Robotics Market Size (2024 - 2029)

Robotics Market Analysis

The Robotics Market size is estimated at USD 89.68 billion in 2024, and is expected to reach USD 159.28 billion by 2029, growing at a CAGR of 12.17% during the forecast period (2024-2029).

Robotics merges engineering and technology to develop intelligent machines known as robots. Whether human-controlled or autonomous, these robots can entertain or undertake tasks that may be tedious, complex, or pose health and safety risks. Robotics, categorized mainly into industrial and service types, finds extensive application across diverse end-user industries.

• Industrial robots are robotic systems used for manufacturing and industrial automation applications. They are programmable, automated, and capable of movement on three or more axes. These robots have sensors, controllers, and actuators to perform various functions and operations in industrial environments. Industrial robots have many uses, like welding, painting, assembly, disassembly, picking and placing, packaging and labeling, palletizing, material handling, and transporting goods. They are also used in heavy industry, such as mining and construction, for tasks that are too dangerous or difficult for human workers.

• In recent years, various industries have increasingly adopted advanced machinery and technological solutions. This trend is driven by several factors. For instance, businesses globally face rising labor costs, often resulting in reduced productivity. These escalating labor costs stem from government regulations, imbalances in supply and demand, and a dearth of skilled labor. As a result, many companies are turning to automated solutions as a more economical choice. This transition significantly boosts the Industry 4.0 market, which is crucial for improving functionality, controllability, and safety in industrial settings.

• With the rising prominence of SMEs, governments worldwide are championing the adoption of digital and advanced industrial technologies. These efforts aim to streamline operations and boost efficiency, fostering a conducive environment for market growth. For context, in 2023, the United States boasted approximately 33 million SMEs. In India, as of February 2024, there were 39.32 million registered micro industries (Source: IBEF, Ministry of MSME), alongside 0.61 million small industries and 0.06 million medium industries.

• Robots integrated with advanced technologies cost more than traditional robots. The costs of robotic systems are associated with robust hardware and efficient software. Automation equipment involves the usage of advanced automation technologies that require high capital investment. For instance, an automated system may cost millions of dollars for design, fabrication, and installation.

• The pandemic has wreaked economic havoc on industries worldwide, from small enterprises to large corporations. Compounding these challenges, government-imposed lockdowns aimed at curbing the virus's spread have adversely affected various sectors. For example, OPEC noted a drop in global crude oil demand from 100.27 million barrels per day in 2019 to 91.19 million barrels per day in 2020. However, projections indicate a rise to 104.46 million barrels per day by 2024.

Robotics Industry Segmentation

The robotics market study defines the revenues generated from the types of industrial and service robotics used in various end-user industries across the world. The study includes qualitative coverage of the most adopted strategies and an analysis of the critical base indicators in emerging markets. Industrial robots covered under the scope include linear robots (cartesian and gantry robots), SCARA robots, articulated robots, parallel robots (delta), cylindrical robots, etc. For the service robots market estimates, the types of service robots considered under the scope of the study include professional (professional, personal/domestic, and entertainment, among others.

The robotics market is segmented by technology type (industrial and service), by end user (end users of industrial robots[(automotive, food & beverage, electronics, and other end users of industrial robots] and by end users of service robots [logistics, military & defense, medical and healthcare, and other end users of service robots)], and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.