Dublin, July 29, 2024 (GLOBE NEWSWIRE) -- The "Global Robotics Market Report by Industrial Robotics Market & Volume Service Robotics Market & Volume Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global Robotics Market is going to cross US$ 411.55 billion by 2032 from US$ 47.69 billion in 2023, with the Compound Annual Growth Rate at 27.06% for the years 2024 to 2032.
Factors driving the growth of the industry faster: Successful adoption of several government policies and funding Enjoying increasing expansion in the application areas, developing demand for automation Increasing labour shortage and its cost Rising technologies in machine learning and artificial intelligence. 
Driving Forces of the Global Robotics Market
Technological Advancements
Technological enhancements that are currently observed in AI and computer sciences as well as in the production of sensors and machine learning allow robots to perform more complex operations with exceptional accuracy and speed. AI allows robots to be self-enabling from the environment they are placed in and make decision by enhancing their performance every time they are used. Artificial intelligence, especially big data, allows robots to capture new data, compare it with the previous data, and decide on the course of action best suited without human interference. On the other hand, many sensors improve perception and awareness to enable robots to work in complex and variable conditions safely. Technological advancement in robotics is now increasing the possible uses of robotics across various fields; production, medical, farming, and even aerospace. With the progression of AI and sensor technologies, robots are geared to become key factors to push up productivity and shift the economy onto further higher level.
Automation Across Industries
The need for conveyor applications across the material movement industry logistics and manufacturing, health care and agri-food also fuel the use of robots. These technologies increase the performance, reduce the costs of operations, and improve efficiency in various industries. They are used in the manufacturing processes to carry out the assembly lines and other repetitive and accurate tasks. They improve the flow of stock in the storage systems of logistics by increasing the speed of sorting, packing as well as shipping. The healthcare sector witnesses' robots helping in operations, with patients, and with drugs to enhance the accuracy of therapies and organizational processes. Robots help agriculture by using planting, harvesting and inspecting crops to increase the productivity and efficiency. This trend shows how robotics is on the process of revolutionizing industries and fulfilling the new demands of industries that emphasize on efficiency and economy.
Rising Labor Costs
In the developed economies with high wage rates, organizations utilize robots as a cheaper way of undertaking tasks that require a lot of manpower. Robotic tools have advantages like work quality which is repetitive, accurate, and minimization of operating costs compared to manpower. Such a change provides efficiency and increases the reliability of the quality and safety of work processes. Therefore, the robotics market in these regions is growing as organizations look forward to carrying out their operations efficiently in order to cope up with competitors globally. This is apparent more in manufacturing, logistics, and healthcare because automation is key in improving processes and counteracting the effects of soaring labor expense in profitability.
Growth in Emerging Markets
The new economy countries are increasing their spending on industrial automation and intelligent systems, which creates a sound revenue generation prospects for robotics manufacturers. These regions, particularly those of the growing industrial revolution, urbanization, and improving demands of the consumer market, are employing the use of robotics to enhance the productivity of manufacturing industries with additional benefits of minimizing on cost. The increase in the usage of automation in automotive, electronics and food industries make the clients seek higher level robot solutions that suit the local market. Besides, the numerous governmental policies enacted for technological advancement and enhancement of advanced infrastructure facilities also augment the demand for robotics in emerging economies. Thus, by using these opportunities, robotics manufacturers will be able to expand their positions in global markets and use the further industrial transformations in these countries.
China Robotics Market
The robotics market in China is on the path of steady growth due to the support of the state, development of technology, and various programs for the introduction of industrial automation. Being the leading manufacturing country in the world, China is using robots in increasing production, standards, and efficiency in various sectors. China's Made in China 2025 strategy entails improvement of manufacturing capacity and includes automation, robotics and AI that will spur massive investment in robotic solutions. Main industries include automobile, electronics where robots are used for production line, packing and storing. Perhaps, the most prominent of these strategies is the focus on research and development and manufacturing competence, which makes China one of the world's most significant robotics markets. This means that the Chinese robotics market is has been growing by try to overcome the challenge which is the regulatory frameworks and the labor market dynamics by availing technological breakthroughs such as AI, machine learning, and the need for smart manufacturing solutions.
Global Robotics Company Analysis
Some leading Robotics companies are KUKA, iRobot Corporation, Intuitive Surgical, Inc., Panasonic Corporation, Fanuc, ABB Ltd, and Stryker Corporation.
Global Robotics Company News
April 2023: ABB Robotics was awarded the contract to deliver robots to Nobia, the premier kitchen specialist in Europe, for their new facility in Jonkoping, Sweden. Securing the contract allows ABB Robotics to continue growing.
March 2023: Denali Advanced Integration, the world's foremost services and technology integrator, has formed a new relationship with Universal Robots, the Danish manufacturer of collaborative robots, also known as cobots. Denali has become Universal Robots' largest Certified Solution Partner (CSP).
October 2022: ABB unveiled the tiniest industrial robot it has ever made, opening up novel possibilities for the quicker, more adaptable, and higher-quality manufacture of wearable intelligent devices. Advanced watches, headphones, sensors, and health monitors were among the gadgets that electronics makers could extend their output through automation thanks to the new IRB 1010's small size, class-leading payload, and unparalleled precision.
Industrial Robotics - Market & Volume has been covered from 6 viewpoints:
1. Automotive Industry and Forecast
2. Electrical and Electronics Industry and Forecast
3. Metal and Machinery Industry and Forecast
4. Plastic and Chemical Products
5. Food Industry and Forecast
6. Others
Service Robotics - Market & Volume Market has been covered from 5 viewpoints:
1. Transportation & Logistics
2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field
Countries - Market has been covered from 4 viewpoints:
- North America
- United States
- Canada
- Mexico
- Others
- Europe
- France
- Germany
- Italy
- Spain
- Others
- Asia-Pacific
- China
- India
- Japan
- Republic of Korea
- Thailand
- Others
- Rest of the World
Company Insights:
- Overview
- Recent Developments & Strategies
- Product Portfolio
- Financial Insights
Key Players Analysis:
1. KUKA
2. iRobot Corporation
3. Intuitive Surgical, Inc.
4. Panasonic Corporation
5. Fanuc
6. ABB Ltd.
7. Stryker Corporation
Key Attributes
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $47.69 Billion |
| Forecasted Market Value (USD) by 2032 | $411.55 Billion |
| Compound Annual Growth Rate | 27% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4toz35
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