Robotics market size set to grow by USD 22.27 billion from 2022-2027, The government initiatives in Europe to be a major trend, Technavio

NEW YORK, March 18, 2024 /PRNewswire/ -- The global robotics market size is estimated to grow by USD 22.27 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.71% during the forecast period.European government initiatives, such as Horizon 2020, are driving global market growth, with a focus on enhancing industrial efficiency. With a substantial investment of USD 88.68 billion, Horizon 2020 is empowering SMEs to integrate robotics, catalyzing performance improvements and job creation. By bolstering production capacities and competitiveness against low-labor-cost economies, Europe is poised to seize new market opportunities. These initiatives facilitate SMEs in adopting robotics for tasks like metal casting, amplifying market growth prospects. European authorities are thus pivotal in propelling industry advancement, heralding a transformative era of innovation and expansion.

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Some major companies include ABB Ltd., Clearpath Robotics Inc., Cyberdyne Inc., DENSO Corp., FANUC Corp., GEA Group AG, Honeywell International Inc., Intuitive Surgical Inc., Kawasaki Heavy Industries Ltd., KION GROUP AG, L3Harris Technologies Inc., Lely International NV, MIDEA Group, OMRON Corp., Relay Robotics Inc., SMP Robotics Systems Corp., Teradyne Inc., The Boeing Co., Zebra Technologies Corp., and Irobot Corp.

• ABB Ltd: The company offers different types of robotics products for different industries. It also offers electrification and building management solutions.
• Clearpath Robotics Inc: The company manufactures, and researches industrial robot applications and offers educational mobile robots and hardware components.

Technavio has segmented the market based on Application (Industrial and Services), End-user (Manufacturing, Healthcare, Aerospace and defense, Media and entertainment, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The industrial segment dominates the robotics market, driven by its extensive applications in material handling, assembly, welding, cutting, and various other industrial processes. With consistent growth from 2017 to 2021, fueled by adoption in SMEs across regions like China, Japan, India, and Western Europe, industrial robots are expected to witness further uptake. Manufacturers worldwide are embracing intelligent manufacturing technologies, including robotics, automation, AI, and cloud computing, indicating a promising future for market expansion.
• APAC will contribute 49% to the growth by 2027.

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• "Stringent health and safety regulations drive the growth, however, challenges including a shortage of skilled personnel may hamper the growth."

Analyst Review

The robotics sector has been experiencing rapid growth and innovation, with advancements in various fields such as car production facilities, industrial facilities, and healthcare. According to the International Federation of Robotics, the integration of AI and robotics has been pivotal in enhancing productivity and quality across different sectors.

One notable player in the automotive industry is the Hyundai Motor Group, which has been investing heavily in robotics and AI technologies. Collaborations like the Boston Dynamics AI Institute are pushing the boundaries of what cognitive AI and robot technologies can achieve, not only in manufacturing processes but also in areas like athletic AI.

With a focus on efficiency and effectiveness, there's a rising trend towards organic hardware design to enhance machine capabilities. This trend is particularly evident in the manufacturing processes of companies like Ford Motor Company and Maruti Suzuki India.

Digitization plays a crucial role in optimizing robotics and control systems, enabling seamless connectivity and integration of technologies from companies like Siemens and Google Cloud. Partnerships between companies such as Mitsubishi and ANSCER Robotics are leveraging voice commands and operators to streamline operations in warehouses, mitigating concerns over labor costs.

The robotics market has seen a surge in demand for cleaning and disinfection service robots due to uninfected demands and the need for disinfection robots in various settings, including hospitals and manufacturing plants. Companies like Procter & Gamble are at the forefront of developing innovative solutions to address these needs.

In the healthcare sector, medical robot systems are revolutionizing procedures, with hospitals like Max Super Speciality Hospital employing technologies such as the Da Vinci Xi Surgical Robot to assist surgeons. Collaborations between institutions like NIOSH, MIT, and the University of Michigan are further advancing the capabilities of surgical robots.

The rise of aging populations globally has also led to increased demand for eldercare robots, while the push for sustainability has spurred interest in electric or hybrid cars and autonomous drones or robots for various applications, including transportation and surveillance.

Overall, the robotics industry is poised for continued growth and innovation, with Robotex India, BMC Software India Pvt, and others driving advancements in autonomous mobile robots (AMRs) and consumer robots. As technology evolves, so too will the STEM education ecosystem, ensuring a skilled workforce capable of navigating the complexities of Industry 4 and automation in the years to come.

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Market Overview

The Robotics market is experiencing a significant surge, propelled by advancements in AI and Cognitive AI. Key players like Hyundai Motor Group are integrating cutting-edge technologies into their car production facilities and industrial facilities, driving innovation in the sector. The International Federation of Robotics plays a pivotal role in shaping industry standards and fostering global collaboration. Additionally, research institutions like the Boston Dynamics AI Institute are pushing the boundaries of AI and robotics, exploring new frontiers in automation and machine learning. With a focus on enhancing efficiency, safety, and productivity, the robotics market continues to evolve rapidly, offering transformative solutions across diverse industries.

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Related Reports:

The warehouse Robotics Market is projected to grow by USD 4.1 billion with a CAGR of 13.31% during the forecast period 2021 to 2026.

The aerospace robotics market size is estimated to grow at a CAGR of 9.2% between 2023 and 2027. The market size is forecast to increase by USD 1,587.85 million.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio