With the variety of applications in its underlying technology, the global robotics industry is forecast to grow at a compound annual growth rate (CAGR) of 15% from $90,2-billion in 2024 to $205,5-billion in 2030, according to research group GlobalData.
GlobalData’s latest Strategic Intelligence report – “Robotics” – reveals that exoskeletons, drones, logistics robots, and consumer robots will be the fastest-growing robotics segments between 2024 and 2030.
Exoskeletons are expected to grow at a 38% CAGR between 2024 and 2030, albeit from a low base (it generated revenues of just $0,6-million in 2024). Drones will be the second fastest-growing segment – with a CAGR of 19% – followed by logistics robots, with a CAGR of 18%.
Sales of industrial robots hit $24,6-billion in 2024, accounting for 27% of the total robotics market. By 2030, the segment will be worth $36,7-billion and registering a CAGR of 7% between 2024 and 2030. At $65,6-billion in 2024, the service robot market revenue was significantly larger than the industrial robots sector. Over the next decade, it is expected to remain the larger of the two markets, growing at a CAGR of 17% to $168,8-billion in 2030.
“Advancements in precision mechanical parts can enhance everything from care robots to humanoid robots,” says Aisha Umaru, analyst, Strategic Intelligence at GlobalData. “The technology that enabled co-bots to work alongside humans in factories was refined to enable surgical robots to practice alongside healthcare professionals. Progress in the industry can have wide-reaching implications, making innovation a worthwhile endeavor.”
AI enhances robots
Cloud computing and artificial intelligence (AI) enable robots to collaborate and access vast amounts of data uninterruptedly. Using AI, robots can make decisions independently, move autonomously, and navigate, albeit with restrictions. Additionally, neuromorphic processors (chips that emulate the structure of the human brain) have the potential to become an important part of the next generation of robots due to their power efficiency.
“Robots aren’t just getting more dexterous, they’re also getting smarter,” says Umaru. “The combined effect is that more value may be provided to humans in the workplace or at home as robots can physically do more with heightened intelligence.”
The future is human(oid)
Large automotive companies such as Tesla and Toyota are joining startups Figure AI and Fourier Robotics to build robots that closely resemble humans. These multi-purpose robots can perform tasks in ways that mimic human actions. Humanoid enthusiasts emphasise the ability of these robots to address labour shortages in developed economies and replace human labour in dangerous environments.
Yet the high cost of components, skepticism around their utility, and questions around social acceptance are among the challenges facing the development and adoption of humanoid robots.
“Despite these challenges, there has been impressive progress in humanoid robots,” says Umaru. “Coupled with rapid advancements in AI, two questions come to mind: When will robots be indistinguishable from humans? And when they are, then what?”