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

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). 

Service robots are robotic solutions specifically designed to help human workers complete service-related tasks more efficiently and effectively. The demand for service robots in the medical field has increased dramatically. As medical robotic system-assisted surgeries increase, the number of innovations in the market is expected to increase further. These robots can operate alone as well as with people in a variety of production and maintenance duties. They are commonly utilised to improve productivity and minimise labour costs in sectors such as automotive and manufacturing. Furthermore, advantages such as fewer accidents and improved precision are propelling market expansion. Factors such as the rising usage of autonomous robots for iterative tasks, fast technical advancements in robotics, and increased expenditures in industrial automation have accelerated the use in a variety of end use segments. 

The market is projected to be volatile due to mergers and acquisitions, intense rivalry, and the involvement of both new and existing players. The introduction of smart collaborative robots and AI-enabled systems with enhanced reliability and accuracy is likely to drive growth in the global market over the forecast period. They can connect to a cloud platform digitally to boost operational efficiency and business process agility. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in the industrial settings.