As we may know, a robot is defined as a powered mechanism that is programmable in two or more axes and has some degree of autonomy. It moves within its environment to perform its intended tasks. The robotic market contains essential application fields of automated technologies. In 2021, the overall global robotics market was USD 31 billion. The service robotics segment accounts for the most significant share, comprising 72% of worldwide revenues. Compared to industrial robotics, service robotics grows faster, as boosted partially due to staff shortages during the lockdown in the COVID-19 pandemic
In the robotic market, there is a wide variety of both applications areas and brands. In addition, some pure players and large consolidated companies with a wide range of products and services are shaping the robotics market. According to Statista’s Robotics Worldwide report, revenue in the robotics market is projected to reach USD 34.94 billion in 2023. The market’s largest segment is service robotics, with a projected market volume of USD 26.29 billion in 2023. Also, revenue is expected to show an annual growth rate of 5.52% at CAGR 2023 – 2027. In global comparison, most revenue will be generated in the United States at USD 7,260 billion by 2023.
Growth of the robotic market is driven by various trends, e.g., the industrial internet of things, autonomous mobile robots, collaborative robot, and open-source software. In addition, trending technologies such as 5G, edge computing, and intelligent mobility influence the market. Especially artificial intelligence (AI) is boosting further innovation in the field of automation. AI in robotics is becoming more sophisticated, and self-learning robots are becoming more popular. Also, the possibility to collect and analyze data from intelligently automated processes allows manufacturers and service providers to make data-driven decisions to improve their procedures further
Robotics is a crowded industry of more than 500 companies making products. According to BCG’s Robotics Outlook 2030 report, robotics can be best into four categories: conventional industrial robots and cobots; stationary professional services – those with medical and agricultural applications; mobile professional services –professional cleaning; construction and underwater activities; and automated guided vehicles (AGVs) for transporting large and small loads in logistics or assembly lines.
According to BCG, professional services robots will dominate the sector. Currently, professional services robots will have sales that may be more than double those of conventional and logistics robots. As a result, the global robotics market is expected to climb from USD 25 billion this year to USD 260 billion by 2030, with market share for professional services robots hitting up to USD 170 billion and industrial and logistics robot sales topping off at about USD 80 billion.
The COVID-19 pandemic has left some sectors struggling to fill job vacancies. Robot solutions can also partially compensate for these deficits or assist the remaining employees, for example, in retail or hospitality, facing challenges due to staff shortages. The trend of simplification is another driver of the robotics market. With decreasing implementation efforts, robotics is also gaining importance in industries that have yet to use robots. Robot manufacturers try to make their products easier to use by providing holistic offerings, i.e., building hardware packages with software solutions, which facilitates more straightforward implementation of autonomous setups.
Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor & MEGA Tech