Published Date : 21 Jun 2023
The global robotics technology market size exhibited USD 89.27 billion in 2022 and is projected to attain around USD 225.6 billion by 2030, poised to grow at a strong CAGR of 12.29 percent during the projection period from 2022 to 2030.
The increasing number of investments and funding in the realm of technology is one of the important reasons driving the growth of the worldwide robotics technology market. Furthermore, the spike in demand for industrial robots is propelling the worldwide robotic technology industry forward. The increasing use of service robots all over the world is another key element driving the global robotic technology industry forward. This feature is fueling demand for cleaning robots, which will help the worldwide robotic technology market grow over the next few years. The rising use of automation in the automobile production process, as well as the use of artificial intelligence and digitalization, are driving up demand for industrial robots in the industry.
Robotics Technology Market Report Scope:
|Market Revenue in 2023
|USD 100.24 Billion
|Projected Forecast Revenue in 2030
|USD 225.6 Billion
|Growth Rate from 2022 to 2030
|CAGR of 12.29%
|Asia Pacific Region Revenue Share In 2022
|2022 To 2030
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Asia-Pacific is the largest segment for robotics technology market in terms of region. China, South Korea, and India are dominating the robotics technology market in the Asia-Pacific region. The expansion of the robotics technology market in Asia-Pacific is being fueled by the government's increasing commitment to technological advancements. Furthermore, industry participants are employing a variety of techniques, which is propelling the Asia-Pacific robotics technology market forward.
Europe region is the fastest growing region in the robotics technology market. The UK hold the highest market share in the Europe robotics technology market. In recent years, educational robots, industrial robots, interactive entertainment robots, and service robots have all witnessed an increase in demand in Europe. The increased use of robots in both the industrial and home sectors is boosting the European regional market. The enhanced expansion and development of cutting-edge robotics technology is driving the regional market.
Rising automation in electronics sector
Electronics industries will be able to advance even more as automation advances, as they will be able to building samples in reduced time and with reduced capital. Robots can be used in processes like as assembling, dispensing, milling, inspection, packing, and palletizing throughout the production cycle. Currently, industrial workers in the electronics industry are mostly doing repetitive and redundant jobs like hand assembly and tooling. Investing in robotics will alter the demands imposed on workers, allowing them to focus on high-value jobs like final inspection and quality control. Because they can operate alongside people, cobots may be integrated into current production lines. Thus, this factor is driving the growth of the market.
The high price of robots
The cost of the robots is quite expensive as compared to other type of automation systems. The maintenance and installation costs are also high in nature. As a result, high price of robots is hindering the growth of global robotic technology market.
Growing government initiatives
The Indian government has announced an incentive package by extending the production-linked incentive plan to eleven industrial sectors, with a particular focus on the automobile and vehicle component sectors. As part of its China exit program, the Japanese government is providing a $ 221 million subsidy to Japanese enterprises relocating to India and other locations. Thus, these initiatives are supporting expansion of market.
High cost of installation and deployment
A robotic automation project can be difficult, especially for new businesses. Not only is a large upfront investment required for the robot, but also for its integration, programming, and upkeep. A bespoke integration may be necessary in some circumstances, which can increase overall costs. Companies may not always have the space or infrastructure needed to deploy robots. Thus, this is a major challenge for market growth.
Major Key Players:
By Robot Type
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