The global robotics technology market revenue was around US$ 100.6 billion in 2023 and is estimated to reach US$ 349.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 15.2% during the forecast period from 2024 to 2032.
Robotics technology is the field of technology and engineering that concentrates on the development, design, function, and application of robots. It associates building tools that can operate partially or independently autonomously and mimic human interactions and behavior with the real world. Robotic technology can finish jobs precisely, quickly, and accurately, the rising efficiency and production. Also, these multiple advantages deliver improved customer convenience and a better user experience.
Factors Influencing Market Growth
- The rise in the penetration of digital technologies and the increase in demand for flexible business services and solutions in several industries are anticipated to positively influence the growth of the market.
- With the usage of robotics technology organizations can always accomplish tasks with a high level of precision, and by stopping human variations and errors. This further resulted in enhanced standardized processes, product quality, and reduced defects. Therefore, these components are expected to fuel market growth throughout the coming years.
- The robotics technology market is expected to experience lucrative growth over the coming decades as a result of the increase of robotics applications in a variety of industries, including agriculture, healthcare, and retail.
Impact of COVID-19
The COVID-19 pandemic emphasized the need for robotics in the healthcare sector. Post-COVID-19 pandemic, there are expanded opportunities for robotics technology in industries like remote patient monitoring, telemedicine, robotic surgery, and drug delivery. In addition, developed robotic systems help to enhance patient treatment, improve healthcare services, and address upcoming healthcare challenges. Such trends are anticipated to offer numerous opportunities for the robotics technology market. Also, the augmented focus on hygiene and cleanliness will continue in the post-pandemic world, which in turn, propels the adoption of robotics technology.
Regional Analysis
In 2023, Asia-Pacific dominated the global robotics technology market in terms of revenue. This is due to the growth in several digital transformation initiatives and the growth of developed technology, like data analytics, AI, cloud computing, and IoT drives the requirement for robotics technology, specifically in countries like Japan, China, and India.
In addition, the rise in the focus of business operators to elevate or replace aging infrastructure, associated with the rising demand for enhancing safety and consumer experience is expected to develop the adoption of robotics technology, thereby propelling the robotics technology industry across the region.
Leading Companies
The leading prominent companies profiled in the global robotics technology market are: -
- ABB Ltd
- Denso Corporation
- Fanuc Corporation
- KUKA AG
- Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.)
- Mitsubishi Electric Corporation
- OMRON Corporation
- Seiko Epson Corporation
- St?ubli International AG
- Yaskawa Electric Corporation
- Other prominent key players
Segmentation Outline
The global robotics technology market segmentation focuses on Component, Robot Type, Application, and Region.
Segmentation based on Component
- Hardware
- Software
- Service
Segmentation based on Robot Type
- Cobots
- Professional Service Robots
- Others
- Traditional Industrial Robots
Segmentation based on Application
- Manufacturing
- Healthcare
- Aerospace and Defense
- Media and Entertainment
- Logistics
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
