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Revenue in the Robotics market is projected to reach US$46.11bn in 2024.
Service robotics dominates the market with a projected market volume of US$36.20bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.63%, resulting in a market volume of US$73.01bn by 2029.
In global comparison, most revenue will be generated United States (US$9.42bn in 2024).

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

For more information on the data displayed, use the info button right next to the box.

Industrial Robotics
Service Robotics

robots not programmable in two or more axes
robots with no degree of autonomy

The Robotics market has seen remarkable expansion globally, propelled by factors such as increasing incorporation of automation, growing demand for efficient and cost-effective solutions, and the convenience offered by robotic technology. Despite a relatively slow growth rate, factors such as high initial costs and the need for specialized skills may impact the overall market's growth.

Customer preferences: Consumers are increasingly looking for automation and efficiency in their daily lives, leading to a rise in demand for robotics solutions in various industries. This shift is driven by the need for increased productivity and cost savings, as well as the desire for convenience and improved safety standards. Additionally, the integration of artificial intelligence and machine learning in robotics is further propelling market growth, as it allows for more advanced and precise capabilities. These emerging trends highlight the growing reliance on technology and the increasing adoption of automation in various aspects of life.

Trends in the market: In the Robotics Market, there is a rising trend towards the development of autonomous robots for various industries, such as manufacturing and healthcare. This trend is driven by the increasing demand for efficiency and cost-effectiveness in operations. Additionally, there is a growing focus on the use of collaborative robots, or cobots, which can work alongside humans and enhance productivity. These trends have significant implications for industry stakeholders, as they can lead to improved productivity, cost savings, and enhanced safety in the workplace. However, they also raise concerns about potential job displacement and the need for upskilling and reskilling of the workforce. As the robotics market continues to evolve, it will be crucial for industry stakeholders to stay updated on these trends and adapt to the changing landscape.

Local special circumstances: In China, the Robotics Market is experiencing rapid growth due to the country's strong focus on industrial automation and the adoption of advanced technologies in manufacturing. Additionally, the Chinese government's initiatives to promote the use of robots in various industries, such as healthcare and transportation, are driving the market. In Japan, the market is driven by the aging population, leading to a demand for robotics solutions in healthcare and eldercare. The country's advanced robotics research and development sector also contributes to the market's growth.

Underlying macroeconomic factors: The growth of the Robotics Market is heavily impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong regulatory environments and significant investments in robotics technologies are experiencing higher market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for automation and efficiency in various industries and the aging population worldwide are driving the demand for robotics solutions to improve productivity and reduce labor costs.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.