Global Robotics Technology Market Size, Share & Trends Analysis Report By Robot Type, By Component (Hardware, Software, and Service), By Application, By Regional Outlook and Forecast, 2024 - 2031

Global Robotics Technology Market Size, Share & Trends Analysis Report By Robot Type, By Component (Hardware, Software, and Service), By Application, By Regional Outlook and Forecast, 2024 - 2031

The Global Robotics Technology Market size is expected to reach $279.52 billion by 2031, rising at a market growth of 14.8% CAGR during the forecast period.

The Asia Pacific region witnessed 37% revenue share in the market in 2023. Rapid industrialization and technological advancements in countries such as China, Japan, and South Korea drive the region's leadership. China, in particular, is the largest consumer and producer of robots, with significant applications in the manufacturing, automotive, and electronics industries. Japan and South Korea are pioneers in robotics innovation, focusing on humanoid robots and industrial automation.

The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2021, Hyundai Motor Company acquired Boston Dynamics, Inc., an American engineering and robotics design company. Through this acquisition, Hyundai solidified its foothold in the robotics industry, positioning itself at the forefront of technological innovation. Additionally, the acquisition helped Hyundai establish itself as a leading Smart Mobility Solution Provider. Moreover, In October, 2023, Rockwell Automation Inc. announced the acquisition of Clearpath Robotics, including its research division, and OTTO Motors, a leader in autonomous mobile robots (AMRs) for industrial applications. This acquisition strengthens Rockwell’s production logistics solutions, enhancing automation and digital transformation in manufacturing. AMRs are expected to drive significant growth in the market, contributing to Rockwell's revenue.

KBV Cardinal Matrix - Robotics Technology Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Robotics Technology Market. In May, 2020, Microsoft Corporation announced the acquisition of Softomotive, a leading robotic process automation (RPA) provider known for WinAutomation. This acquisition enhances Microsoft Power Automate by adding desktop automation, enabling users to easily create bots for automating manual processes. The combined solution expands RPA connectivity to apps like SAP and legacy terminal applications. Companies such as Amazon Web Services, Inc., Hyundai Motor Company, and Siemens AG are some of the key innovators in Robotics Technology Market.

Market Growth Factors

The adoption of robotics in manufacturing has become a major driver for the growth of this market. Robotics systems can handle repetitive and precise tasks, significantly enhancing manufacturing processes' productivity. For example, robots can be used in assembly lines to perform tasks such as welding, painting, and assembling components. In conclusion, the increasing adoption of robotics in manufacturing for enhanced productivity is driving the market's growth.

Additionally, Governments worldwide are playing an essential role in driving the adoption of robotics technologies, with many offering incentives such as subsidies, grants, and tax breaks to companies that invest in automation. These governmental efforts aim to improve productivity, create high-tech jobs, and support industries in remaining globally competitive. Thus, government support and industry regulations promoting robotics adoption are driving the market's growth.

Market Restraining Factors

However, Despite the numerous advantages robotics offer, the high upfront costs remain a significant barrier to their widespread adoption, particularly among small and medium-sized enterprises (SMEs). The initial investment required to purchase and implement robotic systems can be substantial, including the cost of the robots, integration with existing infrastructure, and specialized staff training. In conclusion, high initial costs and capital investments limiting adoption impede the market's growth.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.

Robot Type Outlook

Based on robot type, the market is divided into traditional industrial robots, cobots, professional service robots, and others. The cobots segment attained 24% revenue share in this market in 2023. Cobots are designed to work alongside human operators, enhancing productivity while ensuring safety. Their versatility, ease of deployment, and ability to perform various tasks make them increasingly popular in healthcare, logistics, and small-scale manufacturing industries.

Component Outlook

On the basis of component, the market is segmented into hardware, software, and service. In 2023, the software segment attained 25% revenue share in the market. The rising demand for intelligent robots capable of performing complex tasks with autonomy has accelerated the development and integration of sophisticated software solutions. These include artificial intelligence (AI), machine learning (ML), computer vision, and navigation algorithms.

Application Outlook

By application, the market is divided into manufacturing, healthcare, logistics, aerospace & defense, media & entertainment, and others. The healthcare segment procured 16% revenue share in the market in 2023. Robots in healthcare are increasingly utilized for applications such as surgery assistance, rehabilitation, diagnostics, and drug delivery. The precision and consistency of robotic systems have revolutionized surgical procedures, improved patient outcomes, and reduced recovery times.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 31% revenue share in the market. The region's strong performance is attributed to its advanced technological infrastructure and early adoption of robotics across industries. The United States is a key market, with extensive utilization of robotics in manufacturing, healthcare, logistics, and defense. The rise of collaborative robots (cobots) and service robots in North America demonstrates the increasing demand for flexible and human-centric automation solutions.

Market Competition and Attributes

The robotics technology market is highly competitive driven by innovation from smaller firms and regional companies. Startups and mid-sized enterprises focus on niche applications like healthcare robotics, agriculture, and warehouse automation. Open-source platforms and collaborations foster rapid advancements, while government funding and academic research propel new entrants, ensuring a dynamic and evolving competitive landscape.

Recent Strategies Deployed in the Market

• Nov-2024: Hyundai Motor Company and Kia unveiled the wearable robot 'X-ble Shoulder,' designed to assist with overhead tasks by boosting upper arm strength. Reducing shoulder load by 60% and muscle activity by 30% aims to enhance worker comfort and efficiency.
• Feb-2024: KUKA AG unveiled the KR FORTEC industrial robot, positioned between the KR QUANTED and KR FORTEC ultra models. It offers a 145-inch reach and 529 lb payload capacity. Designed for tasks like handling and welding, it features a compact design and modular components and can be paired with the KL 4000 linear unit.
• Oct-2023: SoftBank Robotics Group formed a partnership with Shenzhen Pudu Technology Co., Ltd., a worldwide leading robotics company. Under this partnership, the companies elevated the commercial service robotics industry, combining SoftBank Robotic's expertise in the Japanese market with Pudu's product and technology advantages in delivery robots and cleaning robots.
• May-2023: Kuka AG unveiled the KMP 600-S diffDrive AGV, featuring speeds up to 2 m/s, 600 kg payload capacity, and advanced safety with laser scanners and 3D object detection. Paired with the KR IONTEC robot, it offers efficient, flexible automation for palletizing and depalletizing consumer goods.
• May-2023: Rockwell Automation, Inc. came into partnership with Autonox Robotics, a German Based Automation Machinery Manufacturing company. Through this partnership, Rockwell would aim to empower businesses in North America, Europe, the Middle East, and Africa to unlock fresh manufacturing opportunities with comprehensive robot control solutions.

List of Key Companies Profiled

• Kuka AG (Midea Group Co., Ltd.)
• Hyundai Motor Company
• SoftBank Robotics Group (SoftBank Group Corporation)
• ABB Group
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Microsoft Corporation
• Siemens AG
• CloudMinds Technology Inc.
• IBM Corporation
• Rockwell Automation Inc.

Global Robotics Technology Market Report Segmentation

By Robot Type

• Traditional Industrial Robots
• Cobots
• Professional Service Robots
• Other Robot Type

By Component

• Hardware
• Software
• Service

By Application

• Manufacturing
• Healthcare
• Logistics
• Aerospace & Defense
• Media & Entertainment
• Other Application

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA