Robotics Market Size to Increase at a CAGR of 11% in the Forecast Period of 2023-2028

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The ‘Global Robotics Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global robotics market, assessing the market on the basis of its segments like type, application, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Robotics Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 11%

A significant factor boosting the growth of the global robotics market is the increasing advancements in technology in different areas of robotics. New technologies are being developed in the robotics sector to provide better performance, higher precision, and expanded applications.

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Advancements in technologies such as machine learning (ML) and artificial intelligence (AI) have produced robots that can learn from their surroundings and adjust to different circumstances. The market for robotics is growing due to the expanded advancement of robots by using AI to give them competent computer vision and motion control. Machine learning trains the robots to evolve quickly and avoid mistakes.

Another driver for the robotics market is the increased use of automation in robots which has wide applications in the areas of manufacturing, logistics, and healthcare. Automation enables businesses to boost productivity, save expenses, and raise product quality. The growth in the market for robotics is supported by the increased production rate, enhanced efficiency, and accurate and high-quality work that automation facilitates.

Robotics Industry Definition and Major Segments

Robotics is a branch of engineering that involves the conception, design, manufacture, and operation of robots. The main aim of robotics It to produce intelligent machines that can assist humans to do different types of work. With improved efficiency and quality products, these machines are used in a wide range of applications, both in the form of industrial robotics and service robotics.

On the basis of type, the market is segmented into:

• Industrial Robotics

o Articulated Robots
o SCARA Robots
o Cartesian Robots
o Cylindrical Robots
o Others

• Service Robotics

o Personal and Domestic Robots
o Professional Robots
o Others

Based on application, the market is divided into:

• Household
• Entertainment
• Military and Defence
• Field and Logistics
• Healthcare
• Infrastructure
• Mobile Platform
• Others

On the basis of region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Robotics Market Trends

A key trend in the robotics market is the rising incorporation of robots in households with families globally introducing robots in their homes to help with household chores such as cleaning and vacuuming. Home robots are able to assist with tasks such as waking up and provide advanced home security by monitoring and avoiding potential alerts. Various products like robotic mops, vacuum cleaner, and automatic pool cleaner are providing advanced and effective services to help ease work at home. The escalation in the market for robots is also increasing due to its advanced technology for providing home security.

The growth of the robotics market is also being supported by the increasing investments by multiple robotics companies. Investors are continuously funding latest technologies and innovations for the various applications of robotics. There are rising demands for robotics in logistics and industrial processes, further supported by the increasing availability of various robotics. The market for robotics is being bolstered by technological advancements that increase the affordability and adaptability of robots. Investment in robotics companies is also increasing because of rising demand of robotics with enhanced capabilities for military and defence applications.

Key Market Players

The major players in the global robotics market report are:

• FANUC Corporation
• ABB Ltd
• Denso Corporation
• Toshiba Infrastructure Systems and Solutions Corporation
• Mitsubishi Electric Corporation
• Yaskawa Electric Corporation
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.