Although the US and China have been in a tech race for decades battling for supremacy in critical areas of technology that will shape the future of the global economy – including artificial intelligence (AI) and robotics -the two countries lose the race with Europe when it comes to robotics sector growth.
According to research from AltIndex.com, the European robotics industry is expected to grow by 68% and hit a value of $28,8-billion by 2029 – far outpacing the growth of both North America and Asia.
The growth of the European robotics industry has been fueled by several factors including technological advancements, government support, labour shortages – particularly in manufacturing and logistics – and increased demand for automation in sectors like automotive, healthcare, and agriculture.
These factors collectively supported the industry’s expansion across the Old Continent, helping the robotics market value to grow by almost 50% in the past five years and hit $17,1-billion. The impressive double-digit growth will continue in the coming years with Europe outperforming the technological superpowers that are the US and China.
According to a Statista survey, the European robotics industry is expected to grow by an impressive 68% in the next five years – adding over $10-billion in value. The North American market, of which the US makes up 85% of the value, will grow by 53% by the end of a decade – 15% less than the European sector – and adding over $6-billion in value. The Asian market, including robotics superpowers South Korea and China, will see similar growth rates – rising by 51% and reaching a $23,2-billion value in the next five years.
Statistics show the European robotics sector will even outgrow the broader market. According to Statista, the global robotics industry will increase by 58% and hit a $73-billion value by the end of the decade.
Although Europe undoubtedly has the fastest-growing robotics market, the Old Continent is still far behind Asia when it comes to the total number of robots. The Asian lead comes as no surprise considering it is home to three out of the five most automated nations on the planet: China, Japan, and the leader South Korea, which counts 1 012 installed robot workers per 10 000 employees – or seven times more than the global average.
The Statista survey shows the total number of robots in Asia, including industrial and service robots, will jump to 23,1-million by 2029 – twice more than this year. Although Europe will see a much bigger growth in the number of robots – jumping from 9,3-million to 19,2-million in this period – that is still 16% less than in Asia. Statistics show the North American market will count roughly 17-million robots by 2029, up from 11,6-million this year.