Robotics - North America

North America

Revenue in the Robotics market is projected to reach US$11.38bn in 2024.
Service robotics dominates the market with a projected market volume of US$10.08bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.90%, resulting in a market volume of US$17.43bn 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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Analyst Opinion

The Robotics Market in North America is facing slow growth due to factors such as high costs, limited adoption, and concerns about job displacement. However, increasing demand in sub-markets such as Industrial and Service robotics may drive growth in the future. Other potential drivers include advancements in technology and the need for automation in various industries. Overall, the market is expected to experience moderate growth in the coming years.

Customer preferences: As technology continues to advance, the Robotics Market in North America is experiencing a growing demand for intelligent and automated solutions. This trend is driven by the increasing need for efficiency and cost-effectiveness in industries such as manufacturing, healthcare, and agriculture. The use of robotics is also becoming more prevalent in consumer products, with the rise of smart homes and personal assistant robots. This shift towards automation is being fueled by the aging population and the desire for convenience and ease in daily tasks. Additionally, the integration of artificial intelligence in robotics is further enhancing their capabilities and potential applications.

Trends in the market: In North America, the Robotics Market is experiencing a trend towards the adoption of collaborative robots or "cobots" in various industries. These cobots are designed to work alongside humans, increasing efficiency and reducing the risk of workplace injuries. This trend is significant as it addresses the growing demand for automation and the need for safe and flexible robots. It also has implications for industry stakeholders, as the use of cobots can improve productivity and competitiveness, while also creating new opportunities for human workers to upskill and take on higher value tasks.

Local special circumstances: In North America, the Robotics Market is thriving due to the region's advanced technological infrastructure and a strong presence of major players in the industry. Additionally, the high demand for automation in various sectors, such as manufacturing, healthcare, and logistics, has driven the market growth. In the United States, the market is also influenced by government initiatives promoting the adoption of robotics in various industries. In Canada, the market is driven by the country's skilled workforce and favorable policies for research and development in robotics technology.

Underlying macroeconomic factors: The Robotics Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government policies, and overall economic health. Countries with strong government support and favorable regulatory environments are experiencing higher market growth compared to regions with limited regulatory frameworks and economic challenges. Moreover, the increasing adoption of automation and robotics in various industries, such as manufacturing, healthcare, and logistics, is driving the demand for advanced robotics solutions in North America. Additionally, the growing focus on reducing labor costs and increasing efficiency is also contributing to the growth of the Robotics Market 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.