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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

Product ID: SQSG45J2028