USD 34.06 billion
Report ID:
SQMIG20D2157 |
Region:
Global |
Published Date: July, 2024
Pages:
202
|Tables:
125
|Figures:
77
Global Robotics Market size was valued at USD 34.06 billion in 2022 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).
Robotics is a field that combines science, engineering, and technology to produce devices, or robots, imitating or replacing human actions. This technology is used by many end customers from healthcare, entertainment industry, logistics business to military industry. Robotics market includes a wide variety of robots like industrial ones, service robots, robots for medicine and agriculture, as well as driverless cars. During manufacture, industrial robots automate duties such as material handling, welding and assembling. There are also robots made to serve humans and they help with many tasks like housekeeping, childcare and customer support.
For companies hoping to make a big name for themselves in the robotics industry and seize new chances, market share positioning strategies are crucial. A vital strategy includes targeting specific industry verticals. Companies could build specialisation in various domains for example real estate, healthcare, strategy, horticulture among others; thus making it possible to configure their robotic solutions according to the specific needs and difficulties facing them. With the help of this targeted strategy, businesses can become experts in niche markets, gaining a competitive advantage and a significant share of the market in their specific industry.
Global Market Size
USD 34.06 billion
Largest Segment
Services Robotics
Fastest Growth
Services Robotics
Growth Rate
16.60% CAGR
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The global robotics market is segmented based on Robotics Type, Robotics Environment and Robotics Mobility. In terms of Robotics Type, the market is segmented into Autonomous Mobile Robots, Automated Guided Vehicle, articulated Robots, Humanoids, Cobots and Others. Based on the Robotics Environment, the market is grouped into Aerial, Ground and Marine. In terms of Robotics Mobility, the market is divided into Mobile Robotics and Fixed Robotics. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Robotics Type
As per categorization by robotics type, the market is classified as autonomous mobile robots, automated guided vehicle, articulated robots, humanoids, cobots and others. Among these, articulated robots earned the largest share and continue to dominate the market. The latest advancements in articulated robotics are critical to manufacturing since they facilitate operations like welding, assembly, and material handling. These advancements centre on improved precision, AI integration, and sophisticated motion control. They are the market leaders in the world of robotics because of their adaptability, dependability, and high efficiency in handling repeated, difficult jobs.
Due to its adaptability, AI is among the fastest growing segments in the world robotics industry as autonomous mobile robots (AMRs) dominate because of their adaptability when navigating through areas they are unfamiliar with, thus being able to work under different conditions with ease and efficiency. These include but not limited to shipping, warehouse management among others.
Analysis by Organization Outlook
Artificial intelligence (AI)-enhanced navigation, real-time data processing, and improved sensor technology are some of the current advancements in mobile robotics that enable autonomous operations in industries including logistics, healthcare, and agriculture. Due to their widespread use, flexibility to a variety of jobs and situations, and capacity to improve operational efficiency, mobile robotics command a large share of the market.
The fixed robotics mobility industry is expected to develop at the worlds fastest rate due to advancements in precision, automation, as well as the integration of AI. This sudden rise can trace its roots from their critical role of enhancing production consistency and efficiency coupled with an increase in demand for automated systems within manufacturing processes.
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Due to significant government support, a healthy manufacturing base, and substantial investments in automation, the Asia Pacific region leads the worldwide robotics market. Nations like China, Japan, and South Korea are fast increasing their use of robots especially to enhance productivity and efficacy in their manufacturing plants and factories. Growth is also enhanced by the presence of many large companies in robotics besides technological advancements and qualified personnel this reason makes them have a competitive advantage over others. Moreover, as the Asia Pacific focuses on the introduction of robots in various fields, including consumer electronics, healthcare services, and logistics, it becomes one of the main players in worldwide industrial robotics space thus continuously boosting the market.
The worldwide robotics market is expanding at the highest rate in North America because of the region's substantial R&D expenditure, automation and artificial intelligence (AI) breakthroughs. The use of robotics is growing in sectors such as transport, health, and the automotive industry, which is why innovation is stressed in the region that has tech hubs like Silicon Valley, encouraging advanced robotics solutions development. Additionally, the government supports market expansion through funding programs and supportive policies. North America is a major contributor to the robotics industry's rapid expansion due to the region's concentration of top robotics companies and the region's high need for automation to increase productivity and efficiency.
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Drivers
Rise of Robotic Automation in the Era of Industry 4.0
Rise of RPA in Finance, Insurance, and Customer Service
Restraints
Ethical Considerations in Robotics
Robotics Adoption Challenges for SMEs
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Due to the development of Artificial Intelligence (AI) technology and the rise in industrial robots, the robotics market has experienced substantial growth over the projection period. MRFR has examined some of the key robotics industry participants who have fueled the industry's expansion throughout the course of the study. ABB Limited, Sony Corporation, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Denso Corporation, Kawasaki Heavy Industries, Ltd., Honda Motor Co. Ltd., Boston Dynamics, iRobot Corporation, Nachi-Fujikoshi Corp., and Universal Robots A/S are a few of them.
Top Robotics Companies
Robotics Market Recent Developments
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.
As per SkyQuest analysis, the robotics business uses a wide range of robots, including industrial, service, medical, agricultural, and autonomous vehicles, for a variety of applications in industries such as defence, logistics, and medicine. If service robots aid in doing some chores at home and other customer services, industrial robots help in activities that involve mass production like welding and assembling. For one to do well in a very competitive robotics industry, market segmentation should also be carried out cautiously.
Businesses can focus on industrial verticals, such as manufacturing or healthcare, and customize robotic systems to address problems and acquire market knowledge. By focusing on certain areas, this strategy increases market share and competitiveness, setting up businesses for long-term success and innovation in the ever-changing robotics industry.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 34.06 billion |
Market size value in 2031 | USD 134.64 Billion |
Growth Rate | 16.60% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Robotics 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Robotics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Robotics 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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Report ID: SQMIG20D2157