Global Robotics Technology Market Report and Forecast 2024-2032

Global Robotics Technology Market Size

The global robotics technology market stood at a value of around USD 106.05 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 14.2% to reach USD 350.34 billion by 2032.

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Healthcare Segment Predicted to Hold a Significant Robotics Technology Market Share over the Forecast Period

Based on application, the healthcare segment is predicted to hold a significant robotics technology market share during the forecast period. In the healthcare sector, robots are employed for various applications such as diagnostics, surgery, physical and mental therapy, and patient care, among others.

This is expected to drive the growth of the segment in the forecast period. Meanwhile, the applications of service robots in the logistic industry are predicted to witness a considerable growth in the forecast period. The rising e-commerce industry is the primary growth driver for the demand for robotics technology in the logistics industry which will further increase the robotics technology industry revenue.

Recent Developments

In April 2024, Standard Robot Command Interface (SRCI) was incorporated into the software of Universal Robots (UR), one of the leading collaborative robots (cobot) company globally. A single interface between PLCs and robots is the goal of the new robotics industry standard known as SRCI. Siemens PLCs (Programmable Logic Controllers) are the first and only PLC vendor in the automation market to support SRCI, so UR's software will benefit from the full integration of SRCI to improve cobot connectivity and guarantee seamless integration for customers.

Industry Outlook

Automation has increased throughout industries as a result of digitization and the industry 4.0 revolution. This has made the use of advanced automated solutions—like robotics—necessary to optimize production processes. Data and communication are two important Industry 4.0 components that robotics incorporates. The creation of advanced robotic devices with enhanced functionality has been made possible by ongoing technological advancements and inventions, which has further fueled market expansion.

The automotive industry, which had rising installations, is the primary growth driver for the market in the United States. As per the robotics technology industry analysis, the automotive sector's share had increased to 37% in 2022, with the metal and machinery industry coming in second with 3,900 units and the electrical/electronics industry with 3,732 units. Manufacturing organizations in the United States have made significant investments in increasing automation: by 2023, there were around 44,303 industrial robots installed, a 12% increase from the previous year.

Further, 4,616 robots were installed in Canada in 2023, a 43% increase. Of all the robot installations in the nation, 55% are found in the automotive industry. In 2023, sales to the automobile industry reached an all-time high of 2,549 installed units, a 99% increase.

As per robotics technology market dynamics and trends, there are new market prospects due to the expanding automotive sector and rising demand for autonomous and battery-electric vehicles. For example, data from the Society of Indian Automobile Manufacturers (SIAM) showed that in June 2023, domestic sales of passenger vehicles in India were 3,27,487 units, three-wheeler sales were 53,019 units, and two-wheeler sales were 13,30,826 units.

Human-robot collaboration continues to be a major trend of robotics technology market. Robots may now safely operate alongside human workers due to the quick advancements in sensors, vision technologies, and smart grippers. These advancements enable robots to react dynamically to changes in their surroundings. Applications for collaborative robots give humans a new tool that supports and relieves them. When working in hazardous conditions or requiring heavy lifting or repetitive actions, they can help. The variety of cooperative uses that robot producers provide keeps growing.

A recent trend in the industry is the rise in cobot welding applications, which is being fueled by a lack of qualified welders. This demand demonstrates that automation is a solution to the labor crisis rather than its cause. consequently, investments in traditional industrial robots, which operate at significantly quicker rates and will remain vital for enhancing productivity in response to tight product margins, will be complemented by collaborative robots rather than replaced.

Robotics Technology Market Regional Analysis

Robotics Technology Industry in the Asia Pacific Expected to Grow Significantly During the Forecast Period

Geographically, the Asia Pacific market is predicted to grow considerably over the forecast period, with China as a major contributor due to the rapid deployment of robots in the electronics and automotive sectors. Moreover, the economic expansion in other nations, such as India, is creating favourable conditions for the robotics technology industry growth in the region. Moreover, the adoption of big data technology and artificial intelligence with the introduction of Industry 4.0 in various sectors is anticipated to enhance the growth of the robotics technology market in the coming years.

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Robotics Technology Industry Segmentation

Robotics technology is the intersection of science, engineering, and technology for producing robots, which are used to imitate human actions. Some robots are even able to perform simple decision-making using artificial intelligence tools. Robots can perform tasks that are either monotonous or too dangerous for a human to conduct safely.

By component, the industry can be segmented into:

• Hardware

• Software

• Services

Based on robot type, the industry can be divided into:

• Traditional Industrial Robots

• Cobots

• Professional Service Robots

• Others

On the basis of application, the industry can be categorised into:

• Manufacturing

• Healthcare

• Aerospace and Defence

• Media and Entertainment

• Logistics

• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Shift towards Automation and the Increased Focus on Enhancing Production Efficiency to Bolster the Robotics Technology Market Growth

The growing technological advancements and the increasing shift towards automation are the major factors driving the robotics technology industry growth. In addition, the industry is predicted to grow significantly during the forecast period driven by advantages such as improved quality, cost reduction, and increased production efficiency, among others. In the rapidly changing industry, robots provide services more efficiently with reduced wastage. The rising demand from small and medium scale enterprises in developing countries is expected to contribute to the robotics technology market value.

Factors Driving the Success of the Global Robotics Technology Industry

• Continuous innovations in AI, machine learning, and sensor technologies enhance robot capabilities.

• High demand in manufacturing and automation will propel the robotics technology demand growth.

• Labor cost savings improving productivity.

• Supportive government policies for automation and industry 4.0 initiatives.

Challenges Impacting the Global Market for Robotics Technology

• High initial investment for acquiring and integrating robotic systems.

• Complex implementation in system integration and maintenance may impact the robotics technology demand forecast.

• Workforce displacement such as concerns over job losses due to automation.

• Vulnerability to hacking and cyber-attacks.

Integration of IoT and Rise of CoBots are the Key Global Robotics Technology Market Trends

• Rise of collaborative robots (CoBots) that work alongside humans in shared spaces.

• Growth in AI and machine learning to enhance robot decision-making and adaptability.

• Advancements in Autonomous Mobile Robots (AMR) for improved manoeuvre in dynamic environments is boosting the demand of robotics technology market.

• Integration of IoT and robotics for real-time data exchange and efficiency.

Threats Faced by Players in the Global Market for Robotics Technology

• Reduced capital expenditure by businesses during economic slowdowns will negatively impact the robotics technology market opportunities.

• Compliance with varying international standards and regulations.

• Risk of intellectual property (IP) theft and challenges in protecting proprietary technologies.

• Intense competition leading to price pressures and reduced margins.

Competitive Landscape

The key players in the global robotics technology market include ABB Ltd., DENSO Corporation, FANUC America Corporation, Kawasaki Heavy Industries, Ltd., KUKA Aktiengesellschaft, Mitsubishi Electric Corporation, and Omron Corporation, among others.

ABB Group

• Digitalization: ABB's digital platform, ABB Ability™, integrates robotics with digital technologies to enable smart manufacturing and real-time monitoring.

• Global Expansion and Localization: Pursues global expansion by establishing new manufacturing facilities and R&D centres in key regions and localizes products to meet specific regional needs.

FANUC Corporation

• Innovative Product Development: Continuously develops new robotic solutions with advanced features and enhanced performance through significant R&D investment is increasing the robotics technology market revenue.

• Customer-Centric Solutions: Offers customized robotic solutions and comprehensive after-sales support, working closely with clients to meet their unique requirements.

• Integration of IoT and Big Data: Leverages IoT and big data analytics to create smart robotics solutions for real-time monitoring, predictive maintenance, and improved operational efficiency.

Yaskawa Electric Corporation

• Strategic Acquisitions and Partnerships: Expands market presence and enhances product portfolios through strategic acquisitions and collaborations, allowing entry into new market segments and increasing robotics technology demand globally.

• Customer-Centric Solutions: Prioritizes customer satisfaction by offering tailored robotic solutions and comprehensive after-sales support, closely collaborating with clients.

• Training and Support: Providing comprehensive training programs and customer support to ensure effective use of their robotics solutions.

Mitsubishi Electric Corporation

• Collaborations with Universities and Research Institutions: They often partner with academic institutions and research organizations to leverage the latest scientific advancements and integrate them into their products.

• Advanced Automation: Developing integrated automation solutions that combine robotics with other automation technologies such as programmable logic controllers (PLCs), human-machine interfaces (HMIs), and motion control systems.

KUKA AG

• Collaborative Robots (Cobots): Focus on the development of collaborative robots that can work alongside humans safely and efficiently. These cobots are designed to be easily programmable and adaptable to various industrial applications.

• KUKA Connect: A cloud-based platform that allows users to monitor and analyze the performance of their robots in real-time. This digitalization initiative aims to optimize maintenance, reduce downtime, and improve overall operational efficiency.

Key Highlights of the Report

Robotics Technology Market Report Snapshots

Robotics Technology Market Size

Robotics Technology Market Growth

Robotics Technology Market Share

Robotics Technology Companies

Robotics Technology Market Regional Analysis