Robotics Market Exhibiting a Magnificent Growth Trend: Forecast to Grow at over 20% CAGR until 2028

The global robotics market is growing at a staggering CAGR due to increasing investments by industries into automation of operations and adoption of advanced technologies. Additionally, the rising adoption of robotics in various sectors, such as agriculture, medical and healthcare, logistics, etc., is also driving the market

A recent study conducted by the strategic consulting and market research firmReport Ocean revealed that the global robotics market was worth USD 31.2 billion in the year 2021. The market is forecast to grow at a CAGR of 23.40%, with revenues projected to reach USD 135.8 billion by the end of 2028. The strong growth of the robotics market can be attributed to the increasing investments by industries into automation of operations and the adoption of advanced technologies, including artificial intelligence (AI), and IoT, along with robots. Robotics is also gaining significant traction in other unexplored territories such as agriculture, medical and healthcare, logistics, etc., which is significantly driving the growth of the market. However, the high initial investment involved in robotics setup may act as a huge restraining factor for the global robotics market.

Increasing Safety Regulations the Global Robotics Market Forward

The stringent government regulations regarding the safety of workers are prompting businesses to invest and shift towards robots and automation. These regulations from different countries are laid down to ensure a hazard-free workplace for the workers and prevent them from injury and occupational disease. Many robotics applications involve actions that are deemed dangerous to humans, such as detecting and defusing bombs, exploring mines and shipwrecks, and inspecting radioactive materials. As a result, the robotics market as a whole is growing rapidly.

Rising Adoption of Advanced Technologies is Driving the Global Robotics Market Growth

The industrial and service sectors are heavily investing in the adoption of advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), machine learning, etc. This significantly boosts the growth of the robotics market. Machine learning and Artificial Intelligence assist robots to examine and inspect their surroundings and conduct their movements based on the requirements, which boosts operations and helps the industries to automate their entire workflow.

Robotics Market - By End-User

Based on end-users, the global robotics market is segmented into automotive, food and beverage, electronics, logistics, military & defense, medical & healthcare, and others. The automotive industry dominates the robotics market as they have been in use in this sector since the 1960s. The use of robots in the automotive industry helps manufacturers control the high cost of manual labor in operations. Additionally, it boosts overall productivity while also maintaining consistency in speed and quality.

Robotics Market - Regional Insights

Geographically, the robotics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region is projected to witness the highest growth rate during the forecast period. However, Europe is also growing at a substantial rate, followed by North America. The increasing investment in the adoption of automation and smart technologies in the industrial sector in developed nations is acting as a major factor driving the growth of the robotics market. Furthermore, the presence of leading automobile manufacturers in these regions is also propelling the demand for robotics, further proliferating the overall market growth.

Impact of COVID-19 on the Global Robotics Market

The robotics market was initially negatively impacted by the unprecedented COVID-19 pandemic outbreak. The restrictions on the production and distribution of robots, along with hindrance in the operations in the industrial sector directly affected the demand for robotics. However, the market is projected to receive lucrative growth opportunities during the forecast period. The adoption of robots in manufacturing and other operations will prevent the human transmission of viruses, further preventing the chances of operation restrictions in such situations.

Global Robotics Market - Competitive Landscape

The leading market players in the global robotics market are KUKA, ABB Ltd., Boston Dynamics, iRobot Corporation, Universal Robots, Yaskawa Electric Corporation, FANUC, Omron Adept Technology, Inc., Stubli, EPSON Robots, Intuitive Surgical, Inc., Comau, Rethink Robotics, Rockwell Automation, Inc., Stryker Corporation, Nachi Robotic Systems Inc., Staubli International AG, Panasonic Corporation, Kawasaki Heavy Industries Ltd, and other prominent players.

The robotics market is extremely competitive due to the presence of several regional and multinational industry participants. The companies significantly invest in R&D activities to develop and innovate their offerings to suit the requirements of various industry verticals. They also constantly focus on expanding their product portfolio to boost their market revenue. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

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