Global Robotics Market

Robotics Market Size, Share, Growth Analysis, By Type(Industrial Robotics, Services Robotics), Application(Disinfection, Shelf Scanning, Delivery, Security & Inspection, Others), Purpose, Component, Payload, End-user, and Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2157 | Region: Global | Published Date: July, 2024
Pages: 202 | Tables: 125 | Figures: 77

Robotics Market Insights

Global Robotics Market size was valued at USD 34.06 Billion in 2022 and is 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). 

Service robots are robotic solutions specifically designed to help human workers complete service-related tasks more efficiently and effectively. The demand for service robots in the medical field has increased dramatically. As medical robotic system-assisted surgeries increase, the number of innovations in the market is expected to increase further. These robots can operate alone as well as with people in a variety of production and maintenance duties. They are commonly utilised to improve productivity and minimise labour costs in sectors such as automotive and manufacturing. Furthermore, advantages such as fewer accidents and improved precision are propelling market expansion. Factors such as the rising usage of autonomous robots for iterative tasks, fast technical advancements in robotics, and increased expenditures in industrial automation have accelerated the use in a variety of end use segments. 

The market is projected to be volatile due to mergers and acquisitions, intense rivalry, and the involvement of both new and existing players. The introduction of smart collaborative robots and AI-enabled systems with enhanced reliability and accuracy is likely to drive growth in the global market over the forecast period. They can connect to a cloud platform digitally to boost operational efficiency and business process agility. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in the industrial settings.

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Global Robotics Market size was valued at USD 34.06 Billion in 2022 and is 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). 

Key players are developing application-oriented and industry-specific robots to help the industry. The manufactures within the global marketplace are continually operating on producing purpose-built robots that can resolve a positive trouble or have a specific marketplace application. Industry-unique utility-orientated robot development assists important corporations in maintaining marketplace dominance. Several big players are developing their robotics commercial enterprise network during advanced economies which could have the funds for robots. Businesses are introducing feature and application-specific items to diversify their product portfolio and increase their competitiveness. 'Intuitive Surgical (US) ', 'Daifuku (Japan) ', 'DJI (China) ', 'iRobot (US) ', 'Kongsberg Maritime (Norway) ', 'DeLaval (Sweden) ', 'Amazon Robotics (US) ', 'Softbank Robotics (Japan) ', 'UBTECH Robotics (China) ', 'Precision Hawk (US) ', 'Hanson Robotics (China) ', 'CYBERDYNE (Japan) ', 'Parrot (France) ', 'GE Inspection Robotics (Switzerland) ', 'Stryker (US)'

Non-industrial robots have the potential to be market catalysts when developers and engineers adapt robotics technology to new application areas. Healthcare is expected to be the fastest expanding industry, with robots already playing an important part in less invasive surgery. Robots are now utilised in the healthcare industry for minor operations such as urology and gynaecology but may be used in more difficult medical procedures soon. Agriculture is another emerging field for robotics use, owing to a manpower scarcity and rising expenses. Crop harvesting robots are performing admirably. Picking vegetables and fruits without hurting them has become standard practice for robots. Intelligent robotic harvesters can be outfitted with cutting-edge graphic processing units (GPUs) to determine the ripeness of the fruit. As developers begin to construct application-centric robots, robotic technologies are quickly extending their application field. Thus, the rapid spread of automated technology use cases outside of industrial applications justifies the market's large growth. 

Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency. Furthermore, many retail organisations are implementing in-store robots to detect real-time behaviours, assist operators, and eliminate human errors. Furthermore, because smart robotic vacuum cleaners are lightweight, compact, and low maintenance, they are widely used for mopping, cleaning, and ultraviolet (UV) sterilising of residential and commercial environments. This, together with the breakout of the coronavirus illness (COVID-19) and individuals' rising concern on preserving health and cleanliness, is positively affecting demand for smart robots to prevent pandemic spread and provide a safe workplace. 

Asia-Pacific dominates the global robotics market due to high government support, quality manufacturing base and huge investments in automation. Countries such as China, Japan and South Korea are particularly rapidly increasing the use of robotics. They have a competitive advantage over others. Furthermore, as Asia Pacific focuses on introducing robots in sectors such as consumer electronics, healthcare services and logistics, it is becoming a major player in industrial robotics space across the globe thus continuing to drive the growth of the market.  

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Global Robotics Market

Report ID: SQMIG20D2157

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