Robotics Market

Global Robotics Market Size (2024 to 2032)

The global robotics market was worth USD 39.11 billion in 2023. The global market is predicted to reach USD 45.52 billion by 2024 and USD 153.40 billion by 2032, growing at a CAGR of 16.4% during the forecast period.

Current Scenario of the Global Robotics Market

The robotics market is rapidly growing. Currently in the world the United States has the most modern and technologically superior manufacturing industry. As per the International Federation of Robotics (IFR), there was robust demand in 2023 from all the key end-users of US manufacturing. Moreover, its automotive industry accounts for 33 percent of total commercial robot installations in 2023. In the same year, the world market grew tremendously with a record 553052 units installed. In addition, the key end-user industries were automotive and electronics which deployed considerably more than in the previous best in 2021. Additionally, the worldwide robotics market has also been propelled substantially in China by a new trend in the global scientific and technological landscape, the humanoid robot segment. It presently witnesses an explosive rise.

MARKET DRIVERS

The growing investments and the incorporation of modern technologies such as AI and machine learning algorithms propel the growth of the global robotics market.

These cutting-edge technologies assist in enhancing productivity and output by adapting to new jobs and learning from their surrounding which boosts market growth. Players in this industry are also heavily infusing funds into the current R&D studies and operations for innovation in several sectors, such as transportation, automotive, electronics, and others. For example, as per industry experts, the need for robots is surging because of investments in production plants for cars and vehicles and the automation of industrial factories. They have been widely utilized during manufacturing procedures to increase efficiency and enhance the quality of automobiles. These factors are the propelling demand for driverless cars. For instance, in January 2024, the Indy Autonomous Challenge press released the introduction of its next-generation driverless vehicle platform known as the IAC AV-24 at the event of CES 2024. This development depicts a big jump in autonomous hardware and software technology to fulfill the customer’s desire for improved performance.

MARKET RESTRAINTS

Supply chain interruptions and the shortage of raw materials are major restraints for the growth of the robotics market.

The regional or domestic headwinds have been considerably hindering the project completion in several countries and this is affecting the robotics market growth negatively. Moreover, the absence of trained manpower is another major constraint derailing the market expansion. According to industry experts, more than 14 percent of laborers have been laid off from their jobs due to robots. In the United States alone, over 191 thousand people from several tech-based organizations were laid off as part of cost-cutting in 2023, and these layoffs continue to happen in 2024. Another important factor that will act as a major restraint to the growth of the robotics market is the lack of a skilled workforce. Development and deployment of robots require skillful professionals to design, program, and maintain these systems. This facing a deficit in terms of skilled professionals that hampers the growth of the robotics market.

MARKET OPPORTUNITIES 

Technical advancements are a significant opportunity in the robotics market.

The robotics market is believed to thrive in the future owing to the integration of Artificial Intelligence (AI). For instance, in China, the large-scale production of robots has reduced unit costs and provided an opportunity for boasting AI brains and humanoids. It is also supported by the Ministry of Industry and Information Technology to achieve this by 2025. Also, recently, there has been a surging demand for collaborative robots in different fields. Apart from this, they improve the safety of the workspace by substituting dangerous or risky tasks. Therefore, it presents a significant market growth opportunity. The installation of collaborative cobots has risen in the last few years. It is anticipated that by 2025, about 134400 units will be sold alone in the US.

MARKET CHALLENGES

The high early investment is a key challenging factor for the growth rate of the robotics market.

As per a study, it was discovered that a basic plastic robot costs approximately USD 10000, whereas more advanced and complicated metal robots are priced between 50000 dollars and more than 100000 dollars. This shows that substantial finance is required for the acquisition and installation of robots, which is a considerable obstacle to the expansion of the robotics market. In fact, for its employment, high expenditure is incurred by purchasing robots, sensors, and other accessories.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Robotics Market Analysis By Type

The industrial robotics segment is anticipated to be a considerable supporter of the expansion of the robotics market because of its application in several industrial use cases like material handling, painting, cutting, welding, and grinding. Producers throughout different sectors are predicted to employ intelligent robotics manufacturing technologies in the future to improve factory productivity, competitiveness, and functional excellence. Moreover, smart manufacturing and robots are being utilized progressively in the commercial sector as per the developing pattern of Industry 5.0. With the advent of Industry 5.0, makers are expanding their facilities to meet the heightened demand for industrial robotics. For example, ABB Ltd. disclosed a novel, huge robot factory in Shanghai, China, in December 2022. To open the 67,000 square meter plant, the company infused nearly 150 million dollars. These underlines that the players are constantly trying to broaden their production to serve the rising need for commercial robots which strengthens the segment’s predominant position. 

The service segment is also growing owing to a large number of applications such as medical uses and logistics.

Global Robotics Market Analysis By Application

The manufacturing segment dominated the robotics market and is believed to continue to move forward on the same pattern in the coming years. In this ever-changing industry, robots are revolutionizing production activities and are driving other sectors into a coming era with uniqueness and effectiveness.  Moreover, the segment benefited from the demand for energy saving, which has never been better, with increasing fuel prices propelling players to have competitive advantages. For instance, in Mexico in 2023, the manufacturing sector witnessed 5868 robot installations. The nation´s key adopter is the automobile segment, which held about 69 percent of the robot deployments in the same year, selling up to 4068 units. It is the third-best performance since 2017 reaching the best 4805 units.

On the other hand, the Shelf scanning segment is expected to gain traction due to consistent labor shortages and other related issues. According to industry experts, worker scarcity will continue worldwide, with the global labor shortage reaching an estimated 85 million by 2030.

Global Robotics Market Analysis By End-user

The automotive segment captured the maximum portion of the robotics market share in 2023. As per the International Federation of Robotics, the automotive sector has the highest volume of robots employed in manufacturing plants across the world: Functional inventory achieved a new record of around one million units. This depicts one-third of the overall quantity of robots deployed throughout all sectors. The automotive industry is a major contributor to the expansion of the global robotics market. For instance, in Canada, the sale of automobile robots jumped by 99 percent in 2023 with 2549 units, an all-time high.

The electric segment is another key robot user and is the largest end-user in China, with more than 100000 units installed in 2022. The segment also dominated the Japanese industry in 2022 with 18359 units. A similar trend is in the Republic of Korea, i.e., 9629 units from 6913 units in 2021. Hence, the segment is largely driven by the Asia Pacific countries.

REGIONAL ANALYSIS

North America had the largest share of the global robotics market in 2023.

North America is expected to stay dominant even in the forecast period. This is because of the year-on-year rise in robot installations in the United States manufacturing companies. For instance, in 2023, overall installations of commercial robots increased by 12 percent to 44303 units. This shows that production organizations in the US have infused significant amounts of investment for further automation. Also, the biggest end-user in the country is the car industry succeeded by the electrical and electronics. As per the International Federation of Robotics (IFR), in 2023, the highest-ever number of robots was installed, i.e., 14678, with a 1 percent surge in sales in the automobile sector. On the other hand, Canada also registered an enormous 43 percent jump in robot installations to 4616 units. About 55 percent of the nation’s robots were deployed in the automotive industry.

Asia Pacific is predicted to be the most lucrative regional segment in the global market.

Asia Pacific surpasses North America regarding robot installations with China and Japan accounting for a substantial portion of the regional robotics market share. According to the International Federation of Robotics (IFS), China had around 290258 units in 2022, which is more than 50 percent of the total installation of industrial robots in plants globally. Moreover, in 2022, Japan held 45 percent of industrial output globally and 36 percent of world exports. Also, it saw a 9 percent rise in robot deployment to 50413 units in 2022, surpassing the 2019 pre-COVID-19 level of 49,908. The nation positions second to China in the market size for manufacturing or commercial robots. Further, it is the globe´s foremost robot-producing economy, with a market share of 46 percent of the world's robot output. Additionally, another key player in the region is the Republic of Korea, whose number surged by 1 percent to 31716 installed units in 2022 and is the fourth-biggest robot industry.

Europe continues to be the second-largest robotics market during the forecast period.

Europe is expected to see steady growth during the forecast period. The regional market is driven by Germany, Italy, France, and the United Kingdom. The continent recorded 84226 units, i.e., up by 3 percent in 2022 and an overall annual average surge of more than 5 percent from 2017 to 2022. This significantly elevates the region’s market share. Moreover, Germany is leading the top five users globally, with a market share of about 36 percent within the European Union. Its deployments slid down by 1 percent to 25636 robots. Italy is second with a market share of 16 percent inside the EU, having installations raised by 8 percent to 11475 units. The third biggest regional industry is France, which experienced a market share of 10 percent and acquired 13 percent, employing 7380 units in 2022.

KEY PLAYERS IN THE GLOBAL ROBOTICS MARKET

Companies that play a notable role in the global robotics market include FANUC, Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., Denso Corporation, Universal Robots, Comau LLC, KUKA, ABB, IRobot, Carbon Robotics, Venca Robotics, Boston Dynamics, Nvidia and Scythe Robotics.

RECENT HAPPENINGS IN THE MARKET

• In May 2024, United Robotics Group introduced its service robot range called uLink for retail, warehouse operations, and production purposes. It offers a modular platform that is improved with industry-level accessories, which will smooth workflow.

• In January 2024, Epson Robots, a prominent producer of robotics solutions, introduced latest GX-B Series SCARA robot version to assist customers to make powerful automations conveniently.

DETAILED SEGMENTATION OF THE GLOBAL ROBOTICS MARKET INCLUDED IN THIS REPORT

This research report on the global robotics market has been segmented and sub-segmented based on the and region. 

By Type

• Industrial Robotics

• Services Robotics

By Application

• Disinfection

• Shelf Scanning

• Delivery

• Security & Inspection

• Advertising

• Manufacturing

• Others

By End-User

• Automotive

• Logistics & Transportation

• Agriculture

• Chemical

• Healthcare

• Entertainment

• Electric

• Domestic Service

• Others

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa