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Top Robotics Market 2024: Innovations, Trends, and Growth Opportunities
Top Robotics Market 2024
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According to The Business Research Company's, The top robotics market size has grown exponentially in recent years. It will grow from $106.7 billion in 2023 to $129.42 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to growing emphasis on reduction in human error, government initiatives for the adoption of robotics, surge in demand for industrial robots, rising usage of robots in both the industrial and domestic sectors, labor shortages.
The top robotics market size is expected to see rapid growth in the next few years. It will grow to $267.68 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to growing demand for cleaning robots, government support for worker shortages, e-commerce and logistics growth, increasing use of robots in healthcare, focus on sustainability and reducing carbon footprints. Major trends in the forecast period include collaborative robots (cobots), ai advancements, industrial automation, humanoid and social robots, robotics as a service (raas).
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Market Drivers and Trends:
The increase in use of robots in the logistics sector is projected to fuel the growth of the top robotics market over the coming years. The total procedure of handling how assets are bought, stored, and transported to their eventual destination is referred to as logistics. Robotics in logistics allows for remote connections with devices from which humans can observe and oversee the robot's operations, as well as lower logistics costs, more rapid cargo preparation, and higher delivery precision. For instance, according to the International Federation of Robotics, a US-based professional non-profit organization to promote, strengthen and protect the robotics industry, about 121,000 professional service robots were sold in 2021. Sales of medical robots were up 23% to 14,823 units. Therefore, the increasing use of robots in the logistics sector drives the growth of the top robotics market.
The growing technological advancements are shaping the top robotics market. Technological advancements have authorized manufacturers to use lightweight robots that can manage numerous tasks and improve productivity. Artificial intelligence, machine learning, and other emerging technologies have been put into robots to replicate human intelligence and facilitate some of the jobs that humans perform. For instance, in January 2021, Omron, a Japan-based electronics company launched the Omron i4 which has an inbuilt AI system for predictive maintenance. This is a next-generation industrial robot that can identify and communicate when it's time for repairs and maintenance.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
ABB Ltd., The Yaskawa Electric Corporation, FANUC Corporation, KUKA AG, Kawasaki Heavy Industries Ltd., Nachi-Fujikoshi Corp., Honda Motor Co. Ltd., Mitsubishi Electric Corporation, Northrop Grumman Corporation, Denso Corporation, Seiko Epson Corporation, Universal Robots, Omron Adept Technology Inc., Stäubli, Comau, Yamaha Motor Co. Ltd., ST Robotics, CMA Robotics S.P.A., Daifuku Co. Ltd., Neato Robotics, SoftBank Robotics Group Corp., GE Inspection Robotics AG, Starship Technologies, Nuro Inc., Intuitive Surgical Inc., Dürr AG, b+m Surface Systems Pvt. Ltd., igm Robotersysteme AG, Franka Emika GmbH, iRobot Corporation, DeLaval, Stryker Corporation
Top Robotics Market 2024 Key Insights:
• The top robotics market size is expected to see rapid growth in the next few years. It will grow to $267.68 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• Rising Robot Adoption In Logistics Sector Drives Robust Growth In The Top Robotics Market
• Technological Advancements Drive Evolution In The Top Robotics Market, Enabling Advanced Ai-Powered Machines
• Asia-Pacific was the largest region in the top robotics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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