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    Top Robotics Market Report

    Top Robotics Market Report
    Report code - SR2486 Delivery - 2 Weeks
    Top Robotics Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportu See more...

    Market Insights

    The global Top robotics market is expected to grow from USD 90.56 billion in 2022 to USD 243.35 billion by 2029 at a CAGR of 15.2% during the forecast period.

    Want to know more about the market scope: 

    What is Top Robotics?

    Top robotics refers to the most advanced and cutting-edge developments in the field of robotics. This includes the use of advanced technologies such as artificial intelligence, machine learning, computer vision, and sensors to create robots that can perform tasks with high precision and efficiency. Top robotics applications can be found in a wide range of industries, including manufacturing, healthcare, agriculture, transportation, and defense.

    These robots can perform tasks such as assembly, inspection, surgery, transportation, and exploration. Top robotics research and development is continually pushing the boundaries of what is possible with robots, and is paving the way for a future where robots play an even more significant role in society.

    Key Players

    The major players operating in the global top robotics market are:

    • ABB
    • Yaskawa
    • iRobot
    • Kuka
    • Fanuc
    • Mitsubishi Electric
    • Softbank Robotics Group
    • Intuitive Surgical
    • Daifuku
    • Delaval
    • Kawasaki Heavy Industries
    • Denso
    • Nachi-Fujikoshi
    • Seiko Epson
    • Universal Robots
    • Cyberdyne
    • Dji
    • Kongsberg
    • Northrop Grumman
    • Neato Robotics

    Market Dynamics

    Driver: Dearth of skilled labor in manufacturing industries

    Over the past decade, the manufacturing industries in countries like the US, Germany, and China have witnessed remarkable progress, but they are anticipated to confront a scarcity of workers in the near future. The shortage of labor is predominantly noticeable in occupations that involve numerous repetitive and physically taxing duties, like monitoring and packaging in the food industry.

    In the US, the manufacturing sector's expansion, combined with the retirement of current workers and the younger generation's disinclination towards joining the manufacturing sector, is projected to generate a skills deficit in the foreseeable future.

    To address the workforce scarcity, stakeholders must seek ways to boost productivity and replace human labor. In developed countries, one solution that businesses have turned to is the implementation of greater automation to counter the skills gap.

    A prime example of this approach is ARC Specialties (US), a manufacturing solutions provider that has recently devised an AI-driven pipe welding solution that utilizes a Universal Robots (Denmark) UR5 arm to execute challenging and intricate welds. This solution was created as a response to the diminishing pool of skilled workers who are tasked with performing labor-intensive jobs like welding and painting.

    Restraint: Data privacy and regulation concerns

    The ownership of data has become a critical ethical concern, particularly with the emergence of software services for robotics. Similar to other technological fields, a scenario can arise where only a handful of companies possess the majority of customer information. The data collected by ground robots may differ completely from that obtained by drones.

    With the proliferation of domestic robots designed for household chores, education, and entertainment, individuals' private information is increasingly stored on the cloud. This data can be purchased by third parties, such as marketing agencies, resulting in potential privacy violations for individuals. For example, Amazon (US) and Google (US) have implemented voice activation and intelligent response capabilities for various robots, including the Lynx (humanoid) and Roomba (vacuum cleaner).

    The voice commands received by these devices can be vulnerable to infringement and misuse, making data security a critical consideration. Governments worldwide must also contemplate additional ethical considerations related to robots, such as liability frameworks and the possible reuse of data collected by robots for research or studies.

    The absence of technology standardization further complicates system integration, as most equipment manufacturers employ proprietary interface protocols for communication. The potential impact of a data breach is especially significant in sectors like healthcare and military & defense, necessitating regulations that address these concerns without stifling the technology's progress.

    Segment Analysis

    Ground service robots to hold the largest share of the top service robotics market in 2023. The ground environment encompasses a wide range of robots, including automated guided vehicles (AGVs), cleaning robots, agricultural robots, surgical robots, entertainment robots, inspection robots, humanoid robots, powered exoskeletons, telepresence robots, and many others. Ground service robots are currently the most prevalent in the market. These robots are utilized in a variety of applications, including surgeries, cleaning, elderly care, telepresence communication, and assistance.

    Medical application to hold the largest share of the top service robotics market in 2023. As the aging population continues to grow, there is a greater need for robots to support both patients and medical staff. Medical assistive robots can aid in surgical procedures and diagnoses by carrying equipment and medical products, while rehabilitation robots help to assist patients in their recovery. The advantages of minimally invasive surgery have also contributed to the growth of medical robots. The significant number of senior citizens, combined with higher disposable income due to urbanization, has fueled the demand for minimally invasive surgery.

    During the forecast period, the industrial robotics market for the food and beverage industry is projected to experience the highest CAGR. Unlike other industries, automation in the food and beverage industry poses unique challenges. The components or products are often irregularly shaped, differ in size, weight, and texture, and must be manipulated quickly without causing any damage. With advancements in end effectors, such as soft grippers, traditional industrial robots can now handle meat processing, fruit and vegetable handling, pick-and-place of processed foods, as well as packaging and palletizing. Collaborative robots are also increasingly being used in the food industry. For example, Orkla Foods in Sweden currently employs Universal Robots' UR10 robot for packing ice cream bags in cartons.

    Asia Pacific to lead the top industrial robotics market and to grow at the highest CAGR during the forecast period. In 2022, the Asia Pacific region held the largest share of the top industrial robotics market, although it had lost some of its market share compared to other regions in 2021. The decrease in sales of industrial robots in countries such as China was primarily responsible for the decline, which was due to a fall in demand in the automotive sector and the impact of the US-China trade war. This slowdown resulted in major industrial robot manufacturers posting lower growth and revenue than expected for the year ending in 2022.

    Despite this, the market growth in the Asia Pacific region is still projected to be the highest, as China recovers and other countries like Taiwan and Thailand push for further automation. Manufacturers in Asia Pacific are also facing increasing labor costs, which is prompting them to automate to maintain their cost advantage. As a result, collaborative robots are expected to experience strong growth in the Asia Pacific region.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Recent Developments

    • In December 2022, OMRON, a factory automation solution provider, opened its 1st Automation Center exclusively catering the logistics industry in Singapore, South-East Asia, and Oceania.
    • In October 2022, Epson Robots launched DC-powered six axis robot arm for mobile manipulation.
    • In August 2022, Amazon and iRobot entered into a definitive merger agreement under which Amazon will acquire iRobot.
    • In July 2022, ABB joined Berkshire Grey’s Technology Alliance program to deliver AI-powered robotic solutions.
    • In July 2022, FANUC opened new robotics and automation headquarters in Aguascalientes, Mexico.

    Frequently Asked Questions (FAQs)

    Top robotics refers to the most advanced and cutting-edge developments in the field of robotics. This includes the use of advanced technologies such as artificial intelligence, machine learning, computer vision, and sensors to create robots that can perform tasks with high precision and efficiency. Top robotics applications can be found in a wide range of industries, including manufacturing, healthcare, agriculture, transportation, and defense.

    The market is expected to grow at a CAGR of 15.2% during 2023-2029.

    The market size was estimated at USD 90.56 billion in 2022 and is projected to reach USD 243.35 billion by 2029.

    The major players operating in the global Top Robotics market are ABB, Yaskawa, iRobot, Kuka, Fanuc, Mitsubishi Electric, Softbank Robotics Group, Intuitive Surgical, Daifuku, Delaval, Kawasaki Heavy Industries, Denso, Nachi-Fujikoshi, Seiko Epson, Universal Robots, Cyberdyne, Dji, Kongsberg, Northrop Grumman, Neato Robotics.

    Asia Pacific to lead the top industrial robotics market and to grow at the highest CAGR during the forecast period

    The study period of the market is 2017-2029.