Robotics Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 39.56 Billion|
|Market Size (2028)||USD 82.76 Billion|
|CAGR (2023 - 2028)||15.91 %|
|Fastest Growing Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Robotics Market Analysis
The Robotics Market size is expected to grow from USD 39.56 billion in 2023 to USD 82.76 billion by 2028, at a CAGR of 15.91% during the forecast period (2023-2028).
- Due to the increased demand, numerous investments in the robotics sector have been made. The International Federation of Robotics reported that the demand for robots was fueled by investments in new car production facilities and the modernization of industrial facilities.
- For instance, in August 2022, Hyundai Motor Group invested USD 400 million in establishing the Boston Dynamics AI Institute to advance AI and robotics. The company's goal is to make "fundamental advances in AI, robotics, and intelligent machines," with resources focused on cognitive AI, athletic AI, and organic hardware design, with each discipline contributing to advancements in advanced machine capabilities.
- Robots have been incorporated into manufacturing processes to increase productivity and improve the quality of the corresponding vehicles. For instance, at its Sanand facility plant in India, Ford Motor Company employs about 450 robots to paint cars and perform body construction tasks. Additionally, one of Maruti Suzuki India's plants employs about 5,000 robots.
- Digitization and the Industry 4.0 revolution have encouraged the growth of automation among industries by requiring them to use more advanced and automated solutions, like robotics and control systems, to enhance their production processes. Robotics utilizes several key elements of Industry 4.0, including connectivity and data. Siemens and Google Cloud recently formed a partnership to integrate Google Cloud's data cloud and artificial intelligence/machine learning technologies with Siemens' factory automation solutions.
- Further, in March 2022, Mitsubishi developed a robotics system that can work as fast as humans and be controlled via voice commands. The new system uses Mitsubishi Electric's Maisart AI technologies, such as high-precision speech recognition, to initiate work tasks, after which operators can fine-tune robot movements as needed.
- Many businesses worldwide are automating their warehouses with robotics to save money on labor costs. For instance, in recent years, the number of operational industrial robots reached about 3800 (in thousand units). Alibaba also upgraded to robotic labor in one of its warehouses, dramatically reducing the labor workforce by 70% and opening up opportunities for a highly-skilled workforce.
- Curbing COVID-19 involved utilizing various robot technologies, such as cleaning and disinfection service robots. Increased uninfected demands opened this new place for service robots. As a result, most manufacturers registered new disinfection robots. Further, multiple manufacturing companies reported being benefitted from adopting industrial robots. For example, Procter & Gamble found that adding robots to its production lines allowed it to keep more workers on the job and produce more goods.
Robotics Market Trends
Service Robotics is Expected to Witness Significant Growth
- As medical Robot systems-assisted surgeries increase, product innovation rates in the market will further increase. In August 2022, Max Super Speciality Hospital, Mohali, launched one of the most advanced technologies in India, the Da Vinci Xi Surgical Robot, at its hospital. The launch of the revolutionary Da Vinci Xi Surgical Robot is yet another patient-centric step taken by healthcare providers to empower patients with access to quality healthcare services.
- Further, according to NIOSH, healthcare workers have the most hazardous industrial jobs in the United States, with the highest number of nonfatal occupational injuries and illnesses. It is estimated that about 6,000 surgical robots perform a million operations globally. The market was worth USD 6 billion. A basic system costs USD 2 million. Reputed organizations like MIT and the University of Michigan are working on the technology to deliver small and compact robots to the medical sector.
- Moreover, the Bureau of Labor Statistics indicates 2,384,600 building janitors and cleaners. Companies are spending about USD 60 billion on average annually. This is exclusive of the insurance amount that has become expensive as the janitorial industry records one of the highest numbers of occupational injuries. Factors like these boost the demand for cleaning robots for apparent reasons.
- The aging population is one of the primary drivers of the significant increase in the deployment of robots in domestic healthcare and assistance applications. For instance, according to data from the United Nations, the global population of people over 65 years is expected to grow by 181% and may account for 16% of the population by 2050.
- Hyundai Motor Group recently unveiled the Factory Safety Service Robot, a robot for industrial site safety, and announced its pilot operation at Kia'sKia's South Korean plant. The Robot is based on Dynamics' Spot quadruped robot of Boston Dynamics, with artificial intelligence (AI), autonomous navigation, teleoperation technologies, and a computing payload developed by the Group'sGroup's Robotics Lab for various industrial tasks.
- According to IFR 2022, Robots for domestic tasks constituted the largest group of consumer robots. Almost 19 million units (+12%) were sold recently. Vacuuming and other indoor domestic floor cleaning robots are currently the most used applications. Such developments may further drive the market's growth in the future.
- In addition, ANSCER Robotics, a Bengaluru-based startup that developed the world's first autonomous mobile robot (AMR) "brain" to democratize robotics technology for everyone, debuted its line of AMRs for the first time at the India Warehousing Show (IWS), which was held at Pragati Maidan in New Delhi.
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Asia-Pacific is Expected to Hold a Major Market Share
- The Asia-Pacific region is projected to hold a significant market share due to the considerable adoption of robots. Further, South Korea and China are dominant in adopting robotics due to the massive electronic and automotive manufacturing industry deployment.
- The Japanese government announced funding for developing eldercare robots to fill the estimated gap of around 380,000 skilled workers by 2025. In addition, By 2050, the Japanese government aims to ensure that all new cars sold in Japan will be either electric or hybrid. The country intends to offer subsidies to accelerate the private-sector development of batteries and motors for electricity-powered vehicles. This is expected to also drive the adoption of elderly care robots at their residences in the immediate future.
- Further, in October 2022, Robotex India, in collaboration with BMC Software India Pvt. Ltd., declared to launch multiple initiatives toward intensifying the STEM education ecosystem in India. With the industry 'Build Your First Robot,' BMC Software aims to empower 250 female learners from government schools in Pune with the technical skills required to expand their employability and bridge the gender divide. Such initiatives may further drive the growth of the market studied in the future.
- The automotive industry has been expanding significantly in China, a significant player in the global automotive market. The Chinese government sees the nation's auto industry, including the auto parts industry, as one of the main pillar industries of the nation. By 2025, the Chinese central government projects that 35 million automobiles will be produced nationwide.
- As the region faces an aging population, government organizations plan to rely more on robots in the workforce. For instance, the Housing Development Board (Singapore) intends to adopt autonomous drones or robots to identify which parts of public housing blocks need cleaning. The primary aim is to reduce the water required to clean by focusing only on the dirty areas.
- Further, Artificial intelligence technology company Ubtech Robotics launched the Adibot UV-C Disinfecting Robot at CES 2021. The Adibot robotic disinfection system was designed to offer a hospital-grade solution against COVID-19, integrating the robotics and AI from Ubtech with UV-C technology that disinfected targeted surfaces and air by deactivating the DNA and RNA of harmful pathogens.
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Robotics Industry Overview
The Global Robotics Market is relatively fragmented, with some major market players such as ABB Ltd., Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, and Kuka AG. The market vendors are focusing on expanding their customer base across foreign countries. The companies are leveraging strategic collaborative initiatives to increase market share and profitability.
In October 2022, ABB launched its smallest-ever industrial robot, offering unique possibilities for faster, more flexible, and high-quality production of wearable intelligent gadgets. With its compact size, class-leading payload, and unrivaled accuracy, the new IRB 1010 allowed electronics manufacturers to expand their production of devices via automation, including advanced watches, earphones, sensors, and health trackers.
In February 2022, Yaskawa Motoman, one of the world's largest manufacturers of industrial robots, launched two new collaborative robots such as HC10DTP and HC20DTP, each with six axes. The company described them as 'highly reliable robots (that) enriched easy capability for Yaskawa's HC-series line.
Robotics Market Leaders
Yaskawa Electric Corporation
*Disclaimer: Major Players sorted in no particular order
Robotics Market News
- July 2022: Premier Tech Systems & Automation Introduced a Make-in India Robotic Palletizer Solution, the RPL SERIES robot palletizers, which are efficient robotic cells for diverse palletizing needs. The palletizer's in-house manufactured gripper satisfies the many palletization requirements of modern packaging installations. The company's robots can palletize up to 1,800 bags per hour in multi-pick-up configuration. The heavy-duty robotic cell gathers bags, bales, or containers from many incoming product lines. It can also be configured to fit in confined spaces to palletize incoming products.
- April 2022 - AddverbTechnologies, a prominent robotics company headquartered in India, announced that it is setting up a new manufacturing facility in Noida after receiving USD 132 million in funding from Reliance Industries. Addverbhas provided warehouse automation solutions to customers across FMCG, Grocery, Apparel, Petrochemicals, Pharma, Automotive, and others, including the likes of Unilever, Reliance, Flipkart, Amazon, PepsiCo, Coca-Cola, Marico, Dabur, ITC, Patanjali, among others. With this facility, Addverb aimed to disrupt manufacturing technology in India through highly innovative manufacturing practices wherein robots and co-bots collaborate with humans to deliver tomorrow's robots.
- March 2022: SeegridCorporation, the provider of autonomous mobile robots (AMRs), announced a strategic alliance with RBEX, a dynamic and quickly developing industrial robot systems integrator. RBEX would be able to present its customers to the entire spectrum of Seegrid Palionautonomous mobile robots and Fleet Central corporate software solutions as a result of the collaborative agreement. RBEX helped top consumer goods companies increase productivity, safety, and quality by automating crucial production processes.
Robotics Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of Macro Trends on the Market
4.5 Evolution of Collaborative Robots in the Industrial Ecosystem
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Advent of Industry 4.0 Driving Automation
5.1.2 Increasing Emphasis on Safety
5.1.3 Demand from the Oil & Gas Industry
5.2 Market Restraints
5.2.1 High Cost of Installation
6. MARKET SEGMENTATION
6.1 By Type
6.2 By End-User
6.2.1 End-Users of Industrial Robots
22.214.171.124 Food & Beverage
126.96.36.199 Other End-Users of Industrial Robots
6.2.2 End-Users of Service Robots
188.8.131.52 Military and Defense
184.108.40.206 Medical and Healthcare
220.127.116.11 Other End-Users of Service Robots
6.3 By Geography
6.3.1 North America
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ABB Ltd
7.1.2 Yaskawa Electric Corporation
7.1.3 Denso Corporation
7.1.4 Fanuc Corporation
7.1.5 Kuka AG
7.1.6 Kawasaki Heavy Industries Ltd.
7.1.7 Toshiba Corporation
7.1.8 Panasonic Corporation
7.1.9 Staubli International AG
7.1.10 Nachi Robotic Systems Inc.
7.1.11 Yamaha Motor Co. Ltd
7.1.12 Seiko Epson Corporation
7.1.13 Comau SpA (Stellantis N.V)
7.1.14 Omron Adept Technologies Inc.
7.1.15 Intuitive Surgical Inc.
7.1.16 Stryker Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Robotics Market Research FAQs
How big is the Robotics Market?
The Robotics Market size is expected to reach USD 39.56 billion in 2023 and grow at a CAGR of 15.91% to reach USD 82.76 billion by 2028.
What is the current Robotics Market size?
In 2023, the Robotics Market size is expected to reach USD 39.56 billion.
Who are the key players in Robotics Market?
ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation and Kuka AG are the major companies operating in the Robotics Market.
Which is the fastest growing region in Robotics Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Robotics Market?
In 2023, the Asia-Pacific accounts for the largest market share in Robotics Market.
Robotics Industry Report
The market for autonomous systems, including drones, bots, and androids, is experiencing substantial growth due to heightened demand and investments in the sector. The International Federation of Robotics has indicated that this demand is fueled by investments in new automobile production facilities and the modernization of industrial facilities. Corporations such as Hyundai Motor Group are investing heavily in automation and artificial intelligence (AI) to advance these technologies. Unmanned systems are being integrated into manufacturing processes to boost productivity and enhance product quality. The digitization and the Industry 4.0 revolution have spurred the growth of automation across industries, necessitating the use of more sophisticated and automated solutions like autonomous systems and control systems to improve their production processes. Automation employs several key components of Industry 4.0, including connectivity and data. Companies like Siemens and Google Cloud have formed partnerships to integrate data cloud and AI/machine learning technologies with factory automation solutions. Mitsubishi has developed an autonomous system that can operate as quickly as humans and be controlled via voice commands. Numerous businesses globally are automating their warehouses with bots to save on labor costs. The market for autonomous systems is segmented by Type (Industrial, Service), End-User, and Geography. For a more detailed analysis of the market trends, a free PDF download of the report is available.