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The global Robotics Market size was valued at USD 32.7 billion in 2021 and is projected to reach USD 104.2 billion by 2028, growing at a CAGR of 18 % during the forecast from 2022 to 2028.
Robotics is an interdisciplinary division of computer science, engineering, and technology. It typically involves the design, construction, development, operation, and usage of robots. The main objective behind the adoption of robots is to help and support humans in household and industrial activities. Robots are assisting individuals in a growing number of places, ranging from archeological sites to disaster zones to sewers. The Robotics market is increasingly gaining high traction among a wide range of end-use sectors to efficiently manage the bulk of repetitive tasks. Furthermore, the shortage of labor across developed and developing countries owing to increased labor charges, making the huge adoption of the Robotics Market. The exponential rise in automation across the manufacturing sector and increasing integration of digital transformation in top-level strategies, coupled with the surge in government and public-private companies to mitigate COVID-19 impact through integrating disinfectant technologies are the primary factors that are attributing to the market growth around the world.
The outbreak of COVID-19 has drastically impacted the global economy and various business operations. During this pandemic, the global Robotics Market has been flourishing in the wake of the COVID-19 pandemic, owing to the usage of the Robotics Market has been accelerated among various businesses, such as medical facilities, as well as government agencies to digitally store real-time data and information about infected people. In addition, the rising trend toward digital transformation in the industrial, healthcare, and other sectors is to keep individuals safe from the deadly coronavirus. Especially, the healthcare sector has accelerated the use of robots to disinfect rooms, provide prescriptions or meals, and manage other tasks associated with patient observation or treatment. Furthermore, robotics adoption across public works and public safety departments is increased to reduce contamination of the pandemic. For instance, in India, drones are deployed to spray decontaminators throughout public spaces. Accordingly, the deployment of robots has witnessed a robust surge, especially in developed and developing nations, aiming to reduce the danger of coronavirus spread. However, it has been further projected that the adoption of automated robots will observe a robust increment over the post-pandemic period, owing to its benefits such as high efficiency and improved accuracy. These factors are resulting in high market growth across the globe.
The global Robotics Market is segmented on the basis of type (Industrial Robots, Service Robotics, Household Robotics, Collaborative Robots, and Automated Guided Vehicles), on the basis of by Application (Handling, Welding & Soldering, Assembling & Disassembling, Dispensing, Processing, and Others), on the basis of by Vertical (Automotive, Electrical & Electronics, Metal & Machinery, Plastic, Rubber, and Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, and Other Verticals)
Based on type, the industrial robot segment dominates the global Robotics market with the highest number of shares. An industrial robot is a type of mechanical equipment that feds data and is programmed to execute activities related to industrial production. These robots typically help in enhancing productivity while reducing costs and generating improved quality goods in automation capabilities, which in turn, expands the adoption of industrial robots. Further, the demand for industrial robots is primarily driven by the surge in the need for industrial automation, coupled with the growing research and innovations in robotics. In addition, the substantial rise in the cost of energy and human labor, government support, and the ongoing trend of industrial automation are other reasons that increased the adoption of industrial robots, which is fueling the segment growth in the global market.
Based on vertical, the market is segmented into automotive, electrical & electronics, metal & machinery, plastic, rubber, and chemicals, food & beverages, precision engineering & optics, pharmaceuticals & cosmetics, and other verticals. The Food & Beverage segment is expected to grow at the highest CAGR in the global market over the foreseen period. There is a drastic change in lifestyle that has resulted in several individuals demanding food and beverages, and a few individuals mainly prefer online sources to buy them. The constant surge in demand for food products through online mediums encouraged manufacturers to use robots. As a consequence, several food industry chains and suppliers are using delivery robots to deliver food to their customers, which fuels market growth. For instance, Starship Technologies, a food delivery company, has been testing its robots since 2015 and has begun food delivery operations during the COVID-19 pandemic to maintain social distancing.
On the other hand, the automotive segment is expected to attain maximum revenue share over the forthcoming scenario. The automotive industry has been utilizing robots in its assembly lines for a range of manufacturing processes. Robots are more efficient, flexible, accurate, and dependable on the automotive production lines, allowing the automotive sector to remain one of the most automated supply chains globally. Therefore, the Robotics Market is gaining higher traction in the automotive sector, which accelerates market growth during the forecast period. Moreover, the rise in automation across the automotive sector, the rise in concern about passenger safety, accuracy, and productivity, and the increasing integration of autonomous robots in vehicles are the other factors that augment the segment growth in the near future.
The rapid proliferation of digital solutions and technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of things (IoT) to make technologically advanced robots is shifting the trend toward the Robotics Market. For instance, in December 2021, Energy Robotics, a German-based software solution developer of mobile inspection robots, received 2 million euros in funding to develop mobile AI-based robotics solutions. The development brings together a hardware-driven independent robot operating system, cloud-based fleet management, and AI-driven data analysis for industrial applications. Such initiatives will shape a significant transformation in the automated, intelligent Robotics Market. Moreover, the considerable rise in investments across the range of emerging technologies will further proliferate the new technology integration in the Robotics Market. For instance, as per the International Data Corporation (IDC), the total expenditure on IoT is projected to reach USD 1.2 trillion in 2022. Also, Cisco reported that it was estimated that approximately 500 billion devices are likely to be connected to the internet by 2030. Accordingly, the incorporation of these technologies assists robots to improve their automation capabilities as well as makes them suitable for remote inspection and monitoring, especially in the industrial sector with harsh and demanding environments. Hence, these factors are acting as catalyzing factors that are reinforcing the market demand, which is augmenting the market expansion across the globe.
APAC is anticipated to grow at the highest in the forecasting period owing to the surge in the adoption and utility of industrial robots, escalating manufacturing & production sector, and growing government initiatives taken towards the development of machine learning services. In addition, the rising adoption of machine learning and other emerging technology, along with the increasing adoption of connected devices is also attributed to the growth of the Robotics market. Furthermore, the robust growth in industrialization leads to a high rise in business deals including joint ventures, mergers, and acquisitions in the various industry verticals. As a result, in order to manage their operating costs, improve product quality and consistency, and maximize productivity, enterprises are undertaking a progressive initiative toward the development and adoption of the Robotics Market. Moreover, the presence of emerging economies such as India and China are further leveraging various advanced technologies and robotic solutions, which are responsible for the growth of the regional market.
The Beyond Market Insights research has segmented the Global Robotics Market report on the basis of Type, Application, Vertical, and region