The “Global Robotics Market, Volume, Size, Global Forecast 2023-2027, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com‘s offering.
The global robotics market is projected to grow to US$ 86.20 billion by 2027 according to Research and Markets. Today’s stock of robots operating in factories worldwide marks the highest level in history. Robots are now increasingly being adopted for industrial and service applications by professionals.
Industrial robotics plays an essential role in modern industrial automation technology. One cannot imagine a transfer to the next manufacturing paradigm without industrial robotics being involved in various production phases. The service robot market comprises many types of robots, most of which can be used for applications in multiple industries.
Around the world, many government and industry research funding programs have been initiated in recent years. Such programs include the National Robotics Initiative in the U.S., the SPARC program in the E.U., the Robot Revolution Initiative in Japan, the Made in China 2025 program, and the Industrie 4.0 program in Germany. Most of these programs are aimed at the larger field of robotics and automation.
Industrial Robots & Service Robots Future Looks Promising
Both industrial and service robots use many robotics technology concepts. Therefore, these programs will undoubtedly significantly affect the development of the robot industry in the future. In addition, recent technological advancements in the robotics industry and artificial intelligence (AI) have led to the introduction of Internet of Robotic Things (IoRT). IoRT uses devices to fuse sensor data from multiple sources and use intelligence to determine the course of action.
As robotics industry 4.0 plays a pivotal role in global manufacturing, IoRT will help in more efficient and accessible methods for robotic manipulation and grasping in manufacturing functionalities leading to increased use of robotics. As a result, the publisher expects that worldwide robotics market will grow a with double-digit CAGR of 15.25 percent from 2022 to 2027.
According to the United Nations, by 2050, 16 percent of the world’s population will be over age 65, up from 9 percent in 2019. Therefore, the aging population is a significant growth factor in deploying robots in assistance applications and domestic healthcare. This will lead to growth in the service robotics market. As per the publisher’s research findings, the global robotics industry reached US$42.4 billion in 2022.
Regional Analysis: Robotics Industry
The United States is the largest robot user in the Americas, reaching a new operational stock. Most of their robots are imported from Europe, China, and Japan. Meanwhile, Asia remains the most robust industrial robots operational stock market for the region’s largest adopter. The rise in labor costs in China increases the number of robots. Moreover, India is not far behind. It has doubled the number of robots operating in the country’s factories.
Companies delivering food and other industries are showing increasing demand. Following this ever-increasing demand, the global growth of food and medication delivery robots will be noted in 2023. This growing demand and supply would also drive the demand for robots supporting last-mile deliveries.
For instance, in 2020, KUKA signed an agreement with BMW AG to manufacture around 5,000 robots deployed in new production supply lines and factories worldwide. In addition, KUKA worldwide also stated industrial robot production and would be deployed at the BMW Group’s international production sites to manufacture the current and future vehicle models.
In 2020, Shanghai SK Automation Technology Co provided intelligent equipment for automotive manufacturers. It announced IPO offering on the STAR market and raised RMB 733.15 million.