Global Robotics Market Surges with 16.1% CAGR, Expected to Reach $165.2 Billion by 2029

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Jun 26, 2024, 05:02 ET

Embracing Responsible Practices: Robotics Sector Navigates ESG Challenges Towards High Standards

BOSTON, June 26, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for "Robotics: Technologies and Global Markets" is expected to grow from $78.4 billion in 2024 to $165.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 16.1% from 2024 to 2029."

This study offers a comprehensive analysis of the robotics market, covering various types of robots, including entire robots, individual robot parts, software, and related devices and materials. It delves into the diverse applications of robotics across industries such as manufacturing, healthcare, defense, food processing, chemical and fuel processing, government, education and research, building maintenance, domestic household tasks, agriculture, and construction. The report highlights key market drivers, regional dynamics, and current industry trends. It also profiles major vendors, providing detailed insights. The base year for the analysis is 2023, with projections extending from 2024 to 2029, including forecasts of the compound annual growth rate (CAGR) for the forecast period. Additionally, it includes a regional analysis of factors influencing the deployment of robotics in North America, Europe, Asia-Pacific, and the Rest of the World, encompassing Latin America, the Middle East, and Africa.

The global robotics market is driven by the following factors:

Increasing Government Funding for Research and Development: Governments are heavily investing in robotics to boost research and innovation, focusing on AI, ML, and automation. This funding promotes collaboration between academia, industry, and research institutions to advance cutting-edge technologies.

Increasing Labor Shortages: Labor shortages in industries like manufacturing and healthcare are driving the adoption of robotics. Robots automate repetitive tasks, improving productivity and filling gaps left by the lack of skilled workers.

Exponential Growth of E-commerce: The rise of e-commerce has increased demand for efficient logistics and order fulfillment. Robots in warehouses and distribution centers handle picking, packing, and sorting to ensure fast and accurate deliveries, enhancing supply chain efficiency.

Increasing Trend Toward Automation Across Various End-User Applications: Industries are adopting automation to enhance efficiency, reduce costs, and improve safety. Robotics is used in sectors like automotive, electronics, and agriculture for tasks such as assembly and quality control, driven by the shift toward smart factories and Industry 4.0.

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Report Synopsis

Report Metrics	Details
Base year considered	2023
Forecast Period considered	2024-2029
Base year market size	$67.9 billion
Market Size Forecast	$165.2 billion
Growth rate	CAGR of 16.1% from 2024 to 2029
Segment Covered	By Robot Type, Application, Robot-Performed Task, and Region
Regions covered	North America, Europe, Asia-Pacific, and Rest of the World (including Latin America, the Middle East and Africa)
Key Market Drivers	• Increasing government funding for research and development • Increasing labor shortages • Exponential growth of e-commerce • Increasing trend toward automation across various end-user applications

Key Interesting Facts About the Global Robotics Market:

Leading countries like Japan and South Korea have national strategies to support robotics innovation, aiming for a new industrial revolution driven by robots.
These strategies include acts promoting intelligent robot development.
Increasing robot autonomy and societal integration necessitate transparency, explainability, and ethical decision-making.
Innovations focus on algorithms and frameworks for robots to explain decisions and follow ethical guidelines.
Significant growth in demand for collaborative robots (cobots) in manufacturing, healthcare, and logistics industries.
Emphasizes the importance of human-robot collaboration in the future of robotics.

The global robotics market worldwide the report includes in-depth data and analysis addressing the following important queries:

What is the projected market size and growth rate of the market?
The market is projected to reach $165.2 billion by 2029, growing at a CAGR of 16.1%.
What are the key factors driving the growth of the market?
The key factors driving the market include increasing government funding for research and development, increasing labor shortages, exponential growth of e-commerce, etc.
What segments are covered in the market?
- By Robot Type.
- By Application.
- By Robot-Performed Tasks.
- By Region.
By Application, which segment will dominate the market by the end of 2029?
By Application, the manufacturing sector is expected to dominate the market by the end of 2029.
Which region has the highest market share in the market?
The Asia-Pacific region holds the highest share of the global market.

Some of the Key Market Players Are:

ABB
AMAZON.COM INC.
BAE SYSTEMS
BARRETT
BLACK-I ROBOTICS
BOSCH REXROTH AG
BOSTON DYNAMICS
CLEARPATH ROBOTICS INC.
COMAU S.P.A.
DEERE & CO.
DENSO ROBOTICS
GENERAL DYNAMICS MISSION SYSTEM INC.
GOOGLE INC. (ALPHABET INC.)
HARVEST AUTOMATION
HITACHI LTD.
HONDA MOTOR CO. LTD.
INTUITIVE SURGICAL OPERATIONS INC.

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