The robot market size is projected to reach US$ 266.86 billion by 2031 from US$ 85.44 billion in 2023. The market is expected to register a CAGR of 15.3% during 2023–2031. Integration of technologies such as AI and ML are likely to remain key trends in the market.
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.
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
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.
The consumer robotics market has a bright future, however, it also confronts substantial difficulties that will necessitate new solutions and strong tactics to ensure its continued growth and general acceptance in society. The growing need for convenience, as well as greater purchasing power among customers in industrialized countries, drives demand for robotic devices for home and entertainment.
Key segments that contributed to the derivation of the robot market analysis are type, organization size, and vertical.
The geographic scope of the Robot market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
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.
The regional trends and factors influencing the Robot Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Robot Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 98.51 Billion |
| Market Size by 2031 | US$ 266.86 Billion |
| Global CAGR (2025 - 2031) | 15.3% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Robot Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Robot Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The robot market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the robot market are listed below:
The “Robot Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global robot market was dominated by North America in 2023.
Technological advancements and increasing focus on safety and regulations are expected to drive the robot market.
The robot market size is projected to reach US$ 266.86 billion by 2031
Integration of technologies such as AI and ML are likely to remain key trends in the market.
ABB Lt, Daifuku Co Ltd, Denso Corporation, Fanuc Corporation, Intuitive Surgical Inc., Kuka AG, Northrop Grumman Corporation, Stryker Corporation, Universal Robots AS, Yaskawa Electric Corporation, iRobot, Mitsubishi, Anduril Industries, Epson Robtos, Gridbots, Omron, Midea Group, Vecna Robotics, Nachi, Kawasaki, Scythe Robotics and among the leading payers operating in the robot market.
The market is expected to register a CAGR of 15.3% during 2023–2031