Robotics - Americas

Americas

Revenue in the Robotics market is projected to reach US$12.28bn in 2024.
Service robotics dominates the market with a projected market volume of US$10.87bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.53%, resulting in a market volume of US$18.49bn by 2029.
In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).

Key regions: United States, China, South Korea, Japan, Germany

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

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Market

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Analyst Opinion

The Robotics market in Americas is witnessing steady growth due to the increasing demand for automation in various industries, coupled with the rising need for advanced and efficient solutions. Factors such as technological advancements, government initiatives, and the growing adoption of robotics in service sectors are also contributing to the market's growth. However, the market's growth rate is being impacted by factors such as high initial investment costs, lack of skilled labor, and concerns over job displacement.

Customer preferences: As technology continues to advance, consumers in the Robotics Market are looking for smarter and more efficient solutions to everyday tasks. This has led to a rise in demand for robotic devices that can assist with household chores and improve overall productivity. Additionally, the growing trend of remote work and virtual learning has also sparked interest in robotic assistants that can aid with daily activities and provide virtual assistance. This shift towards automation and convenience is driven by the desire for a more streamlined and efficient lifestyle.

Trends in the market: In the Americas, the Robotics market is experiencing a surge in demand for collaborative robots (cobots) and artificial intelligence (AI) technology. This trend is driven by the need for increased efficiency and productivity in industries such as manufacturing, healthcare, and logistics. The trajectory of this trend shows a continued integration of cobots and AI in various sectors, with a focus on human-robot collaboration and advanced automation. This has significant implications for industry stakeholders, including cost savings, improved safety, and enhanced capabilities. However, it also raises concerns about potential job displacement and the need for upskilling the workforce to adapt to these technological advancements. Overall, the increasing adoption of cobots and AI in the Robotics market highlights the industry's shift towards intelligent automation.

Local special circumstances: In the Americas, the Robotics Market is influenced by a variety of factors, such as the high adoption of automation in industries like manufacturing and healthcare, as well as favorable government policies promoting the use of robots. In countries like the United States and Canada, the market is driven by a strong demand for advanced robotics solutions in industries like logistics and defense. In Latin American countries like Brazil and Mexico, the market is also growing due to the increasing adoption of robots in manufacturing and agriculture, as well as the rise of startups in the robotics sector. The market dynamics in the Americas are unique due to its diverse economies and industries, making it a key region for the growth of the global robotics market.

Underlying macroeconomic factors: The Americas robotics market is greatly impacted by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and robust investment in robotics technology are experiencing rapid market growth, while regions with regulatory challenges and limited funding are facing slower growth. Furthermore, the rising demand for automation and increased adoption of robotics in various industries, such as manufacturing, healthcare, and logistics, is also driving the market's growth in the Americas. Additionally, the growing need for efficient and cost-effective solutions in these industries, along with the aging population and rising labor costs, is further propelling the demand for robotics in the region.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.