The global robotics market is projected to grow significantly in the coming years, driven by an increased emphasis on safety regulations and the adoption of automation across industries. According to a recent report by market research firm Technavio, the market is expected to witness a CAGR of 7.71% during the forecast period from 2023 to 2027, with an estimated increase of USD 22.26 billion.
One of the key factors fueling the growth of the robotics market is the stringent health and safety regulations imposed during the forecast period. Industries such as automotive and heavy oil chemicals, which involve harsh working environments and constant exposure to toxic substances, are particularly focused on ensuring the safety of their workers. The adoption of safety material handling equipment, including robotics, helps minimize the risk of accidents, work-related injuries, and product damage. This not only improves employee safety but also reduces the resources wasted by companies due to occupational injuries and physical exhaustion on assembly lines.
The market segmentation by application includes industrial and services, with the industrial segment expected to witness significant growth during the forecast period. Industries such as manufacturing, healthcare, aerospace and defense, media and entertainment, among others, are increasingly turning to robotics to enhance production efficiency, improve operational excellence, and gain a competitive advantage. The use of robots in industrial applications, such as material handling, assembly and disassembly, and welding, helps reduce costs, lead times, and human interaction, thereby improving safety and increasing production throughput.
The Asia-Pacific (APAC) region is expected to dominate the robotics market, accounting for 49% of the global market growth during the forecast period. The region benefits from government initiatives, a strong manufacturing sector, and increasing demand for locally manufactured vehicles. Automakers in countries like China and India are investing in manufacturing plant automation solutions to improve productivity and reduce cycle times, leading to a higher demand for robots.
However, the robotics market also faces several challenges. One of the major obstacles is the shortage of skilled personnel. The lack of technical know-how and proper training discourages end-users from adopting robotic automation, as it requires significant investment and expertise. Overcoming this challenge will be crucial for the market’s growth.
Overall, the robotics market is poised for significant growth in the coming years, with safety regulations and the adoption of automation playing a pivotal role. Industries across the globe are recognizing the benefits of robotics in improving employee safety, reducing costs, and enhancing operational efficiency, driving the demand for robotics solutions.
What factors are driving the growth of the robotics market?
The growth of the robotics market is driven by factors such as stringent health and safety regulations, the adoption of automation, and the need for improved production efficiency and operational excellence.
Which industries are adopting robotics?
Industries such as manufacturing, healthcare, aerospace and defense, media and entertainment, among others, are adopting robotics to enhance their operations and gain a competitive advantage.
Why is the Asia-Pacific region expected to dominate the robotics market?
The Asia-Pacific region is expected to dominate the robotics market due to government initiatives, a strong manufacturing sector, and increasing demand for locally manufactured vehicles.
What challenges does the robotics market face?
One of the major challenges in the robotics market is the shortage of skilled personnel. The lack of technical know-how and proper training often discourages end-users from adopting robotic automation.
How can robotics improve employee safety?
By adopting robotics, industries can minimize the risk of accidents, work-related injuries, and product damage, thereby improving employee safety on the assembly lines.