Robotics technology is the technological field that primarily focuses on the research and development of robots. Robots are made of some kind of mechanical design. A robot's mechanical component enables it to perform activities in the environment for which it was created. Electrical parts are necessary for controlling and powering the equipment of robots. Essentially, the vast majority of robots require an electric current to function, such as that provided by a battery.
Moreover, sensors and data gathering systems are combined with robotics technology to obtain important data about processes, goods, and surroundings. It enables human-robot collaboration, where robots work alongside humans to complement their skills and abilities. In addition, the rise in investments initiatives taken by several government authorities and public & private organization in robotics technology to expand their product portfolio and enhance the consumer experience further create numerous opportunities for the global market growth.
Additionally, a variety of advantages, such as an improvement in production and efficiency, are provided by robot technology. Robots can quickly and accurately do repetitive jobs, boosting productivity in manufacturing, shipping, and other industries. In addition, a variety of businesses, including the healthcare sector, have adopted robot technology, which expands the market's wealth-generating prospects. In addition, the integration of intelligent AI solutions in various applications has the potential to create several benefits for businesses and end users. Moreover, these numerous benefits provide enhanced customer convenience and a better user experience. Consequently, robotics technology is gaining significant adoption to increase the use of automation systems among business operators. These factors positively impact the growth of the market in the forecast period. Moreover, robotic automation can streamline processes, optimize resource utilization, and improve overall operational efficiency, as well as providing enterprises with a great opportunity in the global market. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
Also, rise in penetration of digital technologies and increase in demand of flexible business solutions and services in several industries are expected to positively impact the growth of the robotics technology market. In addition, robots can consistently perform tasks with a high level of accuracy, eliminating human errors and variations, this leads to improved product quality, standardized processes, and reduced defects. These measures are expected to fuel the growth of the market during the forecast period. Furthermore, the surge in the need for automation and safety in organizations and the growing availability of cost and energy-efficient robots drive the growth of the market. In addition, rising labor & energy costs and increased usage of robotics technology in different industry verticals fuel the growth of the market.
The robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is bifurcated into hardware, software, and services. Based on the robot type, the market is segmented into industrial robots, service robots, and mobile robots. In terms of application, the market is segmented into healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the robotics technology market are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG and Yaskawa Electric Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the robotics technology market globally.
Moreover, sensors and data gathering systems are combined with robotics technology to obtain important data about processes, goods, and surroundings. It enables human-robot collaboration, where robots work alongside humans to complement their skills and abilities. In addition, the rise in investments initiatives taken by several government authorities and public & private organization in robotics technology to expand their product portfolio and enhance the consumer experience further create numerous opportunities for the global market growth.
Additionally, a variety of advantages, such as an improvement in production and efficiency, are provided by robot technology. Robots can quickly and accurately do repetitive jobs, boosting productivity in manufacturing, shipping, and other industries. In addition, a variety of businesses, including the healthcare sector, have adopted robot technology, which expands the market's wealth-generating prospects. In addition, the integration of intelligent AI solutions in various applications has the potential to create several benefits for businesses and end users. Moreover, these numerous benefits provide enhanced customer convenience and a better user experience. Consequently, robotics technology is gaining significant adoption to increase the use of automation systems among business operators. These factors positively impact the growth of the market in the forecast period. Moreover, robotic automation can streamline processes, optimize resource utilization, and improve overall operational efficiency, as well as providing enterprises with a great opportunity in the global market. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
Also, rise in penetration of digital technologies and increase in demand of flexible business solutions and services in several industries are expected to positively impact the growth of the robotics technology market. In addition, robots can consistently perform tasks with a high level of accuracy, eliminating human errors and variations, this leads to improved product quality, standardized processes, and reduced defects. These measures are expected to fuel the growth of the market during the forecast period. Furthermore, the surge in the need for automation and safety in organizations and the growing availability of cost and energy-efficient robots drive the growth of the market. In addition, rising labor & energy costs and increased usage of robotics technology in different industry verticals fuel the growth of the market.
The robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is bifurcated into hardware, software, and services. Based on the robot type, the market is segmented into industrial robots, service robots, and mobile robots. In terms of application, the market is segmented into healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the robotics technology market are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG and Yaskawa Electric Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the robotics technology market globally.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the robotics technology market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on robotics technology market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the robotics technology market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Component
- Hardware
- Software
- Service
By Robot Type
- Cobots
- Professional Service Robots
- Others
- Traditional Industrial Robots
By Application
- Manufacturing
- Healthcare
- Aerospace and Defense
- Media and Entertainment
- Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ABB Ltd.
- Yaskawa Electric Corporation
- Denso Corporation
- Staubli International AG
- Seiko Epson Corporation
- OMRON Corporation
- Kawasaki Robotics
- Mitsubishi Electric Corporation
- KUKA AG
- FANUC Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ROBOTICS TECHNOLOGY MARKET, BY COMPONENT
CHAPTER 5: ROBOTICS TECHNOLOGY MARKET, BY ROBOT TYPE
CHAPTER 6: ROBOTICS TECHNOLOGY MARKET, BY APPLICATION
CHAPTER 7: ROBOTICS TECHNOLOGY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the robotics technology market was valued at $87.4 billion in 2022, and is estimated to reach $349.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.The Robotics Technology Market is likely to experience a significant growth rate of 15.2% from 2023-2032, owing to the rise in market demand for robotics technology in several industries
Robotics technology is a branch of technology focused on the survey and development of robots, which are programmable machines designed to perform specific tasks. It involves the use of mechanical, electrical, and computer systems to build machines capable of manipulating objects, moving in their environment, and performing actions that resemble human capabilities. In addition, robotics technology includes various aspects, including robot design, control systems, sensors, AI, and human-robot interaction. The aim is to create robots that assist and augment human activities, improve efficiency & productivity, and automate tasks in diverse industries & sectors.
Furthermore, robotics technology offers a broad range of benefits, including increase in productivity and efficiency. Robots can perform repetitive tasks with high accuracy and speed, leading to increased productivity in manufacturing, logistics, and other industries. Additionally, there are several applications of robotics technology in different industries such as healthcare, which further create lucrative opportunities for the global market. In addition, the integration of intelligent AI solutions in various applications has the potential to create several benefits for businesses and end users. Moreover, these numerous benefits provide enhanced customer convenience and a better user experience. Consequently, robotics technology is gaining significant adoption to increase the use of automation systems among business operators. These factors positively impact the growth of the market in the forecast period. Moreover, robotic automation can streamline processes, optimize resource utilization, and improve overall operational efficiency, as well as providing enterprises with a great opportunity in the global market. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
Moreover, the growing demand for effective communication mediums and the increase in demand for mobile encryption solutions are expected to provide lucrative opportunities for market growth during the forecast period. In addition, stringent data protection regulations and policies by government authorities are driving market growth. However, the high cost of data security solutions and lack of knowledge and education about data security are expected to hamper market growth. Furthermore, the surge in technological advancements in encryption algorithms creates opportunities for the growth of the robotics technology market. Moreover, an increase in the adoption of cloud-based data security solutions is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
The robotics technology market is segmented into component, robot type, application, and region. In terms of component, it is bifurcated into hardware, software, and service. Based on the robot type, the market is segmented into industrial robots, service robots, and mobile robots. In terms of application, the market is segmented into healthcare, defense and security, automotive, aerospace, infrastructure, industrial and residential. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the robotics technology market are ABB Ltd, Denso Corporation, Fanuc Corporation, KUKA AG, Kawasaki Robotics (Kawasaki Heavy Industries, Ltd.), Mitsubishi Electric Corporation, OMRON Corporation, Seiko Epson Corporation, Stäubli International AG, and Yaskawa Electric Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the robotics technology market globally. For instance, in June 2023, ABB launched four new models and 22 variants robots, offering customers greater choice and significant performance and energy efficiency improvements. In addition, in January 2022, FANUC launched the new M-1000iA robot capable of handling very heavy products including automotive components, construction materials and battery packs for electric vehicles.
Key Market Insights
By component, the hardware segment was the highest revenue contributor to the market in 2022, and is estimated to reach $179.08 billion by 2032, with a CAGR of 13.6%. However, the service segment is estimated to be the fastest-growing segment with a CAGR of 16.2% during the forecast period.By robot type, the traditional industrial robots segment dominated the global market share in 2022, and is estimated to reach $139.92 billion by 2032, with a CAGR of 12.2%, However, the cloud segment is expected to be the fastest growing segment with a CAGR of 19.6% during the forecast period.
By application, the manufacturing segment was the highest revenue contributor to the market in 2022, and is estimated to reach $94.68 billion by 2032, with a CAGR of 10.6%. However, the healthcare segment is estimated to be the fastest-growing segment with a CAGR of 21.6% during the forecast period.
Region wise, Asia-Pacific was the highest revenue contributor, accounting for $35.46 billion in 2022 and is estimated to reach $190.45 billion by 2032, with a CAGR of 18.5%.
Companies Mentioned
- ABB Ltd.
- Yaskawa Electric Corporation
- Denso Corporation
- Staubli International AG
- Seiko Epson Corporation
- OMRON Corporation
- Kawasaki Robotics
- Mitsubishi Electric Corporation
- KUKA AG
- FANUC Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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