Market Size of Robotics Industry Coverage
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 20.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Robotics Market Analysis
The robotics industry market was valued at USD 23.67 billion in 2020 and expected to reach USD 74 billion by 2026 and register a CAGR of 20.4% during the forecast period (2021 - 2026). Robots have gained immense popularity in both the manufacturing and non-manufacturing environments globally.
- Robots continue to gain popularity for their productivity and profitability, especially driven by the automation policies and the Industry 4.0 initiatives globally. According to the World Robotics report presented by the International Federation of Robotics, operatinal stock of industrial robots is expected to reach 3788 thousand units by 2021.
- The market is further expanding into new territories, with small- and medium-sized industries adopting automation, thereby creating demand for robots. The availability of small-capacity and cost-effective solutions from major providers is enabling the penetration of robots into industries.
- Warehouses are susceptible to accidents. According to OSHA, 'Slips, trips, and falls constitute the majority of general industry accidents. They cause 15% of all accidental deaths, and are second only to motor vehicles as a cause of fatalities." Robots in warehouses assist with alleviating workers of the inhuries caused by physical fatigue. Many of these machines are specifically designed to lift heavy objects.
- The spread of COVID-19 has positively impacted the market. This is because companies are using robots to increase social distancing and reduce the number of staff that have to physically come to work. Robots are also being used to perform roles workers cannot do at home. For instance, Walmart is using robots to scrub its floors.Robots in South Korea have been used to measure temperatures and distribute hand sanitiser.
