Robotics Technology Market (By Component: Hardware, Software, Service; By Robot Type: Traditional industrial robots, Cobots, Professional service robots, Others; By Application: Manufacturing, Healthcare, Aerospace & Defense, Media & Entertainment, Logistics, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global robotics technology market size was exhibited at USD 89.27 billion in 2022 and is projected to hit around USD 325.6 billion by 2032, growing at a CAGR of 12.29% during the forecast period 2023 to 2032.

Key Pointers:

• By type, the traditional industrial robots segment has captured 53% market share in 2022.
• By component, the hardware segment has hit 73% market share in 2022.
• By application, the manufacturing segment has accounted 69% revenue share in 2022.
• Asia Pacific region has reached highest revenue share 47% in 2022.

Robotics Technology Market Report Scope

Robotics technology is the intersection of technology, engineering, and science for producing machines called robots, which are used to replicate human actions. The key objective of the robotics technology is to enhance the performance of an organization and to produce better outcome. Robotics technology finds its wide range of applications in various industry verticals, which include healthcare, domestic, agriculture, and manufacturing.

Rise in need for automation and safety in organizations and availability of affordable, energy-efficient robots drive the growth of the global robotics market. In addition, increase in labor & energy costs and upsurge in usage of robotics technology in different industry verticals fuel the growth of the market. However, high initial cost of robots and lack of awareness among SMEs hamper the growth of the market. On the contrary, surge in adoption of robotics technology in emerging economies and increase in use in diverse applications are the factors expected to provide lucrative opportunities for the growth of the market.

The hardware segment is expected to garner a significant share during the forecast period. This is attributed to the fact that hardware in robots increases the efficiency of robots. However, the service segment is expected to grow at the highest rate during the forecast period, owing to high adoption of consulting and training services in the manufacturing sector. 

The report focuses on the growth prospects, restraints, and trends of the robotics technology market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the robotics market.

The robotics technology market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and shutdown of travel to prevent the transmission of virus. The robotics technology market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various industries such as supply chain, manufacturing, and healthcare are adopting robots to work in place of humans to reduce the impact of the virus and to enhance their market share, which is providing lucrative opportunity for the market.

Some of the prominent players in the Robotics Technology Market include:

• Universal Robots A/S, 
• Boston Dynamics, 
• Northrop Grumman Corporation,
•  Omron Corporation, 
• Fanuc Corporation,
•  KUKA AG,
•  Yaskawa Electric Corporation, 
• DENSO, 
• orporation,
•  iRobot Corporation,
•  Nachi-Fujikoshi Corp.,
•  Kawasaki Heavy Industries, Ltd., 
• Honda Motor Co. Ltd.,
•  ABB Group,
•  Sony Corporation, 
• Mitsubishi Electric Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Robotics Technology market.

By Component

• Hardware
• Software
• Service

By Robot Type

• Traditional industrial robots
• Cobots
• Professional service robots
• Others

By Application

• Manufacturing
• Healthcare
• Aerospace & Defense
• Media & Entertainment
• Logistics
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)