The global robotics technology market revenue was around US$ 87.4 billion in 2022 and is estimated to reach US$ 312.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 15.2% during the forecast period from 2023 to 2031.
Robotics technology is the field of technology and engineering that concentrates on the development, design, application, and operation of robots. It entails building tools that can work partially or independently autonomously and imitate human interactions and behavior in the real world. Robotic technology can complete jobs rapidly, accurately, and precisely which increases efficiency and production.
Market Driving Factors
The increase in the need for automation and safety in organizations drives market growth. Safety and automation are two crucial challenges that robotics technology manages effectively, which results in an appealing solution for businesses across various industries. Additionally, businesses all around the world are automating their development processes to reduce price free up time, and create goods of higher quality. As a result, businesses are automating processes for enhanced quality and higher productivity because of increasing market competition.
Growing accessibility and availability of low-cost, energy-efficient robots to enhance optimization is a major factor driving the market expansion. There is a growing need for robotics technology across various sectors and applications because of the rapid evolution of technological advancements. Additionally, the surge in investments in robotics solutions owing to the decline in costs of these solutions has created various possibilities for small and medium-sized enterprises.
The adoption of robotics solutions by small and medium-sized organizations (SMEs) is limited by the high initial costs associated with obtaining and installing robot technology. Such, this factor limit the market growth.
Regional Analysis
In 2022, Asia Pacific dominated the market in terms of the largest share. This can be attributed to the robust industrial sector, including automotive, manufacturing, and logistics, which has been an earlier adopter of robotics technology. Additionally, key players invested heavily in robotics and automation technology to improve efficiency, and productivity and manage labor shortages in the region.
Latin America dominates the market in terms of the fastest growth rate during the forecast period. This growth is mainly due to the surging interest in industrial robotics, automation, and service robotics across industries like healthcare, manufacturing, and agriculture. In addition, the increasing awareness of the advantages of robotics technology and the rising requirement for cutting-edge solutions in warehousing and logistics also fuel the market growth.
Segmentation Insights
Component Insight
The hardware segment dominates the market during the forecast period. This is due to the adoption of robotics technology continues to increase across several industries and the growing demand for robotic hardware components to deploy and build new robotic systems.
Robot Type Insight
The cobots segment is the fastest-growing segment in the market. Collaborative robots are designed to help humans in doing specific activities that are both accurate and sophisticated. Robots and humans collaborate closely. The robots are capable of determining odd activity in their surroundings and collaborating with humans without being physically separated. Thus, cobots are more appealing to utilize in industries and factories because of their smaller, smarter, more flexible, and user-friendly qualities.
The traditional industrial robots segment dominates the market in terms of revenue. The introduction of several kinds of production control techniques and the implementation of automation solutions are substantial components of existing production advancement plans. Furthermore, a range of industries, including manufacturing and healthcare, are using industrial robots as their popularity grows. Industrial robotics is a rapidly increasing sector with applications in a broad range of industries.
Application Insight
The logistics segment dominates the market in terms of the fastest rate. The robots in the logistics sector control the movement and storage of items as they move via the supply chain. They're frequently utilized to transfer and arrange things in stores and warehouse facilities, a process known as intralogistics, but they can also be operating in other places. In addition, when compared to conventional labor, logistics robots have a far greater uptime which boosts productivity and profits for companies using them.
Prominent Companies
Segmentation Outline
The global robotics technology market segmentation focuses on Component, Robot Type, Application, and Region.
By Component
By Robot Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ROBOTICS TECHNOLOGY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ROBOTICS TECHNOLOGY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ROBOTICS TECHNOLOGY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ROBOTICS TECHNOLOGY MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 HARDWARE
5.3 SOFTWARE
5.4 SERVICE
6 GLOBAL ROBOTICS TECHNOLOGY MARKET, BY ROBOT TYPE
6.1 OVERVIEW
6.2 COBOTS
6.3 PROFESSIONAL SERVICE ROBOTS
6.4 TRADITIONAL INDUSTRIAL ROBOTS
6.5 OTHERS
7 GLOBAL ROBOTICS TECHNOLOGY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 MANUFACTURING
7.3 HEALTHCARE
7.4 AEROSPACE AND DEFENSE
7.5 MEDIA AND ENTERTAINMENT
7.6 LOGISTICS
7.7 OTHERS
8 GLOBAL ROBOTICS TECHNOLOGY MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL ROBOTICS TECHNOLOGY MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 FANUC CORPORATION
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SEIKO EPSON CORPORATION
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 MITSUBISHI ELECTRIC CORPORATION
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 YASKAWA ELECTRIC CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ABB LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 KUKA AG
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 KAWASAKI ROBOTICS
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 OMRON CORPORATION
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 STAUBLI INTERNATIONAL AG
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 DENSO CORPORATION
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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