Robotics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 102.75 Billion |
| Market Size (2029) | USD 226.47 Billion |
| CAGR (2024 - 2029) | 17.10 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Robotics Market Analysis
The Robotics Market size is estimated at USD 102.75 billion in 2024, and is expected to reach USD 226.47 billion by 2029, growing at a CAGR of 17.10% during the forecast period (2024-2029).
- The growing adoption of automation and advanced manufacturing solutions in the industrial sector and the development of advanced robots for applications across other industries create a favorable outlook for the growth of the market studied. Due to the increased demand, numerous investments have been made in the robotics sector.
- As per the International Federation of Robotics (IFR), the demand for robots continues to be fueled significantly by investments in new car production facilities and the modernization of industrial facilities. In April 2024, IFR reported that due to a surge in automation investments by US manufacturing companies, industrial robot installations in the United States spiked by 12% in 2023, totaling 44,303 units. Notably, the automotive segment saw a 1% sales increase, setting a new record with 14,678 robots installed in 2023.
- Digitization and the Industry 4.0 revolution have driven the growth of automation across industries, necessitating the adoption of advanced and automated solutions, such as robotics, optimizing production processes. Robotics incorporates several key elements of Industry 4.0, including connectivity and data. Continuous technological advancements and innovations have led to the development of advanced robots with improved functionality, further fueling market growth.
- In April 2024, Universal Robots (UR), the global leader in collaborative robotics, incorporated the Standard Robot Command Interface (SRCI) into its software. UR stands at the forefront as one of the pioneering cobot providers to introduce this feature. SRCI, a novel standard in the robotics realm, is designed to streamline the interface between programmable logic controllers (PLCs) and robots. By seamlessly integrating SRCI into its software, UR bolsters the connectivity of its cobots and guarantees customers a smooth pairing with Siemens PLCs.
- With the emergence of new diseases and medical disorders, these activities increase the complexity of drug discovery and laboratory testing. Robots are gaining traction in laboratory tasks due to their precision and speed. Robots hold significant promise in drug discovery, enhancing research and development processes. They boost throughput, expediting drug delivery to the market and ultimately reducing costs for consumers.
- Many businesses worldwide are automating their warehouses with robotics to save money on labor costs. In March 2024, LG Business Solutions USA launched an advanced new automated warehouse robot - LG CLOi CarryBot. LG aims to set a new standard for warehouse efficiency and flexibility with the new LG CLOi CarryBot family of autonomous mobile robots (AMRs). These robots are designed to navigate complex floor plans intelligently and to move and deliver payloads in customizable configurations, with loading and unloading performed by workers.
- However, factors such as the higher installation cost of industrial robots remain among the major challenging factors for the growth of the market studied, especially in developing regions wherein the price sensitivity of the consumers is comparatively higher. A lack of technical expertise may restrict the adoption of advanced robots in the industrial sector.
- Macroeconomic factors, such as economic slowdown, geopolitical issues, etc., also influence the market's growth significantly, considering the high investment value of industrial and service robots. Geopolitical conflicts, such as the Russia-Ukraine War, the Israel-Hamas War, and the US-China trade war, further slow down the demand for robots as countries majorly invest in the defense and military sectors.
Robotics Market Trends
Service Robotics is Expected to Witness Significant Growth
- Service robots are robotic solutions developed specifically to assist human workers in completing service-related tasks efficiently and conveniently. By using an internal control system that can also be controlled manually, these robots provide fully or semi-automatic services through the combination of a mobile base and a robotic arm in some cases. Service robots find various applications across various sectors, including residential/personal use, industrial, commercial, etc.
- The demand for service robots has grown significantly in the medical sector. As medical robot systems-assisted surgeries increase, product innovation rates in the market are also anticipated to increase further. In June 2024, Meril, a medical devices company based in Gujarat, unveiled its latest innovation: the MISSO surgical robotic technology. This cutting-edge system is designed to aid doctors during knee replacement surgeries in real-time. Meril anticipates that MISSO could potentially reduce the cost of these surgeries by up to 66%.
- According to NIOSH, healthcare workers have among the most hazardous industrial jobs in the United States, with the highest number of nonfatal occupational injuries and illnesses. Reputed organizations like MIT and the University of Michigan are working on the technology to deliver small and compact robots to the medical sector to enhance their usability and application areas.
- In May 2024, Medtronic (announced its commencement of further clinical trials for its Hugo robotic-assisted surgery system. The aim is to broaden its applications to include hernia and gynecological procedures. These studies are crucial as Medtronic gears up for an FDA submission for the expanded use of the Hugo RAS system. With a growing presence in 25 countries and over 100 scientific publications worldwide, Medtronic is now eyeing three distinct applications for its Hugo system.
- The aging population is also one of the primary drivers of the significant increase in the deployment of service robots in domestic healthcare and assistance applications. According to data from the United Nations, the global population of people over 65 years is expected to grow significantly and may account for about 16% of the global population by 2050.
- According to IFR, robots for domestic tasks constituted the largest group of consumer robots. Vacuuming and other indoor domestic floor cleaning robots are currently the most used applications. In 2023, the shipments of robots for domestic tasks and entertainment robots are anticipated to reach 48.6 million and 6.7 million, respectively. Such developments are expected to drive the market's growth in the future.
Asia-Pacific Holds a Major Market Share
- Asia-Pacific is anticipated to hold a significant market share due to the considerable adoption of robots owing to rapid growth in the industrial and automation sectors. With notable expansions in countries like China, India, and Japan, the industrial sector is a catalyst propelling the robotics industry in Asia-Pacific. Sectors like automotive and packaging increasingly leverage diverse robotic applications to enhance operational efficiency. According to IFR, China, Japan, and South Korea are among the top three countries in Asia-Pacific that have adopted industrial robots. China is also the leading country globally.
- The growing automotive industry and increased demand for autonomous and battery electric vehicles create new market opportunities. For instance, data from the Society of Indian Automobile Manufacturers (SIAM) for 2023 revealed that India produced around 25.93 million vehicles, of which 4.58 million were passenger vehicles, representing a significant surge compared to previous years.
- South Korea and China are dominant in adopting robotics due to the massive electronic and automotive manufacturing industry deployment. According to the IEA, new electric car registrations in China hit 8.1 million in 2023, marking a 35% increase from the previous year as consumers switched from gas-guzzler models due to government subsidies and high oil prices. The region's automotive sector is anticipated to remain among the leading contributors to the growth of the robotics industry as the entry of global automotive players who spend big on advanced production technologies significantly drives the adoption of industrial robots.
- With the electrification trend becoming mainstream in the automotive sector, investment in new product plants is anticipated to grow significantly, creating opportunities in the studied market. By 2050, the Japanese government aims to ensure that all new cars sold in Japan will be electric or hybrid. Such trends create a favorable outlook for the growth of the market studied.
- The region also faces an aging population, mainly in countries such as China, South Korea, and Japan. According to the Institute of Population and Social Security Research, the population aged 65 and over 65 is anticipated to make up about 40% of the people in Japan by 2070. Considering such trends, government organizations plan to rely more on robots for various purposes, including companionship, as a workforce, and to provide services. 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.
Robotics Industry Overview
The robotics market is semi-consolidated, with significant market players such as ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, and Kuka AG. Leading market vendors are focusing on expanding their base globally. Key vendors in the market are actively pursuing various strategies, including partnerships and acquisitions, to enhance their product portfolios and establish sustainable competitive advantages.
- April 2024: KUKA and Volkswagen signed a significant deal that outlines the delivery of 700+ robots in the current year, with plans for an additional rollout over the next two years. These robots, featuring KUKA's popular model, the KR QUANTEC, are slated for installation at Volkswagen Navarra in Pamplona, Northern Spain. Their primary role will be in the body-in-white production line. This move underscores Volkswagen's commitment to bolstering its European automotive manufacturing capabilities.
- November 2023: Yaskawa Electric Corporation unveiled the “MOTOMAN NEXT series,” featuring five models with payload capacities ranging from 4 kg to 35 kg (4 kg, 7 kg, 10 kg, 20 kg, and 35 kg). This next-generation robot marks a significant milestone in the industrial robotics landscape, being the first to exhibit autonomous adaptivity to its environment and the ability to make independent judgments.
Robotics Market Leaders
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ABB Ltd
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Yaskawa Electric Corporation
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Denso Corporation
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Fanuc Corporation
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Kuka AG
*Disclaimer: Major Players sorted in no particular order
Robotics Market News
- May 2024: Fanuc America introduced its CRX-10iA/L painting collaborative robot, marking its debut in explosion-proof (ex-proof) collaborative paint robots. The company plans to roll out this innovation for global use and sale. The CRX-10iA/L is engineered to meet the exacting safety standards for explosion-proof operations in the United States and regions like IECEx, ATEX, Canada, Japan, Korea, China, Taiwan, and Brazil. Like its CRX counterparts, this model can be seamlessly programmed using the FANUC CRX Tablet Teach Pendant.
- March 2024: Mercedes partnered with Apptronik to unveil the humanoid robot Apollo, aimed at revolutionizing car production through enhanced automation. Apollo aids in assembly and component inspection and excels in industrial operations, elevating efficiency and bolstering the workforce. Mercedes highlights that Apollo's robust computing capabilities extend beyond Apptronik's initial applications, offering a platform for leading AI firms to tackle diverse use cases.
Robotics Market Report - Table of Contents
1. INTRODUCTION
- 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
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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 COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
- 4.5 Evolution of Collaborative Robots in the Industrial Ecosystem
5. MARKET DYNAMICS
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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
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5.2 Market Restraints
- 5.2.1 High Cost of Installation
6. MARKET SEGMENTATION
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6.1 By Type
- 6.1.1 Industrial
- 6.1.2 Service
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6.2 By End User
- 6.2.1 End Users of Industrial Robots
- 6.2.1.1 Automotive
- 6.2.1.2 Food & Beverage
- 6.2.1.3 Electronics
- 6.2.1.4 Other End Users of Industrial Robots
- 6.2.2 End Users of Service Robots
- 6.2.2.1 Logistics
- 6.2.2.2 Military and Defense
- 6.2.2.3 Medical and Healthcare
- 6.2.2.4 Other End Users of Service Robots
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6.3 By Geography***
- 6.3.1 North America
- 6.3.2 Europe
- 6.3.3 Asia
- 6.3.4 Australia And New Zealand
- 6.3.5 Latin America
- 6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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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 NV)
- 7.1.14 Omron Adept Technologies Inc.
- 7.1.15 Intuitive Surgical Inc.
- 7.1.16 Stryker Corporation
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Robotics Industry Segmentation
Industrial robots are utilized in manufacturing industries. Service robots assist human beings by performing tasks. For the service robots market estimates, the types of service robots considered under the scope of the study include professional (proficient cleaning, field robotics, inspection and maintenance, and logistics), personal (robots for domestic tasks such as vacuuming, cleaning, surveillance, and elderly and handicap assistance), and entertainment (hobby, education, and research). For geography-based estimates, the overall unique robot installation in the region is considered.
The robotics market is segmented by type (industrial and service), end user [end users of industrial robots (automotive, food & beverage, electronics, other end users of industrial robots) and end users of service robots (logistics, military & defense, medical and healthcare, other end users of service robots)], and geography. The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Type | Industrial | |
| Service | ||
| By End User | End Users of Industrial Robots | Automotive |
| Food & Beverage | ||
| Electronics | ||
| Other End Users of Industrial Robots | ||
| By End User | End Users of Service Robots | Logistics |
| Military and Defense | ||
| Medical and Healthcare | ||
| Other End Users of Service Robots | ||
| By Geography*** | North America | |
| Europe | ||
| Asia | ||
| Australia And New Zealand | ||
| Latin America | ||
| Middle East and Africa |
Robotics Market Research Faqs
How big is the Robotics Market?
The Robotics Market size is expected to reach USD 102.75 billion in 2024 and grow at a CAGR of 17.10% to reach USD 226.47 billion by 2029.
What is the current Robotics Market size?
In 2024, the Robotics Market size is expected to reach USD 102.75 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 (2024-2029).
Which region has the biggest share in Robotics Market?
In 2024, the Asia Pacific accounts for the largest market share in Robotics Market.
What years does this Robotics Market cover, and what was the market size in 2023?
In 2023, the Robotics Market size was estimated at USD 85.18 billion. The report covers the Robotics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Robotics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the growth of the Robotics Market?
The growth of the robotics market is primarily driven by increasing automation in industries, advancements in artificial intelligence and machine learning, and the need for improved productivity and efficiency.
What are the key trends shaping the Robotics Market?
Key trends shaping the robotics market include: a) Integration of collaborative robots (cobots) b) Rise of autonomous mobile robots (AMRs), and c) Increasing use of robots in the service industries
Robotics Industry Report
The global robotics market is on a significant upward trajectory, fueled by the escalating demand for automation across diverse sectors and the emergence of Industry 4.0. Valued at billions, it's set to grow at an impressive rate, driven by the need for enhanced efficiency and productivity in fields like manufacturing, healthcare, and logistics. The Asia-Pacific region is poised to dominate, thanks to robust robotics integration in electronics and automotive manufacturing. Innovations such as service robots, cobots, and AI advancements are broadening robotics applications, from healthcare to agriculture, boosting market expansion. Amidst this growth, key players are investing in R&D to deliver advanced robotic solutions, catering to the increasing market demand. For detailed insights and forecasts, including a historical overview, access a free report PDF download from Mordor Intelligence™ Industry Reports.
