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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Robotics Market Analysis
The market is driven by continuous advancements in technology, including AI, machine learning, sensor technology, and computer vision. These innovations are some of the crucial robotics market trends that enhance the capabilities of robots, making them more autonomous, efficient, and adaptable.
The increasing need for efficiency, precision, and cost reduction in various industries is driving the demand for robotic automation. The push for automation is particularly strong in manufacturing, logistics, and healthcare. The Asia Pacific region, particularly countries like China, Japan, and South Korea, is leading in terms of robotics adoption, largely due to the strong manufacturing sector. North America and Europe also have significant markets, driven by advanced technology adoption and research and development.
Ongoing technological transformations to aid the market growth
The robotics market demand is expected to be supported by the major transformation of robots and their use as surgical assistants, personal assistants, autonomous vehicles, exoskeletons, delivery vehicles, and crewless aerial vehicles, among many other uses. The technological transformations associated with interaction, cognition, and manipulation, have led to the growing attraction of robots across the globe. Technology and various component providers are upgrading their existing systems, enhancing the robotics market value.
Further, after the COVID-19 outbreak, technology is seen as a significant medium which helps contain the spread of this virus and is currently helping deal with the existing cases. Many hospitals across the globe have adopted robotics to aid both the healthcare staff and patients. All these factors are expected to positively influence the market growth of robotics over the forecast period.
Robotics Market Report Snapshots
Robotics Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 28.31 billion.
The market is projected to grow at a CAGR of 11% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 72.41 billion by 2032.
The major drivers of the market include the increasing geriatric population and the extensive applications of robotics.
The key trends of the market include the rising use of robots in the healthcare sector and growing demand from developing regions.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of robotics in the market are industrial robotics, and service robotics, among others.
The significant applications of robotics are household, entertainment, military and defence, field and logistics, healthcare, infrastructure, and mobile platform, among others.
The key players in the global robotics market are FANUC Corporation, ABB Ltd, Denso Corporation, Toshiba Infrastructure Systems & Solutions Corporation, Mitsubishi Electric Corporation, and Yaskawa Electric Corporation, among others.
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