Robotics - G7

Revenue in the Robotics market is projected to reach US$22.18bn in 2024.
Service robotics dominates the market with a projected market volume of US$18.07bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.58%, resulting in a market volume of US$33.48bn 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.

For more information on the data displayed, use the info button right next to the box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Robotics Market in G7 is facing a negligible decline in growth rate, influenced by factors such as slow adoption of digital technologies, lack of awareness among consumers, and limited convenience in online services. These factors have a significant impact on both the Industrial and Service sub-markets within the overall market.

Customer preferences: As the adoption of automation and artificial intelligence continues to grow, consumers are increasingly looking for seamless integration of robotics in their daily lives. The demand for smart home assistants, such as Amazon's Alexa and Google Home, is on the rise, as they offer convenient solutions for household tasks. Additionally, the use of robotics in healthcare and elderly care is gaining traction, driven by the need for improved efficiency and personalized care. These trends indicate a shift towards a more tech-savvy and connected society.

Trends in the market: In the G7 countries, the Robotics Market is experiencing a surge in demand for collaborative robots (cobots) that can work alongside humans safely. This trend is driven by the need for increased flexibility and efficiency in manufacturing processes. Additionally, there is a growing trend towards the use of artificial intelligence (AI) and machine learning (ML) in robotics, enabling robots to perform more complex tasks and adapt to changing environments. This trend is significant as it opens up new opportunities for businesses to improve their productivity and expand their operations. However, it also raises concerns about the potential displacement of human workers and the need for reskilling to keep up with technological advancements. Industry stakeholders must closely monitor these trends and invest in training and development programs to successfully integrate cobots and AI-powered robots into their operations.

Local special circumstances: In Japan, the Robotics Market is thriving due to the country's advanced technology and aging population. With the increasing demand for elderly care, there has been a rise in the use of robotic solutions to assist with tasks such as lifting and transportation. Additionally, the government's policies promoting the use of robots in various industries, such as manufacturing and agriculture, have further fueled the market growth. In South Korea, the market is driven by the country's strong focus on innovation and automation, leading to the adoption of robotics in a wide range of sectors, including healthcare, education, and military.

Underlying macroeconomic factors: The growth of the Robotics Market is heavily influenced by macroeconomic factors such as advancements in automation technology, government support, and investment in industrial infrastructure. Countries with favorable regulatory environments and strong investment in robotics are experiencing faster market growth compared to regions with regulatory challenges and limited funding for industrial development. Moreover, the increasing demand for efficient and cost-effective production processes, especially in the manufacturing and logistics sectors, is driving the adoption of robotics solutions globally.

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.