Global Robotics Market Assessment, By Product Type [Industrial, Service] By Technology [AI-powered, Remote-controlled, Autonomous, Others], By Application [Material Handling, Assembling and Disassembling, Welding and Soldering, Dispensing and Processing, Security and Inspection, Cleaning and Sanitization, Personal Assistance, Others], By Region, Opportunities and Forecast, 2017-2031F

Robotics Market is projected to witness a CAGR of 15.61% during the forecast period 2024-2031, growing from USD 109.62 billion in 2023 to USD 349.83 billion in 2031.

Robotics Market Size, Share, Analysis, Trends, Growth and Forecast 2031

Global robotics market&nbsp;is projected to witness a&nbsp;CAGR of 15.61%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 109.62 billion&nbsp;in 2023 to&nbsp;USD 349.83 billion&nbsp;in 2031. The market is growing exponentially due to rapid technological advancements in artificial intelligence and machine learning, increasing labor shortages, and rising labor costs, along with escalating demand for automation, implementation of various government initiatives and funding, and the expansion of application areas.
Robots are employed by a wide range of end-users, including medical, entertainment, field, logistics, and defense. Industrial robots are deployed in various manufacturing areas, including automotive, food and beverage, and electronics. Service robots help people by performing tasks. These include personal robots for household activities, including vacuuming, cleaning, surveillance, and assisting the elderly or handicapped, professional robots for proficient cleaning, field robotics, inspection and maintenance, logistics, and entertainment robots for hobby, education, and research.
Technological investments and funding are one of the significant factors driving the growth of the global robotics market. According to the International Federation of Robotics' World Robotics report, investments in new vehicle production capacities and industry modernization have driven demand for robots. Furthermore, the development of robots with voice and language recognition, quick communication, learning skills, mobility, portability, and dexterity will expand market feasibility. Due to Industry 4.0 and regional digitalization initiatives, including robotic trade shows in various locations, the robotics market is expected to evolve. Overall, there is tremendous competition among the current players that collaborate and expand their operations with new entrants, expected to increase the global robotics market size.
For instance, in January 2024, ABB Ltd. acquired a Swiss startup, Sevensense Robotics AG, a provider of AI-enabled 3D vision navigation technology for autonomous mobile robots (AMRs). The acquisition follows pilot customer projects in the automotive and logistics industries, offering an unprecedented combination of speed, accuracy, and payload.
<h2 style="text-align: justify;">Expanding Role of Robotics in New Applications</h2>
The increasing number of robotics applications is a crucial driver propelling the market growth. Robotics has been widely used in automobile and electronics manufacturing. However, recent improvements have created a multitude of new uses in a variety of other industries, including agriculture, for operations such as planting, weeding, and harvesting, hence increasing efficiency and reducing dependency on manual labor. Furthermore, robots are being used in the medical industry for procedures, diagnostics, and patient rehabilitation. In the retail and hotel industries, robots are stationed for customer service and operational activities. The growth in new fields is being driven by the versatility and adaptability of modern robotic systems, which can perform a wide range of activities.
For instance, in November 2023, Sodexo and Bear Robotics, Inc. entered a partnership to revolutionize healthcare services by integrating technology with human-centric care. The partnership aims to create a new era of patient and staff support, setting an industry benchmark for excellence. Strategic pilots in the United States are set for 2024, paving the way for a future where technology harmonizes with genuine human care, benefiting patients and healthcare professionals.
<h2 style="text-align: justify;">Rapid Technological Advancements Fueling the Robotics Market Growth</h2>
The incorporation of advanced technology, such as artificial intelligence and machine learning, which allow robots to learn from their surroundings, adapt to new tasks, and improve their performance over time, is driving market expansion. Furthermore, recent advancements in sensor technology have improved robot perception abilities, allowing them to interact more effectively with their surroundings and complete demanding jobs with greater accuracy, hence positively influencing market growth. Apart from that, increasing trends in electronic component miniaturization are driving the creation of smaller, more efficient, and cost-effective robotic systems, which is adding to market growth. Technological advancements increase robot functioning and make them more accessible to a wider range of sectors, hence fueling market growth.
For instance, in August 2024, Jiangnan University researchers developed a scalable and easily designable textile engineering approach for fabricating woven and soft actuators for healthcare technologies and robotic systems. The sensing yarns produced do not add weight, stiffness, or bulkiness to textiles, allowing actuators to monitor their own movements without losing flexibility and adaptability. The yarn is demonstrated for developing bilateral bending actuators, which could be used as soft robotic grippers to mimic animal movements, expanding the potential application of textile-based soft robotics.
<h2 style="text-align: justify;">Government Initiatives Acting as a Catalyst for Boosting the Robotics Market</h2>
Governments around the world recognize robotics' ability to improve productivity, competitiveness, and innovation, thus introducing several initiatives and funding programs to encourage the development and implementation of robotic technologies. These initiatives usually involve research grants, tax breaks, and co-financing alternatives for enterprises that invest in robots. Furthermore, governments fund research organizations and colleges to promote robotic technologies, collaborate with business partners to develop new applications and provide financial assistance to robotics startups. These programs are critical for supporting innovation, lowering the financial risks of investing in new technology, and encouraging enterprises to use robotic solutions.
For instance, in October 2023, The Indian Ministry of Electronics and Information Technology (MeitY) released a draft National Strategy on Robotics, aiming to promote responsible AI adoption and develop public trust. The strategy includes initiatives, such as Digital India Bhashini and Youth for Unnati &amp; Vikas (YUVAi), aiming to position India as a global leader in robotics, enhancing its transformative potential. It builds upon Make in India 2.0, which identified robotics as one of the 27 sub-sectors and strengthens India's industrial capabilities.
<h2 style="text-align: justify;">Service Robots to Dominate the Global Robotics Market Share</h2>
The service robotics segment constitutes the largest market share as it includes robots designed to assist humans and execute activities in non-industrial environments. It has uses in healthcare, logistics, agriculture, retail, and home use. Service robots are distinguished by their adaptability and ability to interact safely with humans and the environment. They help with surgeries, patient care, rehab, warehouse automation, inventory management, and delivery services. Furthermore, the increasing expansion of the service segment, fueled by technological advancements that have made service robots more affordable and capable, propelling market growth.
For instance, in June 2024, LG Business Solutions USA Inc. unveiled its latest LG CLOi ServeBot, the LDLIM31, an autonomous service robot designed for safe deliveries in hospitality and healthcare settings. The four-door robot has ample storage and can perform simple tasks, reducing staffing burdens. It can use elevators and has six independent wheels for stability. Equipped with algorithms for navigation, it can communicate with up to 20 other CLOi ServeBots to maximize efficiency and avoid potential collisions.
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<h2 style="text-align: justify;">Asia-Pacific Dominates Robotics Market Share</h2>
Asia-Pacific dominates the robotics market due to the widespread use of robots in production, especially in the automotive and electronics industries. Furthermore, the extensive use of industrial robots in countries such as China to improve production efficiency and quality is driving the growth of the market. Rising labor costs, a push for automation to maintain manufacturing competitiveness, and the leadership of Asia-Pacific countries, such as China and Japan, are adding to market growth.
For instance, in June 2024, AutoStore AS, a Norwegian warehouse automation company, opened a robot factory in Thailand to boost its growth in the Asia-Pacific market. With over 1,450 units in 54 countries, AutoStore aims to reduce delivery times and improve customer service in critical markets such as Australia, Japan, and Singapore. The company witnesses Thailand's skilled workforce, robust infrastructure, and government support for automation as key attractions for the deployment of robots.
Future Market Scenario (2024 &ndash; 2031F)
1.&nbsp;Robots are set to rapidly replace humans in low-paying and less skill-intensive jobs due to shortages of manual laborers and pay escalations in low-wage countries.
2.&nbsp;Advancements in artificial intelligence and other technological advances involving machine intelligence, connectivity, and control will revolutionize human-to-robot interactions.
3.&nbsp;The usage of robots is expected to grow significantly in healthcare, agriculture, and defense applications. This will create large opportunities in the market.
Report Scope
&ldquo;Robotics Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global robotics market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 15.61% between 2024 and 2031
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Revenue Forecast in 2031
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USD 349.83 billion
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Segments Covered
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Product Type, Technology, Application
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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ABB Ltd., Yaskawa Electric Corporation, Fanuc Corporation, Kuka AG (Midea Group), Kawasaki Heavy Industries, Ltd., Universal Robots A/S, Boston Dynamics, Inc., Denso Corporation, SZ DJI Technology Co., Ltd., OMRON Corporation
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global robotics market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Product Type
<ul>
<li>Industrial
<ul>
<li>Articulated</li>
<li>Cartesian</li>
<li>SCARA</li>
<li>Cylindrical</li>
<li>Delta</li>
<li>Polar</li>
<li>Collaborative</li>
<li>Others</li>
</ul>
</li>
<li>Service
<ul>
<li>Personal</li>
<li>Professional</li>
<li>Entertainment</li>
</ul>
</li>
<li>By Technology
<ul>
<li>AI-powered</li>
<li>Remote-controlled</li>
<li>Autonomous</li>
<li>Other</li>
</ul>
</li>
<li>By Application
<ul>
<li>Material Handling</li>
<li>Assembling and Disassembling</li>
<li>Welding and Soldering</li>
<li>Dispensing and Processing</li>
<li>Security and Inspection</li>
<li>Cleaning and Sanitization</li>
<li>Personal Assistance</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Key players are actively engaged in various strategic initiatives aimed at strengthening their market positions and responding to the sector's changing demands. They are making significant investments in research and development to create and improve their robotic technologies. Furthermore, numerous industry players are broadening their global footprint through collaborations, mergers, and acquisitions to speed up the development and delivery of robotic solutions. Moreover, large corporations are now concentrating on customizing their services to meet unique industry needs, which requires close engagement with clients to create tailored solutions.
In June 2024, the Robot market platform HowToRobot and Gain &amp; Co. have merged to form a global automation market platform and vendor-independent advisory company. The new company offers guidance and support for businesses looking to automate, offering easy access to automation and robotics suppliers globally.
In October 2023, Rockwell Automation, Inc. acquired Clearpath Robotics, Inc., a robotics development company based in Kitchener, Canada, and its industrial division, OTTO Motors, which provides warehouse-focused autonomous mobile robotics (AMRs). The company is expected to pay between USD 550 million and USD 600 million upfront for both divisions.
Key Players Operating in Global Robotics Market are:
<ul style="text-align: justify;">
<li>ABB Ltd.</li>
<li>Yaskawa Electric Corporation</li>
<li>Fanuc Corporation</li>
<li>Kuka AG (Midea Group)</li>
<li>Kawasaki Heavy Industries, Ltd.</li>
<li>Universal Robots A/S</li>
<li>Boston Dynamics, Inc.</li>
<li>Denso Corporation</li>
<li>SZ DJI Technology Co., Ltd.</li>
<li>OMRON Corporation</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
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Global Robotics Market Assessment, Opportunities and Forecast, 2017-2031F

The global robotics market is anticipated to grow rapidly due to expanding role of robotics in new applications, rapid technological advancements, government initiatives and funding.

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