As per the latest report by IMARC Group, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on robotics market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global robotics market size reached US$ 39.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 102.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.58% during 2023-2028.
Robotics refers to the interdisciplinary field that integrates mechanical engineering, computer science, and electronics to design, construct, operate, and apply robots. These robots are autonomous or semi-autonomous machines capable of performing tasks in various environments with minimal or no human intervention. Robots come in diverse types, including industrial robots used in manufacturing, service robots that assist in daily chores, and specialized robots designed for healthcare, agriculture, and space exploration. The key advantage of utilizing robotics is the enhancement of efficiency and accuracy in operations. Robots can perform repetitive tasks more quickly and with greater precision than humans, reducing the margin of error and the risk of workplace injuries. Moreover, they can function in hazardous settings, such as deep-sea explorations or in environments with toxic substances, where human presence would be dangerous or impractical.
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Market Trends:
The global robotics market is majorly driven by the increasing need for automation in manufacturing and production industries. This rise in automation aims to enhance operational efficiency and reduce labor costs, contributing to the widespread adoption of industrial robots. Additionally, advancements in artificial intelligence and machine learning are equipping robots with capabilities to perform more complex and nuanced tasks, thereby expanding their applicability.
Along with this, the growing e-commerce sector, with its demand for rapid and accurate order fulfillment, is another major avenue for robotics, particularly in warehouse management. In healthcare, robots are increasingly being used for surgeries, diagnostics, and patient care, signaling a transformative shift in medical practices. In addition, innovations in sensor technology and miniaturization are making robots more agile and adaptable, suitable for a wide range of environments. Meanwhile, the ongoing research in developing eco-friendly and energy-efficient robots addresses growing environmental concerns, further propelling market growth. Furthermore, regulatory support, investment in research and development, and public-private partnerships are creating a positive market outlook.
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Robotics Market Segmentation:
Our report has categorized the market based on region and product type.
Breakup by Product Type:
Regional Insights:
Key highlights of the report:
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