Global Robotics Market to Grow at 17.58% During 2023-2028, Bolstered by Rising Need to Automate Industrial Processes

December 10, 2021

According to the latest report by IMARC Group, titled "Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global robotics market reached a value of US$ 39.2 Billion in 2022. Robotics is a sub-domain of science and mechanical engineering that produces programmable machines, called robots, to assist and replicate human actions. It deals with the construction, design, and operation of the robots through the use of various digital technologies, such as cognitive computing, sensors, control system, batteries, virtual reality (VR), artificial intelligence (AI), augmented reality (AR), and third-dimensional (3D) printing. They can also be equipped with tools that are equivalent to human senses, including vison, touch, mechanical limbs, and actuators. This enables the computer systems to control, send sensory feedback, and provide information processing codes, thereby implementing interaction with the physical world. Some of the tasks performed by robots include automating manual and repetitive tasks in industrial settings, working in hazardous environments, processing and delivering reports for enterprise security, and assisting in medical procedures.

 Global Robotics Market Trends:

The global robotics market is majorly being driven by the increasing automation and safety across several industry verticals, along with growing investments by governments of various nations to promote mobility and decision-making in unstructured environments. In line with this, the rising awareness regarding its associated benefits, such as convenience, reduced human errors, increased output level, and enhanced quality, is acting as another growth-inducing factor. Additionally, the increasing instances of cybersecurity threats has further prompted various small- and medium-sized enterprises (SMEs) to incorporate robots with their internal data systems, which, in turn, is supporting the market growth. Other than this, manufacturers are performing extensive research and development (R&D) activities to introduce innovative product variants and advance robotics technology, such as programming capacity, sensors, connected devices, machine learning (ML), legged mobility, and water-resistance robots. These products are compatible with the existing infrastructure and are helping in monitoring various environmental parameters, including temperature, light, motion, and air pressure, which is further catalyzing the market growth. Moreover, robotics is extensively being used in the medical and pharmaceutical industries for performing surgeries, rehabilitation, medical transportation, prescription dispensing, and sanitation, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 17.58% during 2023-2028.

Market Summary:

  • Based on the product type, the market has been bifurcated into industrial and service. Currently, service robots dominate the market.
  • Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa and Latin America.
  • The competitive landscape of the market has been examined, with some of the key players being ABB Group, KUKA AG, FANUC Corporation and Yaskawa Electric Corporation.

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Global Robotics Market to Grow at 17.58% During 2023-2028, Bolstered by Rising Need to Automate Industrial Processes
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