Global Robotics Market Size, Share, Growth Analysis, By Application(Industrial, and Services), By End-user(Manufacturing, Healthcare) - Industry Forecast 2024-2031

Global Robotics Market size was valued at USD 36.09 billion in 2022 and is poised to grow from USD 41.50 billion in 2023 to USD 126.96 billion by 2031, growing at a CAGR of 15.00% during the forecast period (2024-2031).

The global robotics market is undergoing substantial growth fueled by technological advancements, a rising demand for automation, and the potential for long-term cost savings. Robotics has become an integral component across diverse sectors like manufacturing, healthcare, and automotive. This market analysis aims to offer insights into the present landscape and future trajectories of the robotics market. The primary driver for its expansion is the escalating demand for automation to enhance efficiency, productivity, and quality, coupled with the imperative to address increasing labor costs and achieve sustained cost reductions. However, a noteworthy impediment is the high initial investment costs, posing a significant challenge for small and medium-sized enterprises. Moreover, the market faces obstacles such as a shortage of skilled personnel and the requirement for specialized training to operate and maintain robots. Despite these challenges, the robotics market presents promising opportunities for growth and expansion, especially in emerging economies like China and India, where the demand for automation is on the rise. The healthcare sector, in particular, holds substantial growth potential due to an aging population and an increased need for specialized care.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Robotics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Robotics Market Segmental Analysis

The global robotics market is segmented on the basis of application, end-user, and region. In terms of application, the market is segmented into industrial, and services. Based on categorization by end-user, the market is segmented into manufacturing, healthcare, aerospace and defense, media and entertainment, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Robotics Market

The surge in automation adoption across various sectors stands as a key catalyst propelling the robotics market. In manufacturing, healthcare, and logistics, the integration of robots has substantially enhanced operational efficiency and productivity. As the quest for swift and precise processes continues to intensify, the demand for automation is poised for further escalation, thereby fueling the expansion of the robotics market in the foreseeable future.

Restraints in the Global Robotics Market

The substantial initial investments needed to implement robotic systems pose a significant obstacle to the expansion of the robotics market. The expenses associated with acquiring robots, sensors, and essential equipment for their deployment can be considerable, creating a challenging financial barrier for small and medium-sized enterprises seeking to embrace this technology.

Market Trends of the Global Robotics Market

Collaborative robots, or cobots, are specifically engineered to operate in tandem with humans, executing tasks that necessitate human interaction. Their widespread adoption has surged in recent times, primarily attributed to their capacity to boost both productivity and workplace safety. An illustration of this is ABB's YuMi, a collaborative robot deployed in the electronics sector for activities like component insertion and packaging, exemplifying the valuable role these robots play in various industries.