Robotics - Worldwide
- Worldwide
- Revenue in the Robotics market is projected to reach US$46.11bn in 2024.
- Service robotics dominates the market with a projected market volume of US$36.20bn in 2024.
- Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.63%, resulting in a market volume of US$73.01bn by 2029.
- In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).
Key regions: United States, China, South Korea, Japan, Germany
Analyst Opinion
The Robotics market has seen remarkable expansion globally, propelled by factors such as increasing incorporation of automation, growing demand for efficient and cost-effective solutions, and the convenience offered by robotic technology. Despite a relatively slow growth rate, factors such as high initial costs and the need for specialized skills may impact the overall market's growth.
Customer preferences: Consumers are increasingly looking for automation and efficiency in their daily lives, leading to a rise in demand for robotics solutions in various industries. This shift is driven by the need for increased productivity and cost savings, as well as the desire for convenience and improved safety standards. Additionally, the integration of artificial intelligence and machine learning in robotics is further propelling market growth, as it allows for more advanced and precise capabilities. These emerging trends highlight the growing reliance on technology and the increasing adoption of automation in various aspects of life.
Trends in the market: In the Robotics Market, there is a rising trend towards the development of autonomous robots for various industries, such as manufacturing and healthcare. This trend is driven by the increasing demand for efficiency and cost-effectiveness in operations. Additionally, there is a growing focus on the use of collaborative robots, or cobots, which can work alongside humans and enhance productivity. These trends have significant implications for industry stakeholders, as they can lead to improved productivity, cost savings, and enhanced safety in the workplace. However, they also raise concerns about potential job displacement and the need for upskilling and reskilling of the workforce. As the robotics market continues to evolve, it will be crucial for industry stakeholders to stay updated on these trends and adapt to the changing landscape.
Local special circumstances: In China, the Robotics Market is experiencing rapid growth due to the country's strong focus on industrial automation and the adoption of advanced technologies in manufacturing. Additionally, the Chinese government's initiatives to promote the use of robots in various industries, such as healthcare and transportation, are driving the market. In Japan, the market is driven by the aging population, leading to a demand for robotics solutions in healthcare and eldercare. The country's advanced robotics research and development sector also contributes to the market's growth.
Underlying macroeconomic factors: The growth of the Robotics Market is heavily impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong regulatory environments and significant investments in robotics technologies are experiencing higher market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for automation and efficiency in various industries and the aging population worldwide are driving the demand for robotics solutions to improve productivity and reduce labor costs.
Methodology
Data coverage:
The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.Modeling approach / Market size:
Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.Additional notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.Overview
- Revenue
- Key Players
- Volume
- Collaborative Robots
- Price
- Autonomous mobile robots
- Analyst Opinion
- Global Comparison
- Methodology
- Key Market Indicators