USD 79.5 Billion
Robotics Technology Market Size, Share, Growth Analysis, By Component(Hardware, software, and service), By Application(Manufacturing, healthcare, aerospace & defence, media & entertainment), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2150 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
75
Robotics Technology Market Insights
Robotics Technology Market size was valued at USD 89.27 Billion in 2022 and is poised to grow from USD 100.24 Billion in 2023 to USD 253.38 Billion by 2031, at a CAGR of 12.29% during the forecast period (2024-2031).
The global robotics technology market has been witnessing remarkable growth and transformation due to the increasing adoption of automation across various industries. One of the primary drivers of this market is the pursuit of improved efficiency and productivity in manufacturing and industrial processes. Industrial robots are increasingly used in industries such as automotive, electronics, and logistics to streamline operations, reduce labour costs, and enhance product quality. Additionally, the demand for service robots in sectors like healthcare, retail, and agriculture is growing as they offer assistance, support, and perform tasks that were previously human-dependent. The rise of Industry 4.0 and the Internet of Things (IoT) has also propelled the adoption of robotics technology. Integration with IoT enables robots to communicate and exchange data, enhancing their capabilities in data-driven decision-making and automation.
Moreover, advancements in artificial intelligence (AI) and machine learning have made robots smarter and more adaptable, enabling them to learn from their environments and perform complex tasks with greater accuracy. Despite the rapid growth, the Global Robotics Technology Market faces several challenges. High initial investment costs for purchasing and implementing robotics systems can deter small and medium-sized enterprises (SMEs) from adopting these technologies. Moreover, concerns over job displacement due to automation, especially in labour-intensive industries, have raised questions about the social and economic impact of robotics technology. Ensuring the safety and reliability of robots in collaborative environments with humans is another challenge that manufacturers need to address. As the demand for automation and robotics technology continues to rise, companies are expected to invest in research and development to create innovative solutions that are cost-effective, adaptable, and capable of addressing the specific needs of different industries. Furthermore, collaborations between robotics companies and industry players will play a crucial role in accelerating the market's growth and shaping the future of robotics technology on a global scale.
US Robotics Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
12.29% CAGR
Global Robotics Technology Market ($ Bn)
Country Share for Asia-pacific Region (%)
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Robotics Technology Market Segmental Analysis
The global robotics technology market is segmented on the basis of component, application, and region. By component, the market is segmented into hardware, software, and service. By application, the market is segmented into manufacturing, healthcare, aerospace & defence, media & entertainment, logistics, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Robotics Technology Market Analysis By Component
The global robotics technology market can be segmented by component into hardware, software, and service. Among these segments, hardware is the dominant component in terms of market share. Hardware components include the physical components of robotics systems, such as sensors, actuators, manipulators, and power sources. These components form the backbone of robotic systems and are essential for their functionality and performance. The increasing adoption of industrial robots in manufacturing and automation processes has been a significant driver for the growth of the hardware segment. The demand for advanced hardware components with improved precision, durability, and sensory capabilities has been instrumental in driving the dominance of the hardware segment in the robotics technology market.
On the other hand, the service segment is the fastest-growing component in the robotics technology market. Services include various support and maintenance offerings provided by robotics companies, such as installation, training, repair, and software updates. As the adoption of robotics technology continues to expand across different industries, there is a growing need for comprehensive services that ensure the smooth operation and optimization of robotic systems. Companies are increasingly offering value-added services, including customization, integration, and data analytics, to meet the specific requirements of their customers. The service segment's rapid growth can be attributed to the rising demand for reliable and efficient support services to maximise the benefits of robotics technology and minimise downtime in critical operations. As robotics technology becomes increasingly pervasive, the service segment is expected to witness sustained growth, offering new business opportunities for robotics companies and enhancing customer satisfaction in the global robotics technology market.
Robotics Technology Market Analysis By Application
The global robotics technology market can be segmented by application into manufacturing, healthcare, aerospace & defence, media & entertainment, logistics, and others. Among these segments, manufacturing is the dominant application in terms of market share. The manufacturing sector has been a pioneer in adopting robotics technology for automation and improving production processes. Industrial robots are extensively used in manufacturing industries to perform tasks such as assembly, welding, material handling, and painting, resulting in increased efficiency, reduced production time, and improved product quality. The relentless pursuit of operational excellence and cost reduction in manufacturing has led to the widespread adoption of robotics technology, driving the dominance of the manufacturing segment in the global robotics technology market.
The healthcare sector is the fastest-growing application in the robotics technology market. In recent years, there has been a significant increase in the use of robotics technology in healthcare for various applications, including surgical procedures, rehabilitation, patient care, and medical logistics. Surgical robots, in particular, have gained popularity for their precision, minimally invasive capabilities, and enhanced surgical outcomes. Additionally, robots are being used for tasks like medication dispensing, patient monitoring, and telemedicine, contributing to improved healthcare services. The aging population, the need for improved healthcare outcomes, and the potential to reduce medical errors have been driving factors for the rapid growth of robotics technology adoption in the healthcare sector.
Global Robotics Technology Market By Component
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Robotics Technology Market Regional Insights
Asia Pacific emerged as a major hub for robotics technology adoption and manufacturing, thereby dominating the market. Countries like China, Japan, and South Korea have been at the forefront of robotics technology development and deployment, driven by their focus on industrial automation and technological advancements. The strong presence of manufacturing industries, including automotive and electronics, has contributed to the dominance of the Asia-Pacific region in the global robotics technology market.
The fastest-growing region for robotics technology adoption is Latin America. While the market in Latin America is relatively smaller compared to other regions, it has been witnessing significant growth in recent years. The increasing interest in automation, industrial robotics, and service robotics across industries like manufacturing, healthcare, and agriculture has been driving the growth in the region. Additionally, the rising awareness of the benefits of robotics technology and the growing need for advanced solutions in logistics and warehousing are further propelling the market's expansion in Latin America. As businesses in the region increasingly recognize the potential of robotics to improve productivity and efficiency, the demand for robotics technology is expected to experience substantial growth, making Latin America the fastest-growing region in the global robotics technology market.
Global Robotics Technology Market By Region
- Largest
- Fastest
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Robotics Technology Market Dynamics
Robotics Technology Market Drivers
Increasing Demand for Automation
- The growing need for automation across various industries, such as manufacturing, healthcare, and logistics, is a major driver of the robotics technology market. Companies are adopting robotics to streamline operations, reduce labour costs, and improve productivity and efficiency.
Advancements in Artificial Intelligence (AI)
- The integration of AI into robotics technology has enhanced the capabilities of robots, making them more intelligent and adaptive. AI-powered robots can learn from their environments, make real-time decisions, and perform complex tasks with greater accuracy, driving their adoption in diverse applications.
Robotics Technology Market Restraints
High Initial Investment
- The initial cost of acquiring and implementing robotics technology can be substantial, particularly for small and medium-sized enterprises (SMEs), limiting their adoption of robotics solutions.
Complex Integration and Maintenance
- Integrating robotics technology into existing systems and processes can be complex and require specialised expertise, posing a challenge for some companies. Additionally, ongoing maintenance and support of robotics systems may also present operational challenges.
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Robotics Technology Market Competitive Landscape
The global robotics technology market features a highly competitive landscape with numerous players vying for market share. The market is characterised by the presence of a diverse range of companies, including established multinational corporations, innovative start-ups, and specialised robotics technology providers. These companies compete on various factors such as product innovation, performance, pricing, reliability, and customer service. The competition is further fueled by the continuous advancements in robotics technology, including artificial intelligence (AI) integration, advanced sensors, and collaborative capabilities. As robotics technology finds applications across industries, players are focusing on developing specialised solutions tailored to meet specific industry needs, ranging from manufacturing and healthcare to logistics and aerospace.
Strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed by companies to strengthen their market position, expand their product portfolios, and enter new geographic markets. Additionally, companies actively engage in marketing and promotional activities to create brand awareness and showcase their expertise in robotics technology. The competitive landscape of the Global Robotics Technology Market reflects the industry's dynamism and the commitment of companies to provide cutting-edge solutions and services to cater to the evolving needs of diverse industries worldwide.
Robotics Technology Market Top Player’s Company Profile
- ABB Ltd - Switzerland
- Fanuc Corporation - Japan
- Yaskawa Electric Corporation - Japan
- KUKA AG - Germany
- Mitsubishi Electric Corporation - Japan
- Universal Robots A/S (Teradyne) - Denmark
- Denso Corporation - Japan
- Omron Corporation - Japan
- Nachi-Fujikoshi Corporation - Japan
- Kawasaki Heavy Industries Ltd. - Japan
- Epson Robots (Seiko Epson Corporation) - Japan
- Rethink Robotics (Acquired by HAHN Group) - USA
- Siasun Robot & Automation Co., Ltd. - China
- Comau S.p.A. (Fiat Chrysler Automobiles) - Italy
- Adept Technology, Inc. (Omron Corporation) - USA
- Kongsberg Maritime AS - Norway
- Precise Automation, Inc. - USA
- Aethon Inc. (ST Engineering) - USA
- F&P Robotics AG - Switzerland
- Clearpath Robotics Inc. - Canada
Robotics Technology Market Recent Developments
- In January 2023, Boston Dynamics announced the release of its SpotMini robot, a smaller and more agile version of its popular Spot robot. SpotMini is designed for indoor use and can be used for a variety of tasks, such as delivering packages, inspecting facilities, and providing companionship.
- In February 2023, ABB announced the launch of its YuMi robot, a collaborative robot designed to work safely alongside humans. YuMi is designed for a variety of tasks in the electronics, food and beverage, and automotive industries.
Robotics Technology Key Market Trends
- Increasing Adoption of Collaborative Robots (Cobots): Collaborative robots, or cobots, are designed to work safely alongside humans, enabling close interaction and cooperation in various applications. The trend of deploying cobots is on the rise across industries as they offer flexible automation solutions, enhanced productivity, and improved worker safety.
- Advancements in Artificial Intelligence (AI): The integration of AI and machine learning algorithms in robotics technology has led to the development of more intelligent and adaptive robots. AI-powered robots can learn from their environments, make decisions, and perform complex tasks with greater precision, driving the adoption of AI-driven robotics solutions.
Robotics Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global robotics technology market analysis, Asia-Pacific leads the market as the dominant player and Latin America emerges as the fastest-growing region. The market is driven by the increasing adoption of automation across various industries. Robotics technology has evolved from traditional industrial robots to more intelligent and collaborative systems, incorporating artificial intelligence, advanced sensors, and cloud connectivity. Key market trends include the rising use of collaborative robots (cobots) that work alongside humans, advancements in AI-driven robotics, and the diversification of robotics applications in sectors like healthcare, logistics, and business processes. The market has witnessed growing interest in robotics for environmental sustainability, waste management, and agriculture, contributing to a greener and more efficient future. Additionally, the emergence of Robotics as a Service (RaaS) models has made robotics solutions more accessible and scalable for businesses. While challenges like high initial investment and concerns about job displacement exist, the benefits of robotics technology in terms of efficiency, productivity, and worker safety continue to drive adoption. As companies invest in research and development, the market is expected to witness further innovations and expand its applications across industries. The Global Robotics Technology Market remains poised for sustained growth and technological advancements, playing a pivotal role in shaping the future of automation and enhancing human-machine collaboration worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 89.27 Billion |
| Market size value in 2031 | USD 253.38 Billion |
| Growth Rate | 12.29% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Robotics Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Robotics Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Robotics Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Robotics Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Robotics Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Robotics Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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