Overview and Scope
The robotics technology refer to the engineering and operation of machines capable of performing physical tasks autonomously or semi-autonomously on behalf of humans. The primary goal of robotics is to build devices that work automatically and perform complex jobs faster and more efficiently than humans. Robotics can take on several forms and is used in various verticals to reduce errors, increase efficiency, and cut down the long work hours.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the robotics technology market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the robotics technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the robotics technology market report are Asea Brown Boveri Group (ABB), FANUC Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corporation, Denso Corporation, Yaskawa Electric Corporation, Omron Corporation, Seiko Epson Corporation, Stäubli Robotics, Komatsu Ltd., Panasonic Corporation, Nachi-Fujikoshi Corp., Adept Technology Inc., NVIDIA Corporation, Anduril Industries, Boston Dynamics Inc., Diligent Robotics Inc., Intuitive Surgical Inc., Starship Technologies Inc., Nuro Inc., iRobot Corporation, Vecna Robotics Inc., Toshiba Corporation, AeroVironment Inc., Raytheon Technologies Corporation, Stryker Corporation, NEC Corporation, Ribbon Communications Operating Company Inc., ZTE Corporation
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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26. South America Robotics Technology Market
27. Brazil Robotics Technology Market
28. Middle East Robotics Technology Market
29. Africa Robotics Technology Market
30. Robotics Technology Market Competitive Landscape And Company Profiles
Top Major Players:
- Asea Brown Boveri Group (ABB)
- FANUC Corporation
- Kawasaki Heavy Industries Ltd
- KUKA AG
- Mitsubishi Electric Corporation
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