WESTFORD, Mass., June 24, 2024 /PRNewswire/ — As per SkyQuest, the Global Robotics Market size was valued at USD 34.06 billion in 2022 and is poised to grow from USD 39.71 billion in 2023 to USD 135.68 billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).
Robots have been incorporated into manufacturing processes to increase productivity and improve the quality of associated vehicles. Digitization and the Industry 4.0 revolution are forcing the growth of automation in companies to use advanced automated solutions such as robotics and control systems to enhance their production processes. Robotics uses many key elements of Industry 4.0, including connectivity and data included. Siemens recently entered a joint venture with Google Cloud integrating Google Cloud’s data cloud and artificial intelligence/machine learning technology with Siemens’ factory automation solutions.
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Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 39.71 billion
Estimated Value by 2031
$ 135.68 billion
Growth Rate
Poised to grow at a CAGR of 16.60%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Application, Purpose and End-user
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Government initiatives and fundings
Key Market Drivers
Increasing Adoption of Robots in the Logistics Sector
Segments covered in Robotics Market are as follows:
TypeIndustrial Robotics, Services RoboticsApplicationDisinfection, Shelf Scanning, Delivery, Security & Inspection, Advertising, Manufacturing, OthersPurposeDomestic Purpose, Professional PurposeEnd-userAutomotive, Logistics & Transportation, Agriculture, Chemical, Healthcare, Entertainment, Electric, Domestic Service, Others
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Boston Dynamics
Boston Dynamics is a pioneer in advanced robotics, known for its sophisticated humanoid and quadruped robots. The company focuses on building robots with sophistication, dexterity and mobility, pushing the limits of what a robot can do.
Strategies
Commercialization: A shift from research sampling to commercial products, targeting industries such as logistics and manufacturing.
Advanced mobility: Investing heavily in research and development to develop robots that can move at high speeds and navigate difficult terrain.
Collaborative Robots: Examines how robots are integrated into human workflows, with an emphasis on safety and efficiency.
Recent News
Expanding Spot Applications (2023): Boston Dynamics has expanded the applications of its Spot robot, including remote monitoring and logistics support.
Contribution
Boston Dynamics’ innovations in Dynamic Robotics have dramatically improved the capabilities of robots in a variety of industries.
iRobot
iRobot Corporation is a leading consumer robot company, known for its Roomba autonomous vacuum cleaner and Braava robotic mops.
Recent News
Roomba j7+ (2023) launched: Roomba j7+ will be introduced with advanced AI navigation and obstacle avoidance capabilities, providing more efficient cleaning and user convenience.
Strategies
Customer Insight: Constantly innovating to improve the functionality and user experience of their robotic vacuum cleaners and mops.
Expansion into smart homes: By integrating their robots into the smart home ecosystem, users can remotely control and manage their devices.
Diversify: Look for opportunities beyond vacuuming and mopping, such as robotic lawn mowers and pool cleaners.
Contribution
iRobot Corporation popularized consumer robots, making robots a common sight in homes around the world. Their focus on user-friendly design and practical features has accelerated the adoption of robots in everyday life.
ABB Robotics
ABB Robotics is a global leader in industrial robotics, providing automation solutions for manufacturing processes and industrial processes. The company offers a wide range of robots and robotic systems to fit the needs of specific industries.
Strategies
Industrial Automation: Provision of robotic solutions for a variety of manufacturing processes, including assembly, welding, painting and material handling.
Collaborative Robots: Collaborative robots (cobots) that can work with humans, increasing flexibility and productivity in manufacturing facilities.
Digitization: Integrating robots with digital technologies such as IoT, AI and cloud computing to enable predictive maintenance and optimize production.
Recent News
Collaborative robot portfolio expansion: ABB has introduced new cobot models with improved safety features and payload capabilities, which take care of a wide range of products.
Partnering for Industry 4.0: Collaborate with other technology companies to develop integrated solutions for Industry 4.0 initiatives, such as smart workplaces and digital twins.
Contribution
ABB Robotics has revolutionized industrial automation, enabling manufacturers to improve productivity, quality and safety. Their innovative robotic solutions play a key role in the transition to simpler and more efficient manufacturing.
Universal robots
Universal Robots is a pioneer in collaborative robotics, specializing in lightweight and easy-to-use robotic arms designed to work with human workers. The company focuses on empowering businesses of all sizes to automate routine tasks to increase productivity.
Strategies
Cobots for Small and Medium Enterprises (SMEs): They offer affordable and flexible cobots that are easy to use and program, meeting the needs of SMEs with limited automation expertise.
Application flexibility: Cobots are built with versatile end-effectors and modular design, allowing rapid adaptation for different tasks and workflows.
Recent News
UR10e announced (2022): Universal Robots launched the UR10e cobot, expanding its portfolio with a larger robot to handle heavier loads and larger tasks
Expansion in Education (2021): Universal Robots partnered with educational institutions to provide cobots for robotics training and education programs.
Contribution
Universal Robots has democratized robotics by making automation accessible to SMEs, empowering them to improve productivity and competitiveness through flexible and cost-effective robotic solutions.
Kuka Robotics
KUKA Robotics is a leading industrial robotics and automation company, known for its high-performance robotics and innovative solutions.
Strategies
Smart Factory Solutions: They provide integrated automation solutions for smart factories and Industry 4.0 environments.
Robotic Systems Integration: Provide turnkey robotic systems and integration services for various industries, including automotive, aerospace, and logistics.
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Recent News
Launch of the KR QUANTEC Series (2023): KUKA introduced the KR QUANTEC series of next-generation industrial robots, featuring improved productivity, accuracy and flexibility.
Contribution
KUKA Robotics leads the way in industrial automation, driving innovation with its advanced robotic solutions and system integration expertise, helping to increase efficiency and productivity in manufacturing and beyond.
Robotics Revolution: Pioneering Tomorrow’s Automated World
Robotics and AI truly have the potential to transform our world, helping us navigate a rapidly changing future with greater confidence and optimism. Whether we embrace or resist this emerging technology, it will continue to play an increasingly important role in all our lives.
While most humanoid robots remain in science fiction, robotic machines are all around us. These technological innovations are already helping us in many aspects of life and could change our future.
Related Reports:
Service Robotics Market
Delivery Robots Market
Warehouse Robotics Market
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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