Robotics Market Size, Share, Growth Analysis, By Type, By Application, By Purpose, By End-user, By Region - Industry Forecast 2024-2031

Robotics Market size was valued at USD 34.06 billion in 2022 and is poised to grow from USD 39.71 billion in 2023 to USD 135.68 billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

The increasing demand for robots is driving significant investments in the robotics sector, with the International Federation of Robotics (IFR) attributing this trend to the establishment of new car manufacturing plants and the modernization of industrial facilities. In August 2022, Hyundai Motor Group committed USD 400 million to create the Boston Dynamics AI Institute, aiming to advance AI and robotics. The integration of robots in manufacturing, such as Ford's Sanand plant with 453 robots automating 90% of tasks, exemplifies the push for increased productivity and quality. Similarly, Volkswagen India and Hyundai Motor India have incorporated numerous robots into their plants to enhance efficiency. The Industry 4.0 revolution and digitization are further accelerating automation, as industries adopt advanced solutions like robotics and control systems to optimize production. Key elements of Industry 4.0, including connectivity and data, are being leveraged through collaborations such as the one between Siemens and Google Cloud, which aims to integrate Google's data cloud and AI/ML technologies with Siemens' factory automation systems.

Top-down and bottom-up approaches were used to estimate and validate the size of the Robotics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Robotics Market Segmental Analysis

The global robotics market is segmented by type, application, purpose, end-user, and region. Based on type, the market is segmented into industrial robotics, and services robotics. Based on application, the market is segmented into disinfection, shelf scanning, delivery, security & inspection, advertising, manufacturing, and others. Based on purpose, the market is segmented into domestic purposes, and professional purposes. Based on end-user, the market is segmented into automotive, logistics & transportation, agriculture, chemical, healthcare, entertainment, electric, domestic service, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Cyber Security Market

The increasing adoption of robots in the logistics sector is a key driver of growth in the robotics market. According to the International Federation of Robotics (IFR), the market for professional service robots grew by 12% in 2020 and surged by 37% in 2021, with over 121,000 units sold. In 2021, global sales of warehousing and logistics robots reached $22.4 billion, with annual robot unit shipments expected to reach 620,000 units. The rise of intelligent, autonomous, and mobile robots tailored for supply chain and warehouse operations highlights continuous technological advancements in the industry. These innovations enable logistics organizations to optimize performance, control expenses, and address staff shortages. The increasing trend of e-commerce further encourages logistics companies to adopt technological solutions to meet online consumer demand. By integrating robotics technology, logistics can avoid bottlenecks in complex supply chains, enhance the flow of goods, and expedite order fulfillment processes.

Restraints in the Cyber Security Market

The capital-intensive nature and high maintenance requirements of industrial robotics pose significant challenges for the global market, particularly for potential buyers and users across various economic sectors. Acquiring industrial robots involves substantial initial capital investment, encompassing not only the purchase price but also costs for programming, additional accessories, and integration into existing systems. For businesses, especially small and medium-sized enterprises (SMEs) with limited financial resources, these expenses can be prohibitive despite recognizing the value of robotic solutions in enhancing production lines. Additionally, the ongoing costs of maintenance and repair, including regular upkeep to ensure optimal performance and addressing malfunctions or breakdowns, further increase the financial burden of employing industrial robots.

Market Trends of the Cyber Security Market

Service Robotics: With the increasing role of robotic systems in surgeries, the introduction of new medical products is accelerating. In August 2022, Max Super Specialty Hospital in India introduced the Da Vinci Xi Surgical Robot, a cutting-edge technology aimed at empowering patients with better medical care. This initiative reflects a broader trend in healthcare to enhance patient control over their well-being. According to NIOSH, healthcare workers in the United States face one of the highest rates of nonfatal work-related injuries and diseases. Currently, around 6,000 surgical robots perform nearly a million operations worldwide, with the market valued at approximately USD 6 billion. These systems range in cost from USD 2 million for basic models to USD 18 million for the most advanced ones. Leading institutions like MIT and the University of Michigan are developing small, portable robots for medical use. Additionally, the Bureau of Labor Statistics reports that there are expected to be 2,384,600 building janitors and cleaners. Globally, businesses invest around USD 60 billion annually in this sector, excluding rising insurance costs due to high injury rates. This increases the demand for cleaning robots, driving market growth.