Robotics market set to grow by USD 22.27 billion from 2022-2027; The government initiatives in Europe to be a major trend - Technavio

NEW YORK, Feb. 6, 2024 /PRNewswire/ -- The global robotics market size is estimated to grow by USD 22.27 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.71% during the forecast period. Government initiatives in Europe, particularly through programs like Horizon 2020, are set to propel the global robotics market growth. With a focus on enhancing industrial efficiency and creating local job opportunities, SMEs will integrate industrial robots, boosting production capacity and competitiveness. This initiative will enable European companies to enter new markets and compete with economies offering lower labor costs and higher automation rates, fostering market expansion during the forecast period.

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Some major companies include ABB Ltd., Clearpath Robotics Inc., Cyberdyne Inc., DENSO Corp., FANUC Corp., GEA Group AG, Honeywell International Inc., Intuitive Surgical Inc., Kawasaki Heavy Industries Ltd., KION GROUP AG, L3Harris Technologies Inc., Lely International NV, MIDEA Group, OMRON Corp., Relay Robotics Inc., SMP Robotics Systems Corp., Teradyne Inc., The Boeing Co., Zebra Technologies Corp., and Irobot Corp.

• ABB Ltd: The company offers different types of robotics products for different industries. It also offers electrification and building management solutions.
• Clearpath Robotics Inc: The company manufactures, and researches industrial robot applications and offers educational mobile robots and hardwarecomponents.

• The industrial segment dominates the robotics market, driven by its extensive applications in material handling, assembly, welding, cutting, and various other industrial processes. With consistent growth from 2017 to 2021, fueled by adoption in SMEs across regions like China, Japan, India, and Western Europe, industrial robots are expected to witness further uptake. Manufacturers worldwide are embracing intelligent manufacturing technologies, including robotics, automation, AI, and cloud computing, indicating a promising future for market expansion.
• APAC will contribute 49% to the growth by 2027.

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"Stringent health and safety regulations drive the growth, however, challenges including a shortage of skilled personnel may hamper the growth."

Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Robotics Market report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth of the Robotics market between 2023 and 2027
• Precise estimation of the Robotics market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Robotics industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Robotics vendors

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Integration of automation technology and artificial intelligence

The robotics industry overview highlights the integration of automation technology and artificial intelligence across various industries. Industrial robots and robotic systems offer versatile robotics solutions, driving market trends towards autonomous robots and robotic automation. With diverse applications spanning manufacturing, healthcare, and beyond, the robotics industry continues to evolve, reflecting the dynamic landscape of robotics market trends.

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The aerospace robotics market size is estimated to grow at a CAGR of 9.2% between 2023 and 2027. The market size is forecast to increase by USD 1,587.85 million.

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