The global robotics market is forecasted to grow significantly, with a compound annual growth rate (CAGR) of 16.1% from 2024 to 2029. This growth will see the market expand from $78.4 billion in 2024 to $165.2 billion by 2029, according to a recent study by BCC Research.
The comprehensive analysis covers various types of robots, including entire robots, individual parts, software, and related materials. It examines the applications of robotics in multiple industries, such as manufacturing, healthcare, defense, food processing, and more.
The report identifies several key factors driving this growth. Increasing government funding for research and development is a significant driver, with investments promoting advancements in AI, machine learning, and automation. Labor shortages in sectors like manufacturing and healthcare are accelerating the adoption of robotics to automate repetitive tasks and improve productivity.
Additionally, the exponential growth of e-commerce has heightened the need for efficient logistics, with robots enhancing supply chain operations in warehouses and distribution centers. The trend towards automation across various industries also contributes to the market’s expansion, driven by the move towards smart factories and Industry 4.0.
The base year for the analysis is 2023, with projections extending to 2029. The study includes a regional analysis covering North America, Europe, Asia-Pacific, and the Rest of the World, which encompasses Latin America, the Middle East, and Africa.
Prominent market 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.
The report also discusses the increasing role of collaborative robots (cobots) in manufacturing, healthcare, and logistics, emphasizing the importance of human-robot collaboration for the future of robotics. It underscores the need for transparency, explainability, and ethical decision-making in the development of autonomous robots.
