A recent study forecasts the global robotics market to more than double by 2029, driven by factors such as government funding, labour shortages, and the rise of e-commerce. Key trends include the demand for collaborative robots and the emphasis on transparency and ethical decision-making. Major industry players are also profiled in the report, highlighting the evolution and future prospects of the robotics sector.
Global Robotics Market Poised for Remarkable Growth, Expected to Hit $165.2 Billion by 2029
Boston, June 26, 2024 – The global robotics market is set for dramatic expansion, according to a recent study by BCC Research. The report, “Robotics: Technologies and Global Markets,” forecasts the market will grow from $78.4 billion in 2024 to an impressive $165.2 billion by 2029. This represents a compound annual growth rate (CAGR) of 16.1%.
The study offers a comprehensive examination of the robotics industry, covering entire robots, individual robot parts, software, and related materials. It spans various applications, including manufacturing, healthcare, defense, food processing, chemical and fuel processing, government, education, building maintenance, domestic tasks, agriculture, and construction.
Key Drivers of Market Growth
Several key factors are fuelling this boom in the robotics market:
Government Funding: Significant government funding directed toward research and development (R&D) is playing a crucial role. Efforts are focused on advancing artificial intelligence (AI), machine learning (ML), and automation technology. This funding encourages collaboration between academic institutions, industry leaders, and research organisations, driving innovative breakthroughs.
Labour Shortages: With many industries experiencing persistent labour shortages, particularly in manufacturing and healthcare, the adoption of robotic solutions is accelerating. Robots are increasingly utilised to perform repetitive and time-consuming tasks, enhancing productivity and addressing the gap left by the lack of skilled workers.
E-commerce Growth: The rise of e-commerce has significantly increased the demand for efficient logistics and order fulfillment processes. Robots deployed in warehouses and distribution centres help manage picking, packing, and sorting tasks, ensuring quick and accurate delivery, thereby improving overall supply chain efficiency.
Trend Towards Automation: Across various sectors, there is a growing trend toward automation to boost efficiency, reduce costs, and enhance safety. This is particularly evident in industries such as automotive, electronics, and agriculture, where robots are used for tasks ranging from assembly to quality control.
Regional Dynamics and Market Segmentation
The study provides detailed regional analysis, taking into account factors influencing the deployment of robotics in North America, Europe, Asia-Pacific, and the Rest of the World, including Latin America, the Middle East, and Africa.
The Asia-Pacific region holds the largest share of the global robotics market, driven by strong industrial bases in countries like Japan and South Korea. These nations have developed national strategies to support robotics innovation, seen as a critical component of a new industrial revolution.
Notable Market Trends
One significant trend identified is the growing demand for collaborative robots, or cobots. These are designed to work alongside human workers, enhancing capabilities in sectors like manufacturing, healthcare, and logistics. There is a strong emphasis on human-robot collaboration, which is viewed as vital for the future of robotics.
With the increasing autonomy and societal integration of robots, the need for transparency, explainability, and ethical decision-making is also rising. Innovations are focusing on algorithms and frameworks that allow robots to explain their decisions and adhere to ethical guidelines.
Key Industry Players
The report profiles major vendors in the robotics market, offering detailed insights into their operations. Some of the key players include ABB, Amazon.com Inc., BAE Systems, Barrett, Black-i Robotics, Bosch Rexroth AG, Boston Dynamics, Clearpath Robotics Inc., Comau S.P.A., Deere & Co., Denso Robotics, General Dynamics Mission System Inc., Google Inc. (Alphabet Inc.), Harvest Automation, Hitachi Ltd., Honda Motor Co. Ltd., and Intuitive Surgical Operations Inc.
Concluding Remarks
The study presents a robust picture of a rapidly evolving robotics market, underpinned by strong drivers such as government investment, labour shortages, and the growth of e-commerce. As industries increasingly lean towards automation, the market is poised to achieve substantial growth, marking a significant step forward in the integration of robotic technologies across various sectors.
As the robotics market continues to grow, issues of ethical decision-making and human-robot collaboration are also expected to come to the forefront, shaping the future landscape of this dynamic field.
