USD 79.5 billion
Report ID: SQSG45J2028 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 70 | Figures: 73
Robot Market size was valued at USD 79.5 billion in 2021 and is poised to grow from USD 89.27 billion in 2022 to USD 253.38 billion by 2030, growing at a CAGR of 12.29% in the forecast period (2023-2030).
Robot manufacturers are seeing a surge in robot market demand as more businesses implement industry 4.0 technologies and automation in their production lines. Technology providers are collaborating with market players to provide enterprise-grade automation solutions such as navigation, mapping, risk, and obstacle avoidance to robot manufacturers. The introduction of robotics technologies is expected to revolutionise last-mile delivery systems and open up new market opportunities for both existing and new delivery and service market leaders. Following COVID-19, several hotels, airports, and educational and research institutions are deploying delivery or service robots to deliver food and beverages to their customers and students. During the forecast timeframe, the rising adoption of delivery robots to promote more socially distant models of operation will propel industry growth.
Due to significant increases in investment in industrial robots around the world, the automotive industry is regarded as one of the most critical applications of industrial robots. For example, in 2020, BMW AG signed an agreement with KUKA to supply approximately 5,000 robots for use in new production lines and factories around the world. KUKA also stated that these industrial robots would be used to manufacture current and future vehicle models at the BMW Group's international production sites around the world.
US Robot Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 79.5 billion
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The global robot market is segmented based on the product, vertical and region. Based on the product, it is segmented into UVC disinfection robots [fully autonomous, semi-autonomous], delivery robots [serving robots, indoor delivery robots], guide robots, and security robots. Based on vertical, it is segmented retail, hospitality, education & scientific research, healthcare, residential, public, and food & beverage. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Vertical
The global robot market is segmented based on vertical into retail, hospitality, education & scientific research, healthcare, residential, public, and food & beverage. The hospitality industry will grow at the fastest rate through 2028. Hotels are deploying robots to improve service quality and gain a competitive advantage. Robots are increasingly being used in the hospitality industry to greet guests, transport luggage, provide housekeeping services, and deliver food. They can also be programmed to produce highly complex dishes with pinpoint precision and accuracy, increasing their market value. The growing number of medical robot system-assisted surgeries is driving up the market's product innovation rate. For example, Robot Apps created and launched a rehabilitation robot to assist health professionals with bed-ridden patients, reducing the need for nurses to perform tasks such as heavy lifting.
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The global robot market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global Robot market. Rapid technological progress, the presence of technically advanced consumers, and supportive government policies are major factors contributing to the positive market outlook for robots in North America. The federal government is invested in the future growth of the US robotics industry because it will have a significant impact on the overall US economy and increase global competitiveness. The United States launched the Innovations in Integration of Robotics (NRI-3.0) programme in 2021 as part of the National Robotics Initiative to support robotic research in the region. The programme funds research that promotes robot integration and benefits humanity. Rising R&D investments by major players in order to develop advanced robots will boost regional growth.
Furthermore, governments throughout the Asia-Pacific region have been working to improve their healthcare infrastructure. This will encourage medical facilities in the region to use laparoscopic procedures instead of traditional open surgeries. Medical facilities in Japan, for example, have already begun to replace traditional open surgeries with minimally invasive techniques, single-incision procedures, and robot-assisted surgeries.
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With a large number of regional and global players, the Global Robotics market is moderately competitive. Market vendors are concentrating their efforts on increasing their customer base in foreign countries. To capture a large revenue share and expand their global footprint, market participants are focusing on partnerships and the development of new advanced service robots. For instance, in July 2021, ABB acquired the ASTI Mobile Robotics Group in order to develop the next generation of flexible automation using autonomous mobile robots. The acquisition strengthens the company's robotics and machine automation solutions, allowing it to offer a unique automation portfolio and expand into new business categories.
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According to our global robot market analysis, Due to the widespread adoption of robots, the Asia-Pacific region is expected to grow at a rapid pace over the forecast period. Furthermore, due to massive electronic and automotive manufacturing industry deployment, South Korea and China are dominant in robotics adoption. According to the Bureau of Labour Statistics, there are 2,384,600 building janitors and cleaners. Companies spend approximately USD 60 billion per year on average. This does not include the high cost of insurance, as the janitorial industry has one of the highest rates of occupational injuries. For obvious reasons, factors like these are driving up demand for cleaning robots. The region's population ages, government organisations in the region intend to rely more on robots than on humans. For example, the Housing Development Board (Singapore) plans to use self-driving drones or robots to identify which parts of public housing blocks require cleaning. The primary goal is to use less water to clean by concentrating on the dirty areas.
|Market size value in 2021||USD 79.5 billion|
|Market size value in 2030||USD 89.27 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Robot 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 Global Robot 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.
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Product ID: SQSG45J2028