Robotics Technologies and Their Global Market Impact

Robotics Technologies and Their Global Market Impact

date

Jul 17, 2024

Blog Engineering Robotics Technologies and Their Global Market Impact

Introduction:

Robotics, once a realm of science fiction, has evolved into a crucial component of many industries, changing how we work and live. Robotics technology breakthroughs are bringing about profound shifts in a number of industries, including manufacturing, healthcare, agriculture, and logistics. This blog examines robotics technologies as they exist today and how they affect international markets.

According to BCC Research, The global market for robotics was valued at $67.9 billion in 2023. The market is expected to grow from $78.4 billion in 2024 to $165.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 16.1% from 2024 to 2029.

Picture1-Jul-17-2024-11-14-16-4359-AM

 

Robotics: Technologies and Global Markets

The global market for robotics was valued at $67.9 billion in 2023. The market is expected to grow from $78.4 billion in 2024 to $165.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 16.1% from 2024 to 2029.

Evolution of Robotics Technologies:

Basic mechanical devices used to automate monotonous chores marked the beginning of robotics technology. Robots have become more sophisticated devices throughout the years, able to carry out intricate tasks with accuracy and flexibility, because to developments in artificial intelligence (AI), processing power, and materials science. Notable advancements in robotics technology comprise:

  • Artificial Intelligence and Machine Learning: Robots are able to learn from their surroundings, adjust to new tasks, and gain performance over time thanks to artificial intelligence (AI) and machine learning algorithms.
  • Sensors and Actuators: Robots' ability to sense their environment and precisely interact with items is improved by sophisticated sensors and actuators.
  • Robotic Vision Systems: Robots can perform tasks like quality control, item identification, and navigation by using vision systems to analyze visual input.
  • Human-Robot Collaboration: Cobots, or collaborative robots, are intended to operate alongside people in a variety of sectors to increase efficiency and security.
  • Autonomous Navigation: Autonomous robots are highly important in applications such as transportation and logistics because they can autonomously navigate complex surroundings.

Applications of Robotics Across Industries:

Across many different industries, robotics technologies are having a big impact. Following are some significant industries where robots is causing change:

  • Manufacturing: Manufacturing procedures have been completely automated by robotics, which has increased productivity, cut costs, and improved product quality. Modern factories across the globe often have robotic arms, manufacturing lines, and welding robots.
  • Healthcare: In healthcare, Robots help in patient care, rehabilitation, and surgery. While robotic exoskeletons help with rehabilitation, surgical robots offer accuracy and fewer invasive operations.
  • Agriculture: Agrobots, or agricultural robots, perform many jobs on farms, including planting, harvesting, and crop monitoring. In the agricultural industry, these robots lower labor expenses and boost output.
  • Logistics and Supply Chain: Logistics are being revolutionized by autonomous robots, which are automating activities including sorting, shipping, and warehousing. Businesses using robotics to improve their supply chain operations include UPS and Amazon.
  • Service Industry: In order to increase productivity and enhance the client experience, robots are being utilized more and more in the service sector for jobs like food delivery, cleaning, and customer assistance.

Global Market Trends:

The rapid expansion of the global robotics market is being fueled by advances in technology and growing industry use. Major developments influencing the robotics industry include:

  • Growing Demand for Automation: Automation is becoming more and more in demand as companies look to boost competitiveness, cut expenses, and increase efficiency. In order to accomplish these objectives, robotics is essential.
  • Advancements in AI and Machine Learning: Robots are becoming more capable as artificial intelligence and machine learning continue to progress, giving them the ability to carry out increasingly complicated jobs and adapt to changing situations.
  • Expansion of Collaborative Robots: The fast expansion of small and medium-sized organizations (SMEs) owing to collaborative robots' affordability and simplicity of integration has resulted in a growing market for these robots.
  • Focus on Autonomous Systems: The development of autonomous robots—which can function with little assistance from humans—is becoming more and more important for uses including drones, service robots, and autonomous cars.
  • Investment in Robotics Startups: Startups in the robotics industry are receiving a lot of funding, which encourages creativity and speeds up the creation of new robotic applications and technologies.

Challenges and Future Outlook:

Even with its rapid development and broad use, the robotics sector still faces a number of difficulties:

  • Technical Complexity: Expertise in a number of disciplines, such as computer science, mechanical engineering, and artificial intelligence, is needed to develop advanced robots.
  • Cost: Advanced robotics technology can be too expensive for small firms and developing nations.
  • Regulatory and Ethical Concerns: The use of robots presents ethical and legal concerns that must be resolved, especially in sectors like healthcare and driverless vehicles.
  • Workforce Displacement: Robotic job automation could result in human displacement, requiring upskilling and reskilling initiatives.

Key Players:

  • Boston Dynamics: Boston Dynamics is well-known for producing sophisticated, incredibly mobile robots, like the humanoid robot Atlas and the robotic dog Spot. Their robots are employed in the defense, construction, and logistics industries, among other fields.
  • Fanuc Corporation: A prominent producer of factory automation systems and industrial robots. Fanuc has a wide range of robotic equipment that are utilized in many industries for manufacturing and automation.
  • ABB Robotics: ABB Robotics, a part of ABB Group, provides a variety of robots for industrial uses, such as assembly, logistics, and manufacturing. They are renowned for coming up with creative solutions in automation and robotics.
  • Kuka AG: German-based Kuka is well-known for its cutting-edge automation and robotics technologies. They supply robots to the electronics, automotive, and general manufacturing sectors.
  • Yaskawa Electric Corporation: Yaskawa is a well-known name in robotics, especially when it comes to industrial robots and automation systems. Numerous industries, including electronics production and automotive assembly, employ their robots extensively.

Conclusion:

Robotics technology are expected to continue revolutionizing international markets. Robots will get ever more powerful, adaptable, and widely available as artificial intelligence, machine learning, and materials science continue to spur innovation. Robotics is an interesting field to follow and work in since it holds the potential to increase productivity, quality of life, and numerous sectors.

Learn More and Take Action:

Consider becoming a member of the BCC Research library and gain access to our full catalog of market research reports in your industry. Not seeing what you are looking for? We offer custom solutions too, including our new product line: Custom Intelligence Services.

Contact us today to find out more.

    Stay ahead of industry trends, build your market research strategy and more.

    Sandeep Singh Negi

    Written By Sandeep Singh Negi

    Sandeep is a Senior Executive in Marketing Operations at BCC Research, proficiently serving as a graphic designer and content creative specialist. His expertise extends to AutoCAD and Revit, and he has made valuable contributions to the event industry with his design skills.

    Guiding smart decisions every step of the way

    Guiding smart decisions every step of the way

    We are your trusted research partner, providing actionable insights and custom consulting across life sciences, advanced materials, and technology. Allow BCC Research to nurture your smartest business decisions today, tomorrow, and beyond.

    Contact Us