Market Insights report
A robot is defined as a powered mechanism that is programmable in two or more axes and has some degree of autonomy; it moves within its environment to perform its intended tasks. The Robotics market contains important application fields of automated technologies. These include Industrial Robotics and Service Robotics. Each category is divided into Robotics revenues from the Automotive, Electric/Electronic, Metal, Chemical, Food, and Other industry market as well as Commercial Services and Consumer Service Robotics.
This report provides an overview of the Robotics market and includes a range of statistics: The overall market development, a forecast until 2029, worldwide comparison, and more are included for the global Robotics market as well as for the two markets Industrial Robotics and Service Robotics. In total, the worldwide Robotics revenue, which amounted to US$46 billion in 2023, is expected to continue growing at a high rate to reach US$73 billion by 2029.
What's included?
As automation of production and service processes becomes more and more important, the Robotics market gains popularity. Its applications range from B2B solutions to B2C use cases. These include Industrial Robotics and Service Robotics. Each category is divided into Robotics revenues from the Automotive, Electric/Electronic, Metal, Chemical, Food, and Other industry markets as well as Commercial Services and Consumer Service Robotics.
In 2023, the overall global Robotics market was US$46.11 billion. The Service Robotics market accounts for the biggest share, comprising 77% of worldwide revenues. Compared to Industrial Robotics, Service Robotics grows faster, also boosted partially due to staff shortages during the lockdown in the Covid 19 pandemic. In the Robotics market, there is a wide variety of both application areas and brands. There are some pure players but also large consolidated companies with a wide range of products and services that shape the Robotics market. Some examples are presented in the chapter “Key Players”.
The Robotics market is driven by various trends, e.g., the Industrial Internet of Things, autonomous mobile robots, collaborative robots and/or open-source software. In addition, trending topics such as 5G, edge computing, and smart mobility influence the market. Especially artificial intelligence (AI) is boosting further innovation in the field of automation. AI in robotics is becoming more sophisticated and the use of self-learning robots are becoming more popular. Also, the possibility to collect and analyze data from intelligently automated processes allows manufacturers and service providers to make data-driven decisions to further improve their procedures. With all these trends driving the Robotics market, it will enhance economic efficiency and it is expected to continue growing in the future, resulting in positive revenue growth rates in the forecast period.
Market Insight
Robotics
Overview
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