Robotics Market Size (2024 - 2029)

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 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.