accelerating growth forecasted in global robotics fueled by innovation 2544

Science and Technology

Accelerating Growth Forecasted in Global Robotics, Fueled by Innovation


Michael Chen

March 18, 2024 - 08:24 am


Surge in Global Robotics Market Projected to Foster Expansion and Innovation

NEW YORK, March 18, 2024 /PRNewswire/ -- In a recent development positioning the global robotics sector on an upward trajectory, market research firm Technavio has revealed insights that the international robotics market is set to escalate in growth by approximately USD 22.27 billion from the year 2022 to 2027, showcasing an impressive compound annual growth rate (CAGR) of 7.71%.

European Initiatives Fueling Robotics Adoption

A key driver of this emergent market growth stems from European government initiatives like Horizon 2020, which emphasize the elevation of industrial efficiency. Horizon 2020 has made a significant investment of USD 88.68 billion to champion the cause. This strategic funding is designed to empower small and medium-sized enterprises (SMEs) to assimilate robotics technology, therefore accelerating performance and encouraging the creation of new employment opportunities.

As Europe confronts the challenges presented by economies with lower labor costs, initiatives like these are essential in fortifying production capabilities. This enables European countries to tap into burgeoning market opportunities. European authorities are, therefore, playing a vital role in fueling the momentum of the industry, marking the start of an era brimming with innovation and expansive growth. These steps aim to ease the integration of robotics into various SME operations, such as metal casting, which in turn, is projected to significantly boost market prospects.

Technavio's report on the Global Robotics Market for the period 2023-2027

For a more comprehensive understanding of the market dynamics over the years, this report provides historical data from 2017 to 2021 along with forecasted statistics for the period from 2023 to 2027. Those interested in the detailed nuances of the market can request a sample report via this link: Request a Sample Report.

In-Depth Overview: The Robotics Market Report

Technavio's comprehensive report, spanning 189 pages, sets the base year at 2022 and extensively covers the historic period from 2017 to 2021. The report predicts the future of the robotics market through to 2027, indicating strong momentum with a CAGR of 7.71%. It anticipates a market growth of USD 22,269.7 million in this duration, with a year-on-year growth of 4.92% from 2022 to 2023. The structure of the market is described as fragmented, with the operational reach spanning regions such as APAC, Europe, North America, Middle East and Africa, and South America. APAC is expected to be the leading contributor, accounting for approximately 49% of the market growth by 2027. The report also lists key countries influencing the market, including the US, China, Japan, South Korea, and Germany.

Key Players Revolutionizing the Market

The robotics market boasts an impressive roster of major companies leading the way. ABB Ltd. is noted for offering a diverse range of robotics products catered to various industries alongside their electrification and building management solutions. In contrast, Clearpath Robotics Inc. is carving out a niche with its specialized manufacturing and research in industrial robot applications, coupled with educational mobile robot offerings and essential hardware components.

Segmentation Analysis: Application, End-User, and Geography

Technavio's segmentation of the market elucidates that the industrial segment is at the forefront, spurred by wide-ranging applications from material handling to cutting and welding. Strong growth has been recorded since 2017 with SMEs from regions such as China, Japan, India, and Western Europe welcoming the integration of industrial robots. Furthermore, a surge in intelligent manufacturing technologies, including robotics, automation, AI, and cloud computing is envisioned to amplify the prospects of the industrial robotics segment further.

Within the geographical segmentation, the Asia-Pacific region is projected to contribute a dominant 49% to the market's growth by 2027.

Strategic Dynamics Shaping Market Growth

The robotics market is not without its challenges, as the sector faces a crucial hurdle in the form of a shortage of skilled personnel. Nonetheless, existing stringent health and safety regulations continue to drive market growth forward.

Analyst Insights: The Cutting Edge of Robotics and AI

With the sector undergoing a period of swift evolution, notable advancements are being seen across a myriad of fields, particularly within industrial facilities and healthcare settings. The integration of artificial intelligence with robotics has been instrumental in ramping up productivity and quality standards in various sectors, as stated by the International Federation of Robotics.

For instance, Hyundai Motor Group has been aggressively pursuing robotics and AI, undertaking ventures such as the establishment of the Boston Dynamics AI Institute to further research and development within cognitive AI and robotics. This reach extends beyond manufacturing, venturing into areas like athletic AI.

In manufacturing, innovative organic hardware designs are taking shape to bolster machine capabilities, with corporate giants such as Ford Motor Company and Maruti Suzuki India Ltd leading the change.

Digital advancements are also revolutionizing robotics and control systems, providing integrated, seamless connectivity and technology partnerships. For example, collaborations between Mitsubishi and ANSCER Robotics are exploring the use of voice commands and operators to improve warehouse logistical efficiency, keeping labor costs in check.

Cleaning and disinfection service robots have seen increased demand due to the pandemic, leading to heightened requirements for robots in settings like hospitals and manufacturing plants. Companies such as Procter & Gamble have been trailblazing the development of solutions in this arena.

The healthcare sector is witnessing a transformative wave, with medical robotics systems introducing a sea change in surgical procedures. Institutions are joining forces to amplify the potentials of surgical robotics, enhancing the finesse of technologies like the Da Vinci Xi Surgical Robot.

A globally aging population has spiked the need for eldercare robots, and environmental concerns are driving the development of electric or hybrid vehicles along with autonomous drones and robots for a plethora of applications, including surveillance and transportation.

As the robotics industry continues to flourish with innovation, companies such as Robotex India and BMC Software India Pvt are making strides in autonomous mobile robots and consumer robots. The imperative evolution of technology is dynamically influencing the STEM education ecosystem, building a skilled workforce to navigate the complexities of Industry 4.0 and automation in the forthcoming years.

Market Overview and Prospects

In shaping a promising vision for the robotics market, key players are integrating groundbreaking AI and Cognitive AI technologies into car production facilities, fueling innovation and charting new territory. Hyundai Motor Group's efforts, along with the influential guidance of the International Federation of Robotics, are examples of collective endeavors pushing the industry toward excellence. These technologies are not only pioneering change in the automotive spectrum but also setting a benchmark across diverse industrial landscapes.

For an in-depth look at the future landscape and transformative solutions offered by the robotics market, interested parties can download a sample report here: Download a Sample Report.

Connecting Trends with Related Market Evaluations

Complementing the comprehensive analysis provided for the general robotics market, Technavio further outlines associated sectors ripe for growth. The warehouse robotics market, in particular, is predicted to burgeon by USD 4.1 billion at a CAGR of 13.31% during the forecast period from 2021 to 2026. Similarly, the aerospace robotics market is anticipated to expand with a CAGR of 9.2% between 2023 and 2027, undergoing growth by an estimated USD 1,587.85 million. The growth trajectory of these interconnected markets underscores the pervading significance of robotics in modern industry.

About Technavio and Their Market Expertise

Technavio stands as a leading global technology research and advisory company, whose analysis not only captures emerging trends but also offers actionable insights aiding businesses in discerning market opportunities and devising potent strategies to strengthen their market standings. With a specialized team exceeding 500 analysts, Technavio has amassed a report library that includes over 17,000 studies, covering 800 technologies across 50 countries. Their client core encompasses enterprises of varied scales, inclusive of an impressive number of Fortune 500 corporations. These clients rely on Technavio for expansive coverage, meticulous research, and substantial insights to position themselves advantageously within evolving market contexts.

For further inquiries and additional insights, contact:

Technavio Research Jesse Maida, Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com

Sourcing the backing of Technavio, the robotics sector stands poised for a revolutionary leap into the future, underpinned by robust market analysis, foresight, and unparalleled industry acumen.

(Source: Technavio)