Robotic Market Trends and Forecast
The future of the global robotic market looks promising with opportunities in the industrial and service markets. The global robotic market is expected to reach an estimated $110.9 billion by 2030 with a CAGR of 9.3% from 2024 to 2030. The major drivers for this market are rising demand for cobots, increasing importance of service robotics, and expanding need for automation in various industries, such as manufacturing, logistics, and healthcare.
Robotic fabrications entail various detainments such as metals (aluminum, steel) for structural felicities, plastics for casings and covers, and electronic constituents such as sensors, actuators and controllers. There are lightweight and durable parts made of advanced materials such as robotic and titanium. Besides software, control applications and operating systems with algorithms are required. Advanced robotics may have machine learning algorithms along with artificial intelligence systems to enhance their usefulness. The prices of robots vary significantly depending on the difficulty, dimension or even application in question. For instance; traditional industrial robots, collaborative ones (cobots) as well as the service machines having different capabilities and cost structures are competitors in this business field. Prices competition depends on aspects like manufacturing efficiency levels, technology internalization rate as well as customer demand for specific types of robotic functionalities or attributes.
• Lucintel forecasts that hardware will remain larger segment over the forecast period.
• Within this market, industrial will remain the larger segment.
Country Wise Outlook for the Robotic Market
The robotics market is witnessing substantial growth globally, driven by increased demand from various industries such as industrial and service. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major robotic producers in key regions: the USA, Germany, China, and Japan
Emerging Trends in the Robotic Market
Emerging trends in the robotics market shaping its future applications and market dynamics:
• AI and Machine Learning: Artificial Intelligence and machine learning are now being augmented by robotics to boost autonomy and decision-making. That includes cutting-edge perception systems, predictive maintenance, as well as adaptive learning algorithms that allow the robots to learn from their experience and improve performance over time.
• Collaborative Robotics (Cobots): Collaborative Robotics: There’s a growing trend of robots working side-by-side with humans in shared workspaces. Cobots are built to be safe, easy to program, and able to do jobs requiring them to work closely with human co-workers. This change is transforming such industries as manufacturing, healthcare, logistics among others.
• Edge Computing and Robotics: Edge computing does bring computational resources closer to the data source which is essential for real-time processing and decision making in robotics. In addition, this trend allows faster response times due to reduced latency thereby enhancing overall
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Recent Development in the Robotic Market
Ongoing innovations and advancements in various sectors of the robotic market which have been highlighted by recent developments:
• Human-Robot Interaction (HRI) Enhancements: Recent developments have focused on improving how humans and robots interact, aiming to make interactions more intuitive and efficient. Development of natural language processing (NLP) and gesture recognition for seamless communication between humans and robots. Implementation of emotional intelligence algorithms to enable robots to recognize and respond to human emotions. Integration of haptic feedback technology to enhance tactile interactions, allowing robots to convey sensations to humans and vice versa.
• Robotics as a Service (RaaS): Robotics as a Service is an emerging business model where companies offer robots and automation solutions on a subscription or pay-per-use basis, rather than selling them outright. RaaS models enable businesses to access advanced robotics without high upfront costs, promoting wider adoption across industries. Subscription-based maintenance and updates ensure that robots remain up-to-date with the latest technologies and capabilities. RaaS providers offer flexibility in scaling robotic deployments according to fluctuating business needs, enhancing operational efficiency.
• Ethical and Regulatory Considerations: The increasing integration of robots into society, there is a growing focus on ethical implications and regulatory frameworks to ensure safe and responsible deployment. Development of ethical guidelines for AI and robotics to address concerns related to privacy, transparency, and bias in decision-making algorithms. Implementation of safety standards and certifications to mitigate risks associated with human-robot interactions in workplaces and public spaces. Collaboration between policymakers, industry stakeholders, and ethicists to establish frameworks that balance innovation with societal benefits and ethical considerations.
• Augmented Reality (AR) and Virtual Reality (VR) Integration: Robotics is increasingly leveraging AR and VR technologies to enhance training, remote operation, and maintenance of robotic systems. Use of AR overlays to provide real-time instructions and visual feedback to operators controlling robots in complex environments. VR simulations for training personnel in operating and troubleshooting robotic systems without the need for physical access to the robots. Integration of AR for remote collaboration, where experts can guide field technicians or robot operators through augmented visuals.
Strategic Growth Opportunities for Robotic Market
Expansion into Emerging Markets:
• Industrial Automation: Emerging markets in Asia-Pacific, Latin America, and Africa present opportunities for robotics companies to enhance industrial automation capabilities. Developing robotic systems for manufacturing processes to improve efficiency and reduce labor costs. Implementing robots in assembly lines for automotive and electronics industries to increase production throughput. Providing robotic solutions for logistics and warehouse automation to optimize supply chain operations.
Diversification into Service Robotics:
• Healthcare Robotics: The healthcare sector offers significant growth potential for robotics, particularly in medical assistance and patient care applications. Developing surgical robots for minimally invasive surgeries, improving precision and patient outcomes. Creating rehabilitation robots for physical therapy and mobility assistance for elderly patients. Designing robots for telemedicine applications to facilitate remote consultations and healthcare delivery in underserved areas.
Integration of Advanced Technologies:
• Autonomous Mobile Robots (AMRs): Integrating advanced technologies like AI, machine learning, and IoT into autonomous mobile robots enhances operational efficiency and capabilities. Deploying AMRs in logistics and e-commerce fulfillment centers for automated material handling and order fulfillment. Using AI-powered navigation systems to enable AMRs to autonomously navigate complex environments and avoid obstacles. Implementing IoT connectivity for real-time data analytics and predictive maintenance of robotic fleets.
Focus on Industry-Specific Solutions:
• Agricultural Robotics: Agriculture presents opportunities for robotics to address labor shortages, improve productivity, and optimize farming practices. Developing robotic harvesters and planters for precision agriculture to optimize crop yield and reduce manual labor. Creating drones and unmanned aerial vehicles (UAVs) for crop monitoring, pest detection, and irrigation management. Designing autonomous tractors and robots for soil sampling and analysis to enhance farm management decisions.
Investment in Research and Development (R&D):
• Research Robotics: Continued investment in R&D drives innovation in robotics technology, leading to new applications and market opportunities. Funding research in soft robotics and biohybrid robots for applications in healthcare, prosthetics, and wearable robotics. Advancing humanoid robotics for social companionship, education, and entertainment purposes. Exploring swarm robotics for collaborative tasks such as disaster response, environmental monitoring, and construction.
Robotic Market Driver and Challenges
The robotic market plays a pivotal role in various industries, including manufacturing, healthcare, and logistics. Evolving market dynamics are influenced by the demand for advanced automation solutions, advancements in robotic technologies, and rigorous regulatory standards. Nonetheless, challenges such as cost-efficiency in production underscore the need for strategic solutions to foster sustained growth and innovation in the robotic sector.
The factors responsible for driving the robotic market include:
Drivers in the Robotics Market:
• Shortages of workforce and rising wages: Industries have difficulties in getting skilled personnel, and labor costs are escalating. Robotics provide a solution by doing repetitive tasks automatically; thus, decreasing the reliance on man power. Particularly, manufacturing, logistics and agriculture would find this driver very significant as robots can enable efficiency and productivity.
• Advancements in Technology: The robotics’ capabilities and their affordability continue to be driven by perpetual developments in AI, machine learning, sensors as well as materials science. New technologies have made it possible for robots to perform more intricate duties with accuracy thus leading to their adoption across many industries and applications.
• Demand for Automation and Efficiency: Industries worldwide look forward to improving operation efficiency, reducing errors while boosting productivity. Robotics offers solutions that enable streamlining of processes optimizing workflows thereby enabling consistent output which meets increased automation demand within manufacturing, healthcare, logistics among others sectors
Challenges in the Robotics Market:
• High Initial Costs and ROI Uncertainty: The cost associated with acquiring and implementing robotic systems upfront may be massive especially for smaller businesses. Nevertheless; firms may think twice due to ambiguity about return on investment (ROI) as well as long-term cost effectiveness of adopting robotics although it might result into efficiencies.
• Integration and Compatibility Issues: Integrating robotics into existing workflows or systems is challenging particularly in legacy environments. There could be compatibility problems between brand new robotics technologies with old infrastructure thus requiring further investments into retrofitting or customization resulting in delays during implementation increasing deployment costs.
Robotic Suppliers and Their Market Shares
In this globally competitive market, several key players such as Fanuc Corporation, Inc., Kuka AG, Yaskawa Electric Corporation, etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies robotic companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the robotic companies profiled in this report include-
• Fanuc Corporation
• Kuka AG
• Yaskawa Electric Corporation
• ABB
• Denso
These companies have established themselves as leaders in the robotic industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the robotic market are evolving, with the entry of new players and the emergence of innovative robotic technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Robotic Market by Segment
Major segments of the robotic market experiencing growth include industrial automation for enhancing production efficiency, healthcare for surgical precision and patient care, logistics for optimizing supply chain operations, consumer robotics for household assistance, and defense for security and surveillance applications. These segments illustrate rising demand propelled by advancements in robotics technology and a focus on efficiency and innovation across various sectors.
This robotic market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including robotic components and end uses. The report offers insights into regional dynamics, highlighting the major markets for robotic and their growth potentials. The study includes trends and forecast for the global robotic market by component, end use, and region as follows:
Robotic Market by Component [Value from 2018 to 2030]:
• Hardware
• Software
Robotic Market by End Use [Value from 2018 to 2030]:
• Industrial
• Service
Robotic Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of the Global Robotic Market
Market Size Estimates: Robotic market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Robotic market size by component, end use, and region in terms of value ($B).
Regional Analysis: Robotic market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different components, end uses, and regions for the robotic market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the robotic market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the robotic market size?
Answer: The global robotic market is expected to reach an estimated $110.9 billion by 2030.
Q2. What is the growth forecast for robotic market?
Answer: The global robotic market is expected to grow with a CAGR of 9.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the robotic market?
Answer: The major drivers for this market are rising demand for cobots, increasing importance of service robotics, and expanding need for automation in various industries, such as manufacturing, logistics, and healthcare.
Q4. What are the major segments for robotic market?
Answer: The future of the robotic market looks promising with opportunities in the industrial and service markets.
Q5. Who are the key robotic market companies?
Answer: Some of the key robotic companies are as follows:
• Fanuc Corporation
• Kuka AG
• Yaskawa Electric Corporation
• ABB
• Denso
Q6. Which robotic market segment will be the largest in future?
Answer: Lucintel forecasts that hardware will remain larger segment over the forecast period.
Q7. In robotic market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the robotic market by component (hardware and software), end use (industrial and service), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Robotic Market Market, Robotic Market Market Size, Robotic Market Market Growth, Robotic Market Market Analysis, Robotic Market Market Report, Robotic Market Market Share, Robotic Market Market Trends, Robotic Market Market Forecast, Robotic Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.