Robotics Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The worldwide market for robots is expected to expand to $287 billion by 2032. This remarkable growth is based on a CAGR of 18.4 per cent. This growth is largely due to the increased use of robots in manufacturing, healthcare, logistics and consumer services. It is also a result of advances in artificial intelligence, machine learning and automation. There are several reasons for this growth. The most important is the increasing demand for automation to improve productivity and reduce labour costs. Also, the integration of robots with other emerging technologies, such as the Internet of Things and big data, is increasing their applications in a variety of industries. Boston Dynamics, ABB and KUKA are at the forefront of this evolution, with strategic initiatives such as new collaborations, research and development, and the launch of new products. These efforts are not only strengthening their competitive position, but also contributing to the overall development of the robot industry.

Regional Market Size

Regional Deep Dive

The robot market is growing in all regions of the world. The growth is due to the advancement of technology, the automation of the industry, and the increasing need for speed and accuracy. In North America, the market is characterized by the presence of strong key players and a strong investment in research and development. Europe is experiencing an upsurge in the use of cobots and automation in production and logistics. Asia-Pacific is characterized by the rapid development of robots in the health care and agricultural industries, mainly due to the large population and the rising cost of labor. The Middle East and Africa are gradually adopting robots, which are used to improve the efficiency of various industries. Latin America is also beginning to adopt robots, mainly in the agriculture and manufacturing industries, as countries modernize their industries.

Europe

• Germany is at the forefront of industrial robotics, with companies like KUKA and Siemens investing heavily in automation technologies to improve manufacturing efficiency.
• The European Union's Horizon 2020 program is funding numerous robotics projects, focusing on areas such as healthcare and autonomous systems, which is expected to drive innovation and market growth.

Asia Pacific

• Japan continues to be a leader in robotics, with advancements in humanoid robots and automation in manufacturing, driven by companies like Fanuc and SoftBank Robotics.
• China's 'Made in China 2025' initiative is significantly boosting the robotics sector, with substantial investments in industrial automation and smart manufacturing technologies.

Latin America

• Brazil is emerging as a key player in the robotics market, with initiatives aimed at integrating robotics into agriculture to improve productivity and sustainability.
• Mexico is increasingly adopting robotics in its manufacturing sector, particularly in automotive production, driven by foreign investments and trade agreements.

North America

• The U.S. is leading the charge in robotics innovation, with companies like Boston Dynamics and iRobot pushing the boundaries of robotic capabilities, particularly in mobility and home automation.
• The recent introduction of the National Robotics Initiative by the U.S. government aims to accelerate the development and use of robots in various sectors, enhancing collaboration between academia and industry.

Middle East And Africa

• The UAE is investing in robotics as part of its Vision 2021 initiative, focusing on enhancing the efficiency of sectors like logistics and healthcare through automation.
• South Africa is seeing growth in robotics applications in mining and agriculture, with local companies developing solutions tailored to the region's unique challenges.

Did You Know?

“As of 2023, the global density of industrial robots is approximately 113 robots per 10,000 employees, with South Korea leading the world in robot density at 932 robots per 10,000 employees.” — International Federation of Robotics (IFR)

Segmental Market Size

The industrial robot is the backbone of the global robot market, which is currently experiencing strong growth, thanks to automation in the industrial sector. The main reasons for this are the need for greater efficiency and the rising cost of labour, which is driving companies to invest in automation. In addition, the development of artificial intelligence and machine learning is enabling more complex robot applications, further driving market interest. The current state of industrial automation is characterised by the large-scale use of robots. The market is led by leading manufacturers such as FANUC and ABB, which are deploying their systems in a number of sectors, including the automobile and the electronics industry. The main applications include assembly-line automation, material handling and quality inspection. An example of the latter is the use of robots in the production of the electric car by the American manufacturer Tesla. Also driving the growth of the market are the macro-economic trends of Industry 4.0 and sustainability, which seek to optimize production and reduce the impact on the environment. Collaborative robots and the integration of the Internet of Things are shaping the development of the market, making it possible to achieve more flexible and efficient production.

Future Outlook

The robots are going to have a lot of fun, and that's why the robots are going to grow a lot between 2024 and 2032, with a CAGR of 18.4 per cent. The growth is due to the automation of various sectors, such as manufacturing, health and logistics, where precision and accuracy are of great importance. The integration of robots into the operational framework is expected to enhance productivity and reduce labor costs, resulting in increased adoption. By 2032, it is estimated that more than 30 per cent of the manufacturing sector and 25 per cent of the health sector will be robotized, which highlights the important role of this technology in the future economy. Artificial intelligence, machine learning and the Internet of Things will transform the capabilities of robots, enabling them to perform complex tasks with greater autonomy and flexibility. Moreover, government policies that promote innovation and investment in the robotics industry will further stimulate growth. Also, the advent of new trends, such as the use of cobots, which are designed to work side by side with humans, and the advancement of RPA for administrative tasks, will have a major impact on the market. The growing recognition of the strategic importance of robots will lead to a rapid evolution of the market, resulting in new opportunities and challenges for all players along the value chain.