The global robotics market is projected to experience significant growth, expanding by USD 22.27 billion from 2022 to 2027, as per a report by Technavio. This growth, estimated at a CAGR of 7.71% during the forecast period, is largely influenced by government initiatives in Europe, particularly those like Horizon 2020.
These initiatives aim to boost industrial efficiency and local job creation, encouraging small and medium-sized enterprises (SMEs) to integrate industrial robots. This integration is expected to enhance production capacity and competitiveness, enabling European companies to penetrate new markets and compete against economies with lower labor costs and higher automation rates.
Key players in this market, as identified by Technavio, include ABB Ltd., Clearpath Robotics Inc., Cyberdyne Inc., and several others, each contributing diverse robotics products and solutions across various industries. The industrial segment, which includes applications in material handling, assembly, welding, and cutting, dominates the robotics market. This segment’s growth has been consistent, especially with the adoption of robotics in SMEs in regions like China, Japan, India, and Western Europe.
The Asia-Pacific region is expected to be a major contributor to this growth, accounting for about 49% of the market expansion by 2027. The market is segmented based on application into industrial and services, with end-users ranging from manufacturing to healthcare, aerospace and defense, and media and entertainment.
The report also highlights potential challenges, such as the shortage of skilled personnel, which may impede market growth. Nonetheless, stringent health and safety regulations are driving the adoption of robotics, indicating a promising future for the market’s expansion.
