USD 36.09 billion
" "
Report ID:
SQMIG20D2157 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
64 |
Figures:
75
Global Robotics Market size was valued at USD 36.09 billion in 2022 and is poised to grow from USD 41.50 billion in 2023 to USD 126.96 billion by 2031, growing at a CAGR of 15.00% during the forecast period (2024-2031).
The global robotics market is experiencing significant growth due to advancements in technology, increased demand for automation, and cost savings in the long run. Robotics has become an integral part of various industries, including manufacturing, healthcare, and automotive, among others. The purpose of this market analysis is to provide insights into the current state and future trends of the robotics market. The driving factor for the growth of the global robotics market is the increasing demand for automation and the need to improve efficiency, productivity, and quality. Additionally, the rise in labor costs and the need for cost savings in the long run has also led to the increased adoption of robotics. The major restraining factor for the global robotics market is the high cost of initial investments, which can be a significant barrier for small and medium-sized enterprises. Additionally, there is a lack of skilled workforce and the need for specialized training to operate and maintain the robots, which can be a challenge for companies. The robotics market presents various opportunities for growth and expansion. The increasing demand for automation in emerging economies, such as China and India, presents a significant opportunity for the market. The healthcare industry, in particular, presents a huge opportunity for growth due to the aging population and the need for specialized care.
Global Market Size
USD 36.09 billion
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
15.00% CAGR
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The global robotics market is segmented on the basis of application, end-user, and region. In terms of application, the market is segmented into industrial, and services. Based on categorization by end-user, the market is segmented into manufacturing, healthcare, aerospace and defense, media and entertainment, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Robotics Market Analysis by Application
The industrial sector is expected to be a significant contributor to the growth of the industrial robot’s market, owing to its usage in various industrial applications such as welding, cutting, grinding, painting, and material handling. Manufacturers across different industries are expected to adopt intelligent manufacturing technologies like robotics, automation, AI, and cloud computing in the coming years, to enhance production efficiency, competitiveness, and operational excellence. As a highly competitive environment puts pressure on firms to cut costs and lead times while improving safety and production throughput, robotics is becoming a more attractive solution. The automotive, metals and engineering, and electrical and electronics sectors are likely to experience substantial growth in the coming years due to significant investments in production capacity and the adoption of lightweight materials and energy efficiency technologies, made possible by industrial robots. The increasing use of robots in key end-use industries such as automotive, metals and mining, food and beverages, etc., is expected to boost the demand for industrial robots and drive market growth during the forecast period.
Robotics Market Analysis by End-user
In modern manufacturing operations, robots are widely used for repetitive tasks to optimize the entire assembly process. Typically, industrial robots are deployed for material handling, machining, assembly, and inspection tasks. Material handling applications include tasks like loading and unloading machines, and transferring workpieces or materials from one area to another. In machining operations, robots operate tools to perform processes on workpieces, such as spot welding, continuous arc welding, and spray painting. Spot welding of automobile bodies is a popular application of industrial robots in the United States. Assembly and inspection tasks are also ideal for robots, particularly in sectors where manual labor is expensive. Consequently, the use of robots for assembly is expected to increase during the forecast period. The robotics market has grown steadily as more players invest in these systems to improve manufacturing processes, including those related to transportation, assembly line operations, and warehouse management. The manufacturing industry is increasingly adopting robots due to their small turning radius, which facilitates internal conveying processes. more manufacturers are adopting Industry 4.0 and leveraging advanced technologies as part of their digital transformation efforts.
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Asia Pacific dominates the global robotics market due to the region's high demand for industrial and service robots. In recent years, countries like China, Japan, and South Korea have invested heavily in the robotics industry, which has driven the growth of the market in the region. China, in particular, has become the world's largest market for industrial robots, with a rapidly growing domestic robotics industry.
The fastest-growing region in the robotics market is expected to be the Middle East and Africa. The growth is attributed to the increasing adoption of automation technologies in the region, particularly in manufacturing and logistics sectors. Additionally, the rising adoption of robots for various applications, such as healthcare and agriculture, is also driving the growth of the robotics market in the region.
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Robotics Market Drivers
Increasing Demand for Automation
Advancements in AI and Machine Learning Technologies
Robotics Market Restraints
High Initial Investments
Lack of Skilled Workforce
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The Global Robotics Market is highly competitive with the presence of several key players. These players compete on the basis of product quality, technology innovation, pricing, and distribution network. These major players have a strong global presence and offer a wide range of robotics solutions for various applications. They also invest heavily in research and development activities to improve their product offerings and stay ahead of the competition. The competitive landscape of the global robotics market is expected to remain intense in the coming years, with players continuing to invest in research and development activities and strategic partnerships to stay ahead of the competition.
Top Player’s Company Profiles in Global Robotics Market
Global Robotics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global robotics market analysis, the increasing adoption of automation and robotics in various industries. The market is expected to continue to grow in the coming years due to advancements in technology and the increasing demand for robotics solutions in various applications. The major drivers of the robotics market are the growing demand for automation in manufacturing and industrial processes. Robots can perform repetitive tasks with high accuracy and consistency, which can help to improve productivity, reduce errors, and increase efficiency in manufacturing operations. The robotics market is the growing demand for robotics solutions in the healthcare sector. Robotics can be used in various healthcare applications, including surgery, rehabilitation, and assistance for elderly and disabled individuals. The robotics market is a dynamic and rapidly evolving industry, with significant potential for growth in the coming years as automation and robotics continue to transform various industries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 36.09 billion |
Market size value in 2031 | USD 126.96 billion |
Growth Rate | 15.00% |
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.
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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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