Robotics Technology Global Market Report 2024

Robotics technology involves the engineering and operation of machines capable of autonomously or semi-autonomously performing physical tasks on behalf of humans. The primary objective of robotics is to develop devices that can work automatically, executing complex tasks faster and more efficiently than humans. Robotics finds application in various verticals, aiming to reduce errors, enhance efficiency, and streamline work processes.

The main types of robotic technologies include industrial robots, mobile robots, service robots, and others. Industrial robots are mechanical machines programmed to automatically perform production-related tasks in industrial environments. These robots utilize components such as hardware, software, and services, with applications spanning aerospace manufacturing, agriculture, automotive manufacturing, building maintenance, chemical and fuel processing, construction, consumer product manufacturing, and other end-user industries.

The robotics technology market research report is one of a series of new reports that provides robotics technology market statistics, including global market size, regional shares, competitors with a robotics technology market share, detailed robotics technology market segments, market trends and opportunities, and any further data you may need to thrive in the robotics technology industry. This robotics technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The robotics technology market size has grown rapidly in recent years. It will grow from $85.37 billion in 2023 to $97.97 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth observed in the historical period can be attributed to advances in sensor technologies, the increasing requirements in industrial automation and manufacturing, a demand for efficiency and precision in various applications, a growing interest in humanoid robots, and a rising number of investments and funding in the technology sector.

The robotics technology market size is expected to see rapid growth in the next few years. It will grow to $170.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be attributed to the expansion of collaborative robotics, increased adoption of robotics in healthcare, a surge in the use of drones and unmanned systems, growth in consumer robotics applications, and the integration of 5G technology in robotics. Major trends expected in the forecast period include technological innovations in artificial intelligence, the development of soft robotics, the rise of Robotics as a Service (RaaS) models, a focus on explainable AI in robotics, and the promotion of human-robot collaboration across various industries.

The growth of the robotic technology market is being fueled by the increasing shift towards automation. The widespread adoption of automation, artificial intelligence, and other technological advancements is reshaping the interaction between humans and machines. Organizations are embracing automation to empower intelligent machines to make intricate or mission-critical decisions. This implementation of automation spans across entire enterprises and ecosystems, creating a more adaptable business environment capable of swift responses and the assimilation of new technological operating models. This departure from traditional methods has altered market dynamics, resulting in a surge in the adoption of robotics technology. For example, as of February 2022, the International Federation of Robotics reported a 6% increase in the number of industrial robots operating in UK factories, reaching 23,000 in 2021 compared to the previous year. The momentum towards automation is poised to be a driving force in the robotics technology market.

The robotics technology market is anticipated to experience growth due to the escalating labor costs. Rising labor costs, referring to expenses incurred by organizations in compensating their workforce, are compelling the adoption of robotics technology to streamline tasks efficiently and achieve cost savings. As of August 2023, the United States Department of Agriculture reported a 7.9% increase in the average hourly wage for agricultural managers, reaching $27.57 in 2022 compared to the previous year. This upward trend in labor costs is a key factor propelling the growth of the robotics technology market.

Key players in the robotics technology market are at the forefront of innovation, introducing new technologies like Solix to enhance services for customers. Solix, an autonomous crop monitoring robot developed by Solinftec, a Brazil-based ag-tech company, offers real-time insights into fields, operating on a plant-by-plant basis to optimize production and efficiency. Launched in May 2022, Solix is solar-powered and equipped with lithium-ion batteries for energy storage. It utilizes onboard cameras, sensors, and artificial intelligence (AI) technology to monitor plant health, identify insect damage, and detect changes in the field.

Major companies in the robotics technology sector are embracing cutting-edge technologies such as RelayRx. Developed by Relay Robotics Inc., a US-based robotics solutions company, RelayRx is a hospital delivery robot designed to address the nursing shortage. Launched in June 2023, RelayRx robots facilitate the safe transportation of hospital supplies, including test specimens, drugs, and equipment, through congested hospital settings. These robots feature improved navigational capabilities and chain-of-custody security features, moving freely throughout a hospital and connecting areas such as the pharmacy and blood bank with patient rooms in approximately seven minutes using Relay’s proprietary elevator technology.

In July 2021, ABB Group, a European-based automation company, acquired ASTI Mobile Robotics Group for an undisclosed amount. This acquisition is set to enhance ABB's robotics and automation offering, allowing the company to deliver a comprehensive automation portfolio while expanding into new industry segments. ASTI Mobile Robotics Group, a European-based manufacturer of autonomous mobile robots (AMRs), brings unique capabilities to ABB's portfolio.

Major companies operating in the in the robotics technology market report are Asea Brown Boveri Group (ABB), FANUC Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corporation, Denso Corporation, Yaskawa Electric Corporation, Omron Corporation, Seiko Epson Corporation, Stäubli Robotics, Komatsu Ltd., Panasonic Corporation, Nachi-Fujikoshi Corp., Adept Technology Inc., NVIDIA Corporation, Anduril Industries, Boston Dynamics Inc., Diligent Robotics Inc., Intuitive Surgical Inc., Starship Technologies Inc., Nuro Inc., iRobot Corporation, Vecna Robotics Inc., Toshiba Corporation, AeroVironment Inc., Raytheon Technologies Corporation, Stryker Corporation, NEC Corporation, Ribbon Communications Operating Company Inc., ZTE Corporation

Asia-Pacific was the largest region in the robotics technology market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the robotics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the robotics technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The robotics technology market consists of revenues earned by entities by providing consumer robots and medical robots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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