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

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 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. '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'

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.

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.

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.