Global Robot Market

Robot Market Size, Share, Growth Analysis, By Product(UVC Disinfection Robots [Fully Autonomous, Semi-Autonomous], Delivery Robots [Serving Robots, Indoor Delivery Robots]), By Vertical(Retail, Hospitality, Education & Scientific Research, Healthcare), By Region - Industry Forecast 2024-2031


Report ID: SQSG45J2028 | Region: Global | Published Date: April, 2024
Pages: 157 |Tables: 70 |Figures: 73

Robot Market Insights

Robot Market size was valued at USD 79.5 billion in 2019 and is poised to grow from USD 89.27 billion in 2023 to USD 253.38 billion by 2031, growing at a CAGR of 12.29% in the forecast period (2024-2031).

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 2019, 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.

Market snapshot - 2024-2031

Global Market Size

USD 79.5 billion

Largest Segment

Hospitality

Fastest Growth

Retail

Growth Rate

12.29% CAGR

Global Robot Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
Global Robot Market Size By Vertical , 2021-2028 ($ Bn)
Global Robot Market Size By Vertical, 2021-2028 (%)

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Robot Market Segmental Analysis

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.

Robot Market 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.

Global Robot Market By Vertical, 2021(%), 2023 (%)

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Robot Market Regional Insights

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.

Global Robot Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Robot Market Dynamics

Robot Market Driver

  • Increased hygienic requirements created a new market for service robots. As a result, many manufacturers are planning to launch new disinfection robots in 2020. Companies that deliver food and other purchases are seeing an increase in demand. Following this growing interest, the global growth of food and medication delivery robots is expected in 2021. This demand would also drive the demand for last-mile delivery robots.

Robot Market Restrain

  • One of the major factors influencing robot market expansion is the loss of manual jobs. The advancement of automation technology is expected to displace jobs and increase economic inequality. According to an Oxford Economics report published in 2018, up to 20 million manufacturing jobs could be replaced by robots by 2030, raising the unemployment rate in low-skill jobs.

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Robot Market Competitive Landscape

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.

Robot Market Top Players Company Profiles

  • Yaskawa Electric Corporation
  • Fanuc Corporation
  • Yamaha Motor Co. Ltd
  • ABB Ltd.
  • Fanuc Corporation
  • Kawasaki Heavy Industries, Ltd.
  • Mitsubishi Electric Corporation
  • Universal Robots A/S
  • Nachi-Fujikoshi Corporation
  • Denso Corporation
  • Omron Adept Technologies, Inc.
  • Epson Robots
  • Stäubli International AG
  • Comau S.p.A.
  • Dürr AG
  • Siasun Robot & Automation Co., Ltd.
  • Schunk GmbH & Co. KG
  • Adept Technology, Inc.

Robot Market Recent Developments

  • In April 2021, Panasonic Corporation unveiled a mass-production model of its Walk Training Robot, which is intended to provide safe and effective walk training for elderly people. In addition, the company provides a robot-assisted service to care facilities, hospitals, and other organisations.
  • In February 2021, Wipro Limited and Yaskawa India Pvt. Ltd., a subsidiary of Yaskawa Electric Corporation, announced their alliance by signing a Memorandum of Understanding (MOU) on a joint commitment to target global automation projects. The collaboration allows the company to supply Yaskawa robots in India and abroad (including an international warranty).
  • In January 2021, OMRON Corporation has begun selling the i4 series SCARA robot, which automates high-speed, high-precision assembly and transportation while being easy to install.

Robot Key Market Trends

  • The popular Robotics-as-a-Service (RaaS) business models make it easier for customers to automate with robots. The benefit is that companies do not have to invest in hardware, so they have no fixed capital, no fixed costs, and no need for robot operators. The use of logistics systems in non-manufacturing industries has strongly influenced warehouse solutions for major e-commerce companies. Hospitals that run their logistics with the help of professional service robots have a lot of potential. Approximately 90% of the logistics robots sampled were produced in Europe and North America, with the remaining 10% produced in Asia.
  • Due to increasing demand for surgical robotics and the growth in lab and pharmacy automation, AI and robotic technologies are widely used in the healthcare sector. In addition, there has been an increase in demand for collaborative robots to avoid any potential errors. These robots can work alongside humans and are significantly less expensive than their industrial counterparts.

Robot Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2023 USD 79.5 billion
Market size value in 2031 USD 253.38 billion
Growth Rate 12.29%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • UVC Disinfection Robots [Fully Autonomous, Semi-Autonomous], Delivery Robots [Serving Robots, Indoor Delivery Robots], Guide Robots, Security Robots
  • Vertical
    • Retail, Hospitality, Education & Scientific Research, Healthcare, Residential, Public, Food & Beverage
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
  • Yaskawa Electric Corporation
  • Fanuc Corporation
  • Yamaha Motor Co. Ltd
  • ABB Ltd.
  • Fanuc Corporation
  • Kawasaki Heavy Industries, Ltd.
  • Mitsubishi Electric Corporation
  • Universal Robots A/S
  • Nachi-Fujikoshi Corporation
  • Denso Corporation
  • Omron Adept Technologies, Inc.
  • Epson Robots
  • Stäubli International AG
  • Comau S.p.A.
  • Dürr AG
  • Siasun Robot & Automation Co., Ltd.
  • Schunk GmbH & Co. KG
  • Adept Technology, Inc.
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Historical Year 2019

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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 Robot 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
  • 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 Robot 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
  • 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
  • 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(%)

Methodology

For the 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 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.

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 Robot Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Robot 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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FAQs

Robot Market size was valued at USD 79.5 billion in 2019 and is poised to grow from USD 89.27 billion in 2023 to USD 253.38 billion by 2031, growing at a CAGR of 12.29% in the forecast period (2024-2031).

With a large number of regional and players, the 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 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. 'Yaskawa Electric Corporation', 'Fanuc Corporation', 'Yamaha Motor Co. Ltd', 'ABB Ltd.', 'Fanuc Corporation', 'Kawasaki Heavy Industries, Ltd.', 'Mitsubishi Electric Corporation', 'Universal Robots A/S', 'Nachi-Fujikoshi Corporation', 'Denso Corporation', 'Omron Adept Technologies, Inc.', 'Epson Robots', 'Stäubli International AG', 'Comau S.p.A.', 'Dürr AG', 'Siasun Robot & Automation Co., Ltd.', 'Schunk GmbH & Co. KG', 'Adept Technology, Inc.'

Increased hygienic requirements created a new market for service robots. As a result, many manufacturers are planning to launch new disinfection robots in 2020. Companies that deliver food and other purchases are seeing an increase in demand. Following this growing interest, the growth of food and medication delivery robots is expected in 2021. This demand would also drive the demand for last-mile delivery robots.

The popular Robotics-as-a-Service (RaaS) business models make it easier for customers to automate with robots. The benefit is that companies do not have to invest in hardware, so they have no fixed capital, no fixed costs, and no need for robot operators. The use of logistics systems in non-manufacturing industries has strongly influenced warehouse solutions for major e-commerce companies. Hospitals that run their logistics with the help of professional service robots have a lot of potential. Approximately 90% of the logistics robots sampled were produced in Europe and North America, with the remaining 10% produced in Asia.

The 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 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 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.

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Global Robot Market

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