Robotics market size set to grow by USD 22.27 billion from 2022-2027
Published on : Thursday 21-03-2024
The market is estimated to grow at a CAGR of 7.71% during the forecast period.
![Rech](https://www.industrialautomationindia.in/images/content/products/1711031689technavio.jpg)
New York, March 18, 2024 – The global robotics market size is estimated to grow by USD 22.27 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.71% during the forecast period. European government initiatives, such as Horizon 2020, are driving global market growth, with a focus on enhancing industrial efficiency. With a substantial investment of USD 88.68 billion, Horizon 2020 is empowering SMEs to integrate robotics, catalysing performance improvements and job creation. By bolstering production capacities and competitiveness against low-labor-cost economies, Europe is poised to seize new market opportunities. These initiatives facilitate SMEs in adopting robotics for tasks like metal casting, amplifying market growth prospects. European authorities are thus pivotal in propelling industry advancement, heralding a transformative era of innovation and expansion.
Some major companies include ABB Ltd., Clearpath Robotics Inc., Cyberdyne Inc., DENSO Corp., FANUC Corp., GEA Group AG, Honeywell International Inc., Intuitive Surgical Inc., Kawasaki Heavy Industries Ltd., KION GROUP AG, L3Harris Technologies Inc., Lely International NV, MIDEA Group, OMRON Corp., Relay Robotics Inc., SMP Robotics Systems Corp., Teradyne Inc., The Boeing Co., Zebra Technologies Corp., and Irobot Corp.
·ABB Ltd: The company offers different types of robotics products for different industries. It also offers electrification and building management solutions.
·Clearpath Robotics Inc: The company manufactures, and researches industrial robot applications and offers educational mobile robots and hardware components.
Technavio has segmented the market based on Application (Industrial and Services), End-user (Manufacturing, Healthcare, Aerospace and defense, Media and entertainment, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
·The industrial segment dominates the robotics market, driven by its extensive applications in material handling, assembly, welding, cutting, and various other industrial processes. With consistent growth from 2017 to 2021, fueled by adoption in SMEs across regions like China, Japan, India, and Western Europe, industrial robots are expected to witness further uptake. Manufacturers worldwide are embracing intelligent manufacturing technologies, including robotics, automation, AI, and cloud computing, indicating a promising future for market expansion.
·APAC will contribute 49% to the growth by 2027.
______________________________________________________________________________________________
For a deeper dive into the dynamic world of Industrial Automation and Robotic Process Automation (RPA), explore our comprehensive collection of articles and news covering cutting-edge technologies, robotics, PLC programming, SCADA systems, and the latest advancements in the Industrial Automation realm. Uncover valuable insights and stay abreast of industry trends by delving into the rest of our articles on Industrial Automation and RPA at www.industrialautomationindia.in