What is the global market size of Robotics Market?

Global Robotics Market size was valued at USD 36.09 billion in 2022 and is poised to grow from USD 41.50 billion in 2023 to USD 126.96 billion by 2031, growing at a CAGR of 15.00% during the forecast period (2024-2031).

Who are the key vendors in the Global Robotics Market?

The Global Robotics Market is highly competitive with the presence of several key players. These players compete on the basis of product quality, technology innovation, pricing, and distribution network. These major players have a strong global presence and offer a wide range of robotics solutions for various applications. They also invest heavily in research and development activities to improve their product offerings and stay ahead of the competition. The competitive landscape of the global robotics market is expected to remain intense in the coming years, with players continuing to invest in research and development activities and strategic partnerships to stay ahead of the competition. 'Fanuc Corporation (Japan)', 'Yaskawa Electric Corporation (Japan)', 'ABB Ltd. (Switzerland)', 'Kuka AG (Germany)', 'Kawasaki Heavy Industries Ltd. (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'Denso Corporation (Japan)', 'Nachi-Fujikoshi Corp. (Japan)', 'Omron Corporation (Japan)', 'Universal Robots A/S (Denmark)', 'FANUC America Corporation (US)', 'Epson Robotics (Japan)', 'Staubli International AG (Switzerland)', 'YRG Inc. (US)', 'Comau S.p.A. (Italy)', 'Northrop Grumman Corporation (US)', 'Honda Motor Co., Ltd. (Japan)', 'Seiko Epson Corporation (Japan)', 'Yamaha Motor Co., Ltd. (Japan)', 'Adept Technology, Inc. (US)'

What is the key driver of Global Robotics Market?

The increasing demand for automation across industries is one of the major drivers of the robotics market. The use of robots in manufacturing, healthcare, and logistics industries has improved the overall efficiency and productivity of the processes. With the growing need for fast and accurate processes, the demand for automation is expected to increase further in the future, driving the growth of the robotics market.

What is the key market trend for Global Robotics Market?

Collaborative Robotics: Collaborative robots, also known as cobots, are robots designed to work alongside humans, performing tasks that require human interaction. These robots have gained popularity in recent years due to their ability to enhance productivity and safety in the workplace. For example, ABB's YuMi is a collaborative robot used in the electronics industry to perform tasks such as component insertion and packaging.

Which region accounted for the largest share in Global Robotics Market?

Asia Pacific dominates the global robotics market due to the region's high demand for industrial and service robots. In recent years, countries like China, Japan, and South Korea have invested heavily in the robotics industry, which has driven the growth of the market in the region. China, in particular, has become the world's largest market for industrial robots, with a rapidly growing domestic robotics industry.

Robotics Market Size, Share, Growth Analysis, By Component(Hardware (Sensor, Actuator, Power Source, Control System)), By Type(Personal/Domestic Robots, and Professional Robots), By Mobility (Mobile, and Fixed/Stationary), By Application(Inspection and Maintenance, Material Handling and Sorting, Security and Surveillance, Education and Entertainment), By Operating Environment(Ground and Underwater), By End-User(Manufacturing, Healthcare, Agriculture, Military and Défense), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2157 | Region: Global | Published Date: July, 2024
Pages: 202 | Tables: 125 | Figures: 77

Robotics Market News

In March 2024, ABB announced the introduction of the ABB IRB 1300, a new collaborative robot intended for material handling and small components assembly duties. This robot is designed to meet the changing demands of the industrial and logistics industries with its superior safety features and increased versatility.
In May 2024, Fanuc Corporation has increased the range of collaborative robots that are more flexible and can handle heavier loads improving the performance of the CRX-50iA model robot. It has the capacity to perform accurate tasks in car assembling and in making electronics due to its inbuilt AI features and visual sensors.
In June 2024, Yaskawa Electric Corporation released HC20DT collaborative robot for consumer products production and food handling purposes. This robot highlights security and cleanliness owing to persecution eminence in automation needed in fragile conditions; it has a dustproof structure according to strict industrial criteria of purity.

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Global Robotics Market size was valued at USD 34.06 Billion in 2022 and is poised to grow from USD 39.54 Billion in 2023 to USD 134.64 Billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

Key players are developing application-oriented and industry-specific robots to help the industry. The manufactures within the global marketplace are continually operating on producing purpose-built robots that can resolve a positive trouble or have a specific marketplace application. Industry-unique utility-orientated robot development assists important corporations in maintaining marketplace dominance. Several big players are developing their robotics commercial enterprise network during advanced economies which could have the funds for robots. Businesses are introducing feature and application-specific items to diversify their product portfolio and increase their competitiveness. 'Intuitive Surgical (US) ', 'Daifuku (Japan) ', 'DJI (China) ', 'iRobot (US) ', 'Kongsberg Maritime (Norway) ', 'DeLaval (Sweden) ', 'Amazon Robotics (US) ', 'Softbank Robotics (Japan) ', 'UBTECH Robotics (China) ', 'Precision Hawk (US) ', 'Hanson Robotics (China) ', 'CYBERDYNE (Japan) ', 'Parrot (France) ', 'GE Inspection Robotics (Switzerland) ', 'Stryker (US)'

Non-industrial robots have the potential to be market catalysts when developers and engineers adapt robotics technology to new application areas. Healthcare is expected to be the fastest expanding industry, with robots already playing an important part in less invasive surgery. Robots are now utilised in the healthcare industry for minor operations such as urology and gynaecology but may be used in more difficult medical procedures soon. Agriculture is another emerging field for robotics use, owing to a manpower scarcity and rising expenses. Crop harvesting robots are performing admirably. Picking vegetables and fruits without hurting them has become standard practice for robots. Intelligent robotic harvesters can be outfitted with cutting-edge graphic processing units (GPUs) to determine the ripeness of the fruit. As developers begin to construct application-centric robots, robotic technologies are quickly extending their application field. Thus, the rapid spread of automated technology use cases outside of industrial applications justifies the market's large growth.

Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency. Furthermore, many retail organisations are implementing in-store robots to detect real-time behaviours, assist operators, and eliminate human errors. Furthermore, because smart robotic vacuum cleaners are lightweight, compact, and low maintenance, they are widely used for mopping, cleaning, and ultraviolet (UV) sterilising of residential and commercial environments. This, together with the breakout of the coronavirus illness (COVID-19) and individuals' rising concern on preserving health and cleanliness, is positively affecting demand for smart robots to prevent pandemic spread and provide a safe workplace.

Asia-Pacific dominates the global robotics market due to high government support, quality manufacturing base and huge investments in automation. Countries such as China, Japan and South Korea are particularly rapidly increasing the use of robotics. They have a competitive advantage over others. Furthermore, as Asia Pacific focuses on introducing robots in sectors such as consumer electronics, healthcare services and logistics, it is becoming a major player in industrial robotics space across the globe thus continuing to drive the growth of the market.

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What is the global market size of Robotics Market?

Who are the key vendors in the Robotics Market?

What is the key driver of Robotics Market?

What is the key market trend for Robotics Market?

Which region accounted for the largest share in Robotics Market?

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