Robot Market Strategic Insights and Updates by 2031
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.
Robot Market Analysis
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.
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.
Strategic Insights
Robot Market Drivers and Opportunities
Strong Adoption of Industry 4.0 to Favor 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.
Consumer Robotics
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.
Robot Market Report Segmentation Analysis
Key segments that contributed to the derivation of the robot market analysis are type, organization size, and vertical.
- Based on type, the robot market is divided into industrial and services. Articulated, cartesian and others are two prominent subsegments under the industrial segment. The industrial segment held a larger market share in 2023.
- By organization size, the market is segmented into SMEs and large enterprises.
- By vertical, the market is segmented into aerospace and defense, automotive, electronics and semiconductor, healthcare, IT and telecom, manufacturing, retail and e-commerce, transportation and logistics, and others.
Robot Market Share Analysis by Geography
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.
Robot Market Report Scope
Robot Market News and Recent Developments
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:
- OSARO, a global leader in machine-learning-enabled robotics for e-commerce, is partnering with FANUC America, the leading supplier of CNCs, robotics, and ROBOMACHINEs, to expand the capabilities of FANUC’s robotic automation solutions optimized for warehousing and e-commerce fulfillment. The two companies will collaborate on go-to-market strategies, commencing with the installation of an advanced piece-picking demonstration robot at FANUC’s Innovation Center in Rochester Hills, Michigan. (Source: OSARO, Newsletter, 2023)
- ABB Robotics is expanding its large robot range with four new models and 22 variants, offering more choice, increased coverage, and greater performance. The next generation models include the IRB 6710, IRB 6720, IRB 6730, and IRB 6740, suitable for payloads ranging from 150kg to 310kg, with a reach from 2.5m to 3.2m, offering customers greater choice and significant performance and energy efficiency improvements. (Source: ABB, Newsletter, 2023)
Robot Market Report Coverage and Deliverables
The “Robot Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Robot market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Robot market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Robot market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Robot market
- Detailed company profiles
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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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.
Frequently Asked Questions
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.
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 robot market size is projected to reach US$ 266.86 billion by 2031
The market is expected to register a CAGR of 15.3% during 2023–2031
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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