The Robotics Technology by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Robotics Technology, The robotics technology market size has grown rapidly in recent years. It will grow from $85.37 billion in 2023 to $97.97 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to advances in sensor technologies, industrial automation and manufacturing needs, demand for efficiency and precision, growing interest in humanoid robots, growing number of investments and fundings in the field of technology.
The robotics technology market size is expected to see rapid growth in the next few years. It will grow to $170.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to expansion of collaborative robotics, adoption of robotics in healthcare, increased use of drones and unmanned systems, growth in consumer robotics applications, integration of 5g technology in robotics. Major trends in the forecast period include technological innovations in artificial intelligence, development of soft robotics, robotics as a service (raas) models, emphasis on explainable ai in robotics, human-robot collaboration in various industries.
The increasing shift towards automation is driving the growth of the robotic technology market. The increasing use of automation, artificial intelligence, and other technologies is altering how humans and machines interact. Many organizations have expanded automation to indicate that it will allow intelligent machines to make complex or mission-critical decisions. The use of automation is deployed across an enterprise and ecosystem to build a more adaptable business that can respond quickly and adopt new technological operating models. This shift towards automation from the traditional method has changed the market dynamics, leading to an increase in the adoption of robotics technology. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, there are 23,000 industrial robots operating in UK factories in 2021, an increase of 6% from the previous year. Therefore, the increasing shift towards automation will drive the robotics technology market going forward.
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The robotics technology market covered in this report is segmented –
1) By Type: Industrial Robots, Mobile Robots, Service Robots, Other Types
2) By Component: Hardware, Software, Service
3) By End User: Aerospace Manufacturing, Agriculture, Automotive Manufacturing, Building Maintenance, Chemical and Fuel Processing, Construction, Consumer Products Manufacturing, Other End Users
Major companies operating in the robotic technology are innovating new technology, such as the Solix to provide reliable services to customers. Solix is an autonomous is a crop monitoring robot designed to provide real-time insights into the fields, working plant-by-plant to balance production and efficiency. For instance, in May 2022, Solinftec, a Brazil-based ag-tech company launched Solix. Solix robot is a solar-powered and equipped with lithium-ion batteries for energy storage. Solix consists of onboard camera and sensors paired with artificial intelligence (AI) technology to monitor plant health, detect insect damage and detect changes in the field
The robotics technology market report table of contents includes:
1. Executive Summary
2. Robotics Technology Market Characteristics
3. Robotics Technology Market Trends And Strategies
4. Robotics Technology Market – Macro Economic Scenario
5. Global Robotics Technology Market Size and Growth
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31. Global Robotics Technology Market Competitive Benchmarking
32. Global Robotics Technology Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Robotics Technology Market
34. Robotics Technology Market Future Outlook and Potential Analysis
35. Appendix
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