According to Future Market Insight, the global robotics market is projected to reach USD 152.9 billion by 2033, registering a CAGR of 19.8%. This is a considerable increase from its estimated value of USD 25.2 billion in 2023.
The key factor contributing to the market expansion is the widespread adoption of service robots across various industries. The widespread adoption of robotics across industries aids businesses in cost reduction. Robotics eliminates the need for additional staff, resulting in reduced expenses. The adoption of robotics also helps in lowering material and energy costs.
The use of delivery robots in warehouses has gained traction due to their continuous operational capabilities. Operating costs for robots are significantly lower compared to human wages. This makes them an appealing option for reducing labor expenses in various facilities.
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Unlike humans, robots can work continuously without the need for breaks. This makes them compatible with continuous surveillance in places like healthcare institutions, warehouses, and retail stores. Employing humans for continuous surveillance throughout the day would be impractical, but robots can flawlessly perform this task. These factors are likely to positively impact the overall growth of the market.
The robotics industry has witnessed notable technological advancements. This has led to the emergence of the Internet of Robotic Things. It leverages sensor data from various sources and applies intelligent decision-making to determine the appropriate actions. Robotics plays an extensive role in different tasks in the manufacturing sector. Material handling companies also employ robots to prepare products for distribution.
The healthcare sector is adopting robotics for automating medical procedures, patient monitoring, rehabilitation, and others. Moreover, robotics is being utilized in delivery and logistics operations, optimizing processes such as warehouse stocking, packaging, and delivery. This streamlines operations reduces costs, and improves efficiency.
Increased investments and funding in the technology sector are likely to open up growth opportunities in the global robotics technology market. Continuous technological advancements play a significant role in enhancing the capabilities and cost-effectiveness of robots. These advancements create a positive market outlook for the robotics industry.
Key Takeaways from the Robotics Market:
- The robotics industry in the United States is predicted to reach USD 32.3 billion by 2033
- The robotics industry in the United Kingdom is estimated to expand at a CAGR of 18.8% between 2023 and 2033
- During the forecast period, the robotics industry in China is expected to reach a market valuation of USD 13.1 billion
- The robotics industry in Japan is predicted to boom at a 19.1% CAGR through 2033
- South Korea’s robotics industry is predicted to achieve a market revenue of USD 6.2 billion by 2033
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Competitive Landscape
In the robotics market, key players are actively engaged in research and development to enhance robotic technologies. They are investing in advanced technologies to improve robot functionality. Additionally, companies are expanding their product portfolios, forming strategic partnerships, and exploring new applications to cater to the growing demand for robotics solutions.
Key Players
- Blue Ocean Robotics
- Brain Corp
- Fetch Robotics, Inc.
- Honeywell International Inc.
- Motorola Solutions Inc.
- RoboAds
- Siemens
- Simbe Robotics
- SMP Robotics
- Xenex Disinfection Services
Recent Developments
- Simbe Robotics, Inc. unveiled Tally 3.0, their up-to-date version of the autonomous retail robot, in October 2020. Tally 3.0 enhances durability and maneuverability for optimal cost-effective performance. Additionally, the introduction of an embedded data processor further solidifies Tally 3.0’s position as the innovative and efficient retail robot available in the market.
- Fetch Robotics introduced the SmartGuardUV disinfection robot in July 2020. This autonomous mobile robot (AMR) incorporates a combination of reliable hardware and software for safety and adaptability. It leverages the power of PURO Lighting’s pulsed xenon UV lamp for effective disinfection and utilizes the disinfection reporting capabilities of the Piedmont 4Site cloud analytics platform.
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Robotics Market Segmentation
By Application:
- Disinfection
- Shelf Scanning
- RFID Scanning
- Delivery
- Security & Inspection
- Advertising
By End User:
- Automotive
- Retail
- Healthcare
- Electronic
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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