WESTFORD, Mass., April 25, 2024 /PRNewswire/ -- The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
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Browse in-depth TOC on the "Robotics Market"
- Pages - 202
- Tables - 64
- Figures - 75
Robotics Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $41.50 billion |
Estimated Value by 2031 | $126.96 billion |
Growth Rate | Poised to grow at a CAGR of 15% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Application, End Users, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights | Collaborative Robotics |
Key Market Opportunities | Prompting Several Industries to Adopt Automation Technologies |
Key Market Drivers | Increasing Demand for Automation |
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies-such as AI-driven automation systems and collaborative robots, or cobots-are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today's dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region's growing adoption of automation technology, especially in the manufacturing and logistics industries.
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Drivers:
- Increasing Demand for Automation
- Advancements in AI and Machine Learning Technologies
Restraints:
- High Initial Investments
- Lack of Skilled Workforce
Prominent Players in Global Robotics Market:
- FANUC America Corporation (US)
- Epson Robotics (Japan)
- Staubli International AG (Switzerland)
- YRG Inc. (US)
- Comau S.p.A. (Italy)
- Northrop Grumman Corporation (US)
- Honda Motor Co., Ltd. (Japan)
- Seiko Epson Corporation (Japan)
- Yamaha Motor Co., Ltd. (Japan)
- Adept Technology, Inc. (US)
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Key Questions Answered in Global Robotics Market Report
- How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?
- Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?
- What impact have recent technological advancements and innovations had on the direction of the robotics market?
- Which well-known companies in the robotics industry are also major players in the global robotics market?
This report provides the following insights:
- Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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USA (+1) 351-333-4748
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