform more complex operations with exceptional accuracy and speed. AI allows robots to be self-enabling from the environment they are placed in and make decision by enhancing their performance every time they are used. Artificial intelligence, especially big data, allows robots to capture new data, compare it with the previous data, and decide on the course of action best suited without human interference. On the other hand, many sensors improve perception and awareness to enable robots to work in complex and variable conditions safely. Technological advancement in robotics is now increasing the possible uses of robotics across various fields; production, medical, farming, and even aerospace. With the progression of AI and sensor technologies, robots are geared to become key factors to push up productivity and shift the economy onto further higher level.Automation Across Industries
The need for conveyor applications across the material movement industry logistics and manufacturing, health care and agri-food also fuel the use of robots. These technologies increase the performance, reduce the costs of operations, and improve efficiency in various industries. They are used in the manufacturing processes to carry out the assembly lines and other repetitive and accurate tasks. They improve the flow of stock in the storage systems of logistics by increasing the speed of sorting, packing as well as shipping. The healthcare sector witnesses’ robots helping in operations, with patients, and with drugs to enhance the accuracy of therapies and organizational processes. Robots help agriculture by using planting, harvesting and inspecting crops to increase the productivity and efficiency. This trend shows how robotics is on the process of revolutionizing industries and fulfilling the new demands of industries that emphasize on efficiency and economy.Rising Labor Costs
In the developed economies with high wage rates, organizations utilize robots as a cheaper way of undertaking tasks that require a lot of manpower. Robotic tools have advantages like work quality which is repetitive, accurate, and minimization of operating costs compared to manpower. Such a change provides efficiency and increases the reliability of the quality and safety of work processes. Therefore, the robotics market in these regions is growing as organizations look forward to carrying out their operations efficiently in order to cope up with competitors globally. This is apparent more in manufacturing, logistics, and healthcare because automation is key in improving processes and counteracting the effects of soaring labor expense in profitability.Growth in Emerging Markets
The new economy countries are increasing their spending on industrial automation and intelligent systems, which creates a sound revenue generation prospects for robotics manufacturers. These regions, particularly those of the growing industrial revolution, urbanization, and improving demands of the consumer market, are employing the use of robotics to enhance the productivity of manufacturing industries with additional benefits of minimizing on cost. The increase in the usage of automation in automotive, electronics and food industries make the clients seek higher level robot solutions that suit the local market. Besides, the numerous governmental policies enacted for technological advancement and enhancement of advanced infrastructure facilities also augment the demand for robotics in emerging economies. Thus, by using these opportunities, robotics manufacturers will be able to expand their positions in global markets and use the further industrial transformations in these countries.China Robotics Market
The robotics market in China is on the path of steady growth due to the support of the state, development of technology, and various programs for the introduction of industrial automation. Being the leading manufacturing country in the world, China is using robots in increasing production, standards, and efficiency in various sectors. China’s Made in China 2025 strategy entails improvement of manufacturing capacity and includes automation, robotics and AI that will spur massive investment in robotic solutions. Main industries include automobile, electronics where robots are used for production line, packing and storing. Perhaps, the most prominent of these strategies is the focus on research and development and manufacturing competence, which makes China one of the world’s most significant robotics markets. This means that the Chinese robotics market is has been growing by try to overcome the challenge which is the regulatory frameworks and the labor market dynamics by availing technological breakthroughs such as AI, machine learning, and the need for smart manufacturing solutions.Global Robotics Company Analysis
Some leading Robotics companies are KUKA, iRobot Corporation, Intuitive Surgical, Inc., Panasonic Corporation, Fanuc, ABB Ltd, and Stryker Corporation.Global Robotics Company News:
April 2023: ABB Robotics was awarded the contract to deliver robots to Nobia, the premier kitchen specialist in Europe, for their new facility in Jönköping, Sweden. Securing the contract allows ABB Robotics to continue growing.March 2023: Denali Advanced Integration, the world's foremost services and technology integrator, has formed a new relationship with Universal Robots, the Danish manufacturer of collaborative robots, also known as cobots. Denali has become Universal Robots' largest Certified Solution Partner (CSP).
October 2022: ABB unveiled the tiniest industrial robot it has ever made, opening up novel possibilities for the quicker, more adaptable, and higher-quality manufacture of wearable intelligent devices. Advanced watches, headphones, sensors, and health monitors were among the gadgets that electronics makers could extend their output through automation thanks to the new IRB 1010's small size, class-leading payload, and unparalleled precision.
Key Questions Answered in This Report:
Industrial Robotics - Market & Volume has been covered from 6 viewpoints
1. Automotive Industry and Forecast2. Electrical and Electronics Industry and Forecast
3. Metal and Machinery Industry and Forecast
4. Plastic and Chemical Products
5. Food Industry and Forecast
6. Others
Service Robotics- Market & Volume Market has been covered from 5 viewpoints
1. Transportation & Logistics2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field
Countries - Market has been covered from 4 viewpoints:
North America
- United States
- Canada
- Mexico
- Others
Europe
- France
- Germany
- Italy
- Spain
- Others
Asia-Pacific
- China
- India
- Japan
- Republic of Korea
- Thailand
- Others
Rest of the World
Company Insights:
- Overview
- Recent Development & Strategy
- Product Portfolio
- Financial Insights
Key Players Analysis:
1. KUKA2. iRobot Corporation
3. Intuitive Surgical, Inc.
4. Panasonic Corporation
5. Fanuc
6. ABB Ltd
7. Stryker Corporation
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. SWOT Analysis
4. Market Dynamic
6. Global Robotics - Market Analysis
7. Global Robotics - Volume Analysis
8. Market Share Analysis - Global Robotics
9. Volume Share Analysis - Global Robotics
10. Industrial Robotics Market - Segments Analysis
11. Industrial Robotics Volume - Segments Analysis
12. By Region Industrial Robotics Market
13. Service Robotics Market - Segment Analysis
14. Service Robotics Volume - Segment Analysis
15. By Region Service Robotics Market
16. Company Analysis
Companies Mentioned
- KUKA
- iRobot Corporation
- Intuitive Surgical, Inc.
- Panasonic Corporation
- Fanuc
- ABB Ltd
- Stryker Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 47.69 Billion |
| Forecasted Market Value ( USD | $ 411.55 Billion |
| Compound Annual Growth Rate | 27.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
