According to the latest research report titled “Robotics Market Report (2023 – 2028)” by Mordor Intelligence, the robotics market is estimated to reach USD 82.76 billion by 2028, growing at a CAGR of 15.91% during the forecast period. The market’s utilization of Industry 4.0 elements, such as connectivity and data, has been a key factor in driving automation advancements.
Siemens, a leading player in the robotics industry, has collaborated with Google Cloud to incorporate AI/ML technologies into its industrial automation solutions. This collaboration aims to enhance the efficiency and capabilities of Siemens’ robotic systems. On the other hand, Mitsubishi has developed a robotics system that can match the speed of humans and be controlled through voice commands. This advanced system utilizes Mitsubishi Electric’s Maisart AI technologies to initiate work tasks, with operators fine-tuning robot movements as needed.
The robotics market is highly competitive, with prominent players such as ABB Ltd., Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, and Kuka AG. These companies are expanding their customer base across foreign countries and leveraging collaborative initiatives to increase market share and profitability.
One of the key findings from the report is the expected growth of the service robotics market. As medical robot-assisted surgeries increase, there will be a surge in product innovation rates. In the healthcare sector, automation with robots can reduce occupational injuries and illnesses for workers. For instance, the Da Vinci Xi Surgical Robot, launched in India, offers advanced surgical capabilities.
The Asia-Pacific region is expected to hold a major market share in the robotics industry. South Korea and China, particularly in the electronics and automotive manufacturing industries, have been driving the adoption of robotics. The Chinese government aims to produce 35 million automobiles by 2025, emphasizing the importance of robotics in the automotive sector. Japan is also investing in eldercare robots and promoting the development of electric and hybrid vehicles, further driving the demand for robotics.
In terms of recent developments, Nvidia has partnered with Segway-Ninebot to launch a robotics development platform, while ATI Industrial Automation announced compatibility between its Multi-Axis Force/Torque Sensors and FANUC’s robots. These collaborations seek to accelerate the development and deployment of autonomous robots and improve automation and precision control in robotic applications.
The Mordor Intelligence Market Research Report on the Robotics Market provides valuable insights for industry players, investors, researchers, consultants, and business strategists. With its comprehensive and actionable market intelligence, the report serves as a trusted resource for understanding the dynamics of the robotics industry.
Frequently Asked Questions (FAQ)
What is the expected market size of the robotics industry in 2028?
The robotics market is estimated to reach USD 82.76 billion by 2028, according to the Mordor Intelligence Report.
Which companies are the key players in the robotics market?
Prominent players in the robotics market include ABB Ltd, Yaskawa Electric Corporation, Denso Corporation, Fanuc Corporation, and Kuka AG.
What are the latest developments in the robotics market?
Recent developments in the robotics market include the collaboration between Siemens and Google Cloud to incorporate AI/ML technologies, Mitsubishi’s development of a robotics system controlled through voice commands, and Nvidia’s partnership with Segway-Ninebot to launch a robotics development platform.
Why is the Asia-Pacific region expected to hold a major market share in the robotics industry?
The Asia-Pacific region, particularly South Korea and China, dominates the adoption of robotics due to their large-scale adoption in the electronics and automotive manufacturing industries. The Chinese government projects significant growth in the automotive industry, while Japan aims to develop electric vehicles and eldercare robots.
How can the Mordor Intelligence Market Research Report on the Robotics Market benefit businesses?
The report provides comprehensive and actionable market intelligence for industry players, investors, researchers, consultants, and business strategists, assisting them in making informed decisions and achieving their strategic goals in the robotics industry.