Robotics Market Size, Share, Analysis, Trends, Growth and Forecast | 2031 (2024)

Global Robotics Market size was valued at USD 34.06 Billion in 2022 and is poised to grow from USD 39.54 Billion in 2023 to USD 134.64 Billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

Service robots are robotic solutions specifically designed to help human workers complete service-related tasks more efficiently and effectively. The demand for service robots in the medical field has increased dramatically. As medical robotic system-assisted surgeries increase, the number of innovations in the market is expected to increase further. These robots can operate alone as well as with people in a variety of production and maintenance duties. They are commonly utilised to improve productivity and minimise labour costs in sectors such as automotive and manufacturing. Furthermore, advantages such as fewer accidents and improved precision are propelling market expansion. Factors such as the rising usage of autonomous robots for iterative tasks, fast technical advancements in robotics, and increased expenditures in industrial automation have accelerated the use in a variety of end use segments.

The market is projected to be volatile due to mergers and acquisitions, intense rivalry, and the involvement of both new and existing players. The introduction of smart collaborative robots and AI-enabled systems with enhanced reliability and accuracy is likely to drive growth in the global market over the forecast period. They can connect to a cloud platform digitally to boost operational efficiency and business process agility. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in the industrial settings.

Market Snapshot - 2024-2031

Global Robotics Market is segmented based on Component, Type, Mobility, Application, Operating Environment, End-user, and region. Based on Component, the market is segmented into Hardware (Sensor, Actuator, Power Source, Control System), Software, and Services. Based on Type, the market is segmented into Personal/Domestic Robots and Professional Robots. Based on Mobility, the market is categorized into Mobile and Fixed/Stationary. Based on Application, the market is segmented into Inspection and Maintenance, Material Handling and Sorting, Security and Surveillance, education and entertainment, sanitation and disinfection, and others. Based on Operating Environment, the market is segmented into Ground and Underwater. Based on End-User, the market is segmented into Manufacturing, Healthcare, Agriculture, Military and Defence, Logistics and Warehouse, Education and Entertainment, and Others. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).

Analysis by Mobility

The mobile robot segment is dominating in the market due to the rising need for versatile and autonomous robots. The internet of things (IoT) mobility trend has risen over time as smartphone adoption has increased. Mobile robots are getting increasingly popular in the company as mobile devices become more widely available. The latest advances in articulated robotics are important for design because they simplify tasks such as welding, assembly and material handling. These developments focus on improved accuracy, AI integration and motion control.

Stationary robots segment is the fastest growing in the market are set in one location and are in high demand to help with industrial tasks such as material handling, picking, or sorting. With rising demand in the industrial and automotive industries, stationary robots are expected to increase significantly in the future years. These robots are ideal for use in manufacturing areas where stationary assistive robotic systems are in great demand. Stationary assistive robots include surgical robots, dynamic arm supports, metal supports, and robotic manipulators. The need for surgical robots in the medical and home fields is increasing, which is projected to boost the market for fixed robots throughout the forecast period.

Analysis by Type

Professional robots have a high market share among them due to the increasing automation of commercial processes. Agriculture, construction, defence, logistics, scientific, and other industries have strong need for expert robots. The development of state-of-the-art technologies which includes artificial intelligence, and adaptive imaginative and prescient structures has expanded the recognition of sensible robots.

With increased consumer acceptance and demand, personal or domestic robots are anticipated to see substantial expansion. Domestic robots are rising more useable because of the technological advancements. Increasing labour expenses and an ageing population are other important factors boosting demand for domestic robots. Smart infrastructure advancements will increase the need for personal or domestic use robots. The COVID-19 epidemic has also increased demand for household robots in public and business environments.

Asia-Pacific dominates the global robotics market due to high government support, quality manufacturing base and huge investments in automation. Countries such as China, Japan and South Korea are particularly rapidly increasing the use of robotics. They have a competitive advantage over others. Furthermore, as Asia Pacific focuses on introducing robots in sectors such as consumer electronics, healthcare services and logistics, it is becoming a major player in industrial robotics space across the globe thus continuing to drive the growth of the market.

The demand for robotics in North America end-use sectors such as automotive, manufacturing, healthcare, food and beverages, consumer products, and others is much higher. Rising demand for robotics in the region is being driven by technological advancements, trade policy, and wage pressures. The automation movement in North American countries provides a way for local and worldwide robotics strategy development. Venture capital companies in the United States are increasingly investing in robotics technology businesses to support the market's growth. North America plays a pivotal role inside the global robotics marketplace, performing as a main hub for innovation, improvement, and adoption of advanced robotic technology.

Key players are developing application-oriented and industry-specific robots to help the industry. The manufactures within the global marketplace are continually operating on producing purpose-built robots that can resolve a positive trouble or have a specific marketplace application. Industry-unique utility-orientated robot development assists important corporations in maintaining marketplace dominance. Several big players are developing their robotics commercial enterprise network during advanced economies which could have the funds for robots. Businesses are introducing feature and application-specific items to diversify their product portfolio and increase their competitiveness.

Top Robotics Companies

• Intuitive Surgical (US)
• Daif*cku (Japan)
• DJI (China)
• iRobot (US)
• Kongsberg Maritime (Norway)
• DeLaval (Sweden)
• Amazon Robotics (US)
• Softbank Robotics (Japan)
• UBTECH Robotics (China)
• Precision Hawk (US)
• Hanson Robotics (China)
• CYBERDYNE (Japan)
• Parrot (France)
• GE Inspection Robotics (Switzerland)
• Stryker (US)

Robotics Market Recent Developments

• In March 2024, ABB announced the introduction of the ABB IRB 1300, a new collaborative robot intended for material handling and small components assembly duties. This robot is designed to meet the changing demands of the industrial and logistics industries with its superior safety features and increased versatility.
• In May 2024, Fanuc Corporation has increased the range of collaborative robots that are more flexible and can handle heavier loads improving the performance of the CRX-50iA model robot. It has the capacity to perform accurate tasks in car assembling and in making electronics due to its inbuilt AI features and visual sensors.
• In June 2024, Yaskawa Electric Corporation released HC20DT collaborative robot for consumer products production and food handling purposes. This robot highlights security and cleanliness owing to persecution eminence in automation needed in fragile conditions; it has a dustproof structure according to strict industrial criteria of purity.

• Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency. Furthermore, many retail organisations are implementing in-store robots to detect real-time behaviours, assist operators, and eliminate human errors. Furthermore, because smart robotic vacuum cleaners are lightweight, compact, and low maintenance, they are widely used for mopping, cleaning, and ultraviolet (UV) sterilising of residential and commercial environments. This, together with the breakout of the coronavirus illness (COVID-19) and individuals' rising concern on preserving health and cleanliness, is positively affecting demand for smart robots to prevent pandemic spread and provide a safe workplace.
• Integration of Artificial Intelligence in Robotics: A key trend inside the robotics market is the increasing integration of synthetic intelligence (AI) into robot systems. AI-powered robots are transforming industries by means of permitting machines to perform complex responsibilities with greater autonomy, accuracy and efficiency. This trend is especially obvious in industries which incorporate production, logistics and healthcare, in which AI-driven robots are getting used within the obligations. As AI era continues to conform, its integration into robotics will force critical improvements, important to smart and adaptive robot systems which can be carried out in tougher environments.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to SkyQuest analysis, the popularity of smart robots has grown over the years due to benefits such as automation, safety, cost savings, and dependability. Governments across the world are supporting industrial automation to boost productivity. The Asia Pacific region is expected to develop rapidly during the projection period as they become more widely used in the industrial and automotive industries. The market is predicted to increase at an exponential rate as new applications emerge and new types of specialised goods, such as application-specific robots, are commercialised. Robots are now utilised in the healthcare business for minor surgeries such as urology and gynaecology, but they may soon be used in more challenging medical procedures, which drives the market. Ethical concerns around data ownership, particularly with the rise of software services for robots, may limit industry expansion.