The robot market is anticipated to grow from US$ 74.10 billion in 2022 to US$ 231.48 billion by 2030; it is projected to grow at a CAGR of 15.3% from 2022 to 2030.
Robot Market
Analyst Perspective:
The market has witnessed a steady rise over the past few years, primarily fueled by the rising adoption of Industry 4.0 and digital transformation across verticals. Extrinsic factors, such as the COVID-19 pandemic, geopolitical turmoil, and supply chain disruptions, have positively impacted the adoption of service and industrial robots in recent years. Similarly, intrinsic factors, such as usability and technological advancements, have positively impacted robot development and adoption. The pandemic augmented both automation acceptance and digital transformation across the various sectors. It also includes software for remote monitoring and those that enable the adoption of industrial automation.
Additionally, collaborative robots (cobots) have become Additionally, collaborative robots (cobots) have become easier to deploy, owing to technological innovations and quick programming capabilities, and are becoming a common technology in the industrial sector. Compared to a cobot, traditional ones require supplementary knowledge and time to program actions and are often limited to a singular action. Cobots perform with extreme accuracy and precision, complement human labor and traditional industrial robots, and thus find wider application across several verticals. Significantly, the rising labor cost is inversely proportional to automation costs. It augments the reshoring initiatives of several leading economies, further enabling the adoption of robots.
Robot Market
Overview:
A robot can be termed an autonomous or semi-autonomous mechanical device programmed to perform tasks. It often can interact with its surroundings and accurately follow the programmed instructions. Robots' design, construction, application, and operation fall under robotics, a branch of technology. Robots can range from simple single-purpose devices to articulate machines programmed to perform several complex tasks simultaneously. Presently, different types and forms are available in the market and are often customized by the manufacturer based on their intended application. For several applications, which are repetitive, limit the application of humans, and can be dangerous, humans have been replaced with humanoid robots.
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Robot Market: Strategic Insights
Market Size Value in US$ 74.10 billion in 2022 Market Size Value by US$ 231.48 billion by 2030 Growth rate CAGR of 15.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Robot Market: Strategic Insights
| Market Size Value in | US$ 74.10 billion in 2022 |
| Market Size Value by | US$ 231.48 billion by 2030 |
| Growth rate | CAGR of 15.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Robot Market
Driver:
Strong Adoption of Industry 4.0 to Drive Growth of the Market.
Industry 4.0 refers to the growth in automation of traditional industries through technical breakthroughs such as the internet of things (IoT) and cyber-physical technologies to make factories smarter. Robotics has been fundamental in advancing Industry 4.0, resulting in heightened productivity and proficiency in manufacturing operations. Productivity has risen significantly due to robot's usage for various manufacturing processes. Robots can perform repetitive jobs faster and more precisely, resulting in faster manufacturing. The robots have eliminated the requirement for human workers to perform hazardous activities through the automation of manufacturing processes, resulting in a reduction in workplace accidents.
Additionally, robotic systems can perform continuous monitoring and quality checks during manufacturing, ensuring product consistency and quality. Robotics in industries has evolved from expensive, massive, and bolted-to-the-floor robots, which are generally unscalable for connected factories, to relatively affordable, flexible, automated intralogistics smart robots. Intralogistic ones are dedicated machines that automate distinctive processes with intelligent capabilities, allowing them to operate independently from humans. The rising applications of such robots, from automating mundane tasks, efficiently transporting or delivering materials, and attracting new talent to offset labor shortages to further Industry 4.0 adoption, are thus furthering the market growth globally.
Robot Market
Segmental Analysis:
The robot market is segmented based on type, organization size, and vertical. The market is segmented based on type into industrial and service robots. Industrial robots are further segmented into articulated, cartesian, and others, while service robots are further segmented into aerial, ground, and marine. The market is bifurcated by organization size into SMEs and large enterprises. Based on vertical, the market is segregated into aerospace & defense, automotive, electronics & semiconductor, healthcare, IT & telecom, manufacturing, retail & e-commerce, transportation & logistics, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Large enterprises acquired the largest market share in 2022 and are expected to continue their domination throughout the forecast period. However, the SME segment is anticipated to witness a faster growth rate, buoyed by the rise in digital transformation and wide adoption of robotic solutions among such companies. Additionally, the declining prices of several types of service robots are augmenting the adoption of robots by SMEs. Furthermore, the rise in labor costs is compelling the SME segment to adopt alternative strategies to reduce their operating expenditure. While the usage can incur a high capital expenditure at the first instance, the accuracy and efficiency of a robot compensate for the initial cost and can offer a better return in the long run. Such factors are expected to enable higher adoption of robots by the SME segment.
Robot Market
Regional Analysis:
North America holds a prominent share in the market. Industry 4.0 is widely adopted in the region and has a higher acceptance of advanced technology. Additionally, the region is a pioneer in developing and deploying robotic technologies. Furthermore, the US and Canada have witnessed a significant rise in digital transformation amongst enterprises and industries across various sectors. E-commerce is one such vertical that has significantly surged in the past few years. The usage in warehouses of e-commerce players has spiked during the pandemic and continues to grow to date.
Similarly, the automotive sector has witnessed a huge surge, fueled by demand for electric vehicles (EVs). The growth of these verticals has positively impacted the adoption across these verticals. Such factors have also prompted several market players to improve their regional presence and launch new products. In March 2023, ABB Ltd announced the expansion of their robotics manufacturing plant in Michigan, the US, through an investment of US$ 20 million. The expansion plan was devised after a survey conducted by the company in the US and Europe, which suggested that 70% of enterprises plan to adopt reshoring. The company also launched a cobots portfolio in GoFa and SWIFT cobot families in February 2021, which offered higher payload capacity and speed in the movement of robots that complement YuMi and Single Arm YuMi in ABB's cobot lineup.
Robot Market
Key Player Analysis:
The market landscape consists of players such as ABB Ltd, Daifuku Co Ltd, Denso Corporation, Fanuc Corporation, Intuitive Surgical Inc, Kuka AG, Northrop Grumman Corporation, Stryker Corporation, Universal Robots AS, and Yaskawa Electric Corporation. The market is moderately fragmented, with several robot providers from North America, Europe, and APAC regions dominating the market. Many companies, focused on various strategic initiatives, are expected to create a noteworthy business model for the demand for robots and drive the market over the next few years.
Robot Market
Recent Developments:
Companies in the market adopt several inorganic and organic strategies, such as product innovation and partnership. ABB Ltd, Daifuku Co Ltd, Denso Corporation, Fanuc Corporation, and Kuka AG are key players in the market. With the strong growth in demand for robots, numerous companies have established partnerships to expand their offerings. For instance, in March 2023, ABB India and Parason, a leading manufacturer and supplier of pulp and paper machinery, collaborated to automate and expand environment-friendly, compostable packaging solutions production. The former robots will be integrated into the latter's machinery to efficiently manufacture molded fiber tableware products from agro-waste. The usage of the robots was expected to increase equipment efficacy by 30% while eliminating any safety concerns for workers and thus improving safety. A few recent key robot market developments are listed below:
- September 2023 – FANUC America, a leading robotics supplier, and OSARO Inc, a leading provider of machine learning (ML) enabled robotics for e-commerce, partnered to expand the capabilities of the former's robotic automation solutions targeted towards warehousing and e-commerce fulfillment. The two enterprises will collaborate on go-to-market strategies, commencing with installing an advanced piece-picking demonstration robot at FANUC's Innovation Center in Michigan, the US.
- June 2023 – ABB Ltd launched four large new robots, namely IRB 6710, IRB 6720, IRB 6730, and IRB 6740, and 22 variants for the automotive industry. These were for payloads between 150 – 310 Kg and had a reach of 2.5m to 3.2m. Additionally, as per the company, the new models have better energy efficiency. Owing to the lighter weight and usage of ABB's OmniCore Controller, it can offer up to 20% energy savings. The robots are well suited for application in EV and EV battery manufacturing. They can also execute high-precision car body assembly, spot welding, and install seats or dashboards by entering restricted areas within a vehicle.
- January 2023 – KUKA Systems partnered with UK-based software company Ai Build and launched a turnkey, integrated 3D printing system named the AMCell series. It involves the KR AGILUS robot from KUKA and Ai Build's additive manufacturing software AiSync and targets various additive manufacturing applications.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Organization Size, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- ABB Ltd
- Daifuku Co Ltd
- Denso Corporation
- Fanuc Corporation
- Intuitive Surgical Inc
- Kuka AG
- Northrop Grumman Corporation
- Stryker Corporation
- Universal Robots AS
- Yaskawa Electric Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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