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Base Year
Historical Year
Forecast Year
The global robotics technology market stood at a value of around USD 106.05 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 14.2% to reach USD 350.34 billion by 2032.
Global Robotics Technology Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 106.05 |
Market Size 2032 | USD Billion | 350.34 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 14.2% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 18.4% |
CAGR 2024-2032 - Market by Country | China | 17.6% |
CAGR 2024-2032 - Market by Country | Australia | 12.5% |
CAGR 2024-2032 - Market by Robot Type | Cobots | 15.9% |
CAGR 2024-2032 - Market by Application | Healthcare | 16.2% |
Market Share by Country 2023 | Canada | 2.4% |
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Based on application, the healthcare segment is predicted to hold a significant robotics technology market share during the forecast period. In the healthcare sector, robots are employed for various applications such as diagnostics, surgery, physical and mental therapy, and patient care, among others.
This is expected to drive the growth of the segment in the forecast period. Meanwhile, the applications of service robots in the logistic industry are predicted to witness a considerable growth in the forecast period. The rising e-commerce industry is the primary growth driver for the demand for robotics technology in the logistics industry which will further increase the robotics technology industry revenue.
In April 2024, Standard Robot Command Interface (SRCI) was incorporated into the software of Universal Robots (UR), one of the leading collaborative robots (cobot) company globally. A single interface between PLCs and robots is the goal of the new robotics industry standard known as SRCI. Siemens PLCs (Programmable Logic Controllers) are the first and only PLC vendor in the automation market to support SRCI, so UR's software will benefit from the full integration of SRCI to improve cobot connectivity and guarantee seamless integration for customers.
Automation has increased throughout industries as a result of digitization and the industry 4.0 revolution. This has made the use of advanced automated solutions—like robotics—necessary to optimize production processes. Data and communication are two important Industry 4.0 components that robotics incorporates. The creation of advanced robotic devices with enhanced functionality has been made possible by ongoing technological advancements and inventions, which has further fueled market expansion.
The automotive industry, which had rising installations, is the primary growth driver for the market in the United States. As per the robotics technology industry analysis, the automotive sector's share had increased to 37% in 2022, with the metal and machinery industry coming in second with 3,900 units and the electrical/electronics industry with 3,732 units. Manufacturing organizations in the United States have made significant investments in increasing automation: by 2023, there were around 44,303 industrial robots installed, a 12% increase from the previous year.
Further, 4,616 robots were installed in Canada in 2023, a 43% increase. Of all the robot installations in the nation, 55% are found in the automotive industry. In 2023, sales to the automobile industry reached an all-time high of 2,549 installed units, a 99% increase.
As per robotics technology market dynamics and trends, there are new market prospects due to the expanding automotive sector and rising demand for autonomous and battery-electric vehicles. For example, data from the Society of Indian Automobile Manufacturers (SIAM) showed that in June 2023, domestic sales of passenger vehicles in India were 3,27,487 units, three-wheeler sales were 53,019 units, and two-wheeler sales were 13,30,826 units.
Human-robot collaboration continues to be a major trend of robotics technology market. Robots may now safely operate alongside human workers due to the quick advancements in sensors, vision technologies, and smart grippers. These advancements enable robots to react dynamically to changes in their surroundings. Applications for collaborative robots give humans a new tool that supports and relieves them. When working in hazardous conditions or requiring heavy lifting or repetitive actions, they can help. The variety of cooperative uses that robot producers provide keeps growing.
A recent trend in the industry is the rise in cobot welding applications, which is being fueled by a lack of qualified welders. This demand demonstrates that automation is a solution to the labor crisis rather than its cause. consequently, investments in traditional industrial robots, which operate at significantly quicker rates and will remain vital for enhancing productivity in response to tight product margins, will be complemented by collaborative robots rather than replaced.
Robotics Technology Industry in the Asia Pacific Expected to Grow Significantly During the Forecast Period
Geographically, the Asia Pacific market is predicted to grow considerably over the forecast period, with China as a major contributor due to the rapid deployment of robots in the electronics and automotive sectors. Moreover, the economic expansion in other nations, such as India, is creating favourable conditions for the robotics technology industry growth in the region. Moreover, the adoption of big data technology and artificial intelligence with the introduction of Industry 4.0 in various sectors is anticipated to enhance the growth of the robotics technology market in the coming years.
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Robotics technology is the intersection of science, engineering, and technology for producing robots, which are used to imitate human actions. Some robots are even able to perform simple decision-making using artificial intelligence tools. Robots can perform tasks that are either monotonous or too dangerous for a human to conduct safely.
By component, the industry can be segmented into:
Based on robot type, the industry can be divided into:
On the basis of application, the industry can be categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
CAGR 2024-2032 - Market by | Country |
China | 17.6% |
Australia | 12.5% |
Japan | 11.0% |
France | 9.9% |
Italy | 8.9% |
USA | XX% |
Canada | XX% |
UK | XX% |
Germany | XX% |
India | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
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The growing technological advancements and the increasing shift towards automation are the major factors driving the robotics technology industry growth. In addition, the industry is predicted to grow significantly during the forecast period driven by advantages such as improved quality, cost reduction, and increased production efficiency, among others. In the rapidly changing industry, robots provide services more efficiently with reduced wastage. The rising demand from small and medium scale enterprises in developing countries is expected to contribute to the robotics technology market value.
The key players in the global robotics technology market include ABB Ltd., DENSO Corporation, FANUC America Corporation, Kawasaki Heavy Industries, Ltd., KUKA Aktiengesellschaft, Mitsubishi Electric Corporation, and Omron Corporation, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Robot Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Robotics Technology Market Size
Robotics Technology Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global robotics technology market attained a value of nearly USD 106.05 billion.
The market is projected to grow at a CAGR of 14.2% between 2024 and 2032.
The major drivers of the market include the rising utilisation of robotics technology in small and medium-sized enterprises, the increasing attempts to enhance production efficiency in various end-use sectors, and the growing adoption of big data technology and artificial intelligence.
The key trends guiding the market growth include the introduction of Industry 4.0 in various sectors, the robust growth of the e-commerce sector, the shift towards automation, and technological advancements and innovations.
The major regions in the robotics technology market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Software, hardware, and services are the major components in the market.
Traditional industrial robots, cobots, and professional service robots, among others are the major robot types in the market.
The various applications of robotics technology are manufacturing, healthcare, aerospace and defence, media and entertainment, and logistics, among others.
The major players in the market are ABB Ltd., DENSO Corporation, FANUC America Corporation, Kawasaki Heavy Industries, Ltd., KUKA Aktiengesellschaft, Mitsubishi Electric Corporation, and Omron Corporation, among others.
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