Thu. Sep 28th, 2023
    The Global Robotics Market: A Forecast to 2024

    The global robotics market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 28.51% during the forecast period. In 2018, the market was valued at USD 42,654.1 million and is expected to reach USD 181,028.6 million by 2024. Asia-Pacific currently holds the largest market share, with a value of USD 19,845.5 million in 2018, and is projected to have a CAGR of 31.22% during the forecast period.

    The market is segmented by type, including SCARA, cartesian, articulated, cylindrical, and parallel robots. The articulated segment accounted for the largest market share in 2018, with a value of USD 9,937.1 million. Cartesian robots are three-axis robots that perform linear motion, while articulated robots have rotational joints and are able to make circular motions. Cylindrical robots are used in assembly operations, handling machine tools, spot welding, and handling at die casting machines. Parallel robots have a closed-loop mechanism and offer enhanced performance in terms of velocity, precision, rigidity, and ability to handle large loads. The SCARA segment is expected to have the highest CAGR during the forecast period. SCARA robots are four-axis robots that can move in the XY axis, allowing them to perform curved motions.

    Growth in industrial robotics and advancements in artificial intelligence technology are expected to drive the global robotics market. However, the high initial cost and technical complexities are anticipated to hinder market growth. Nevertheless, there is a rising demand for entertainment robots in the retail sector for customer engagement.

    The global robotics market is segmented by mobility into mobile robotics and fixed robotics. Additionally, the market is segmented by end user into medical, entertainment, field, logistics, defense, public safety, manufacturing, and others.

    The market is regionally segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to dominate the market during the forecast period due to advancements in camera and sensor technologies in the region.

    Key players in the global robotics market include Boston Dynamics, iROBOT Corporation, Heavy Industries, ABB Limited, Northrop Grumman Corporation, Omron Corporation, FANUC CORPORATION, Kuka AG, Yaskawa Electric Corporation, Denso Corporation, Universal Robots A/S, Nachi-Fujikoshi Corp, Kawasaki, Honda Motor Co. Ltd, Mitsubishi Electric Corporation, and Sony Corporation. These companies have been involved in various key developments to stay competitive in the market.


    – Robotics Market Research Report, Global Forecast till 2024

    Report Ocean