Robotics & Automation News

Market trends and business perspectives

Global market for robotics to reach $64 billion by 2023

The global market for robotics continues to show impressive growth, according to a recently published BCC Research report: Robotics: Technologies and Global Markets.

In 2018, the global market for robotics was worth $38.1 billion. BCC Research estimates that this market will grow to $64.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 10.9%.

The Asia-Pacific region is the largest in the robotics technologies market, accounting for 32% of the global total.

The market is challenged by restraints such as high investment costs, rising raw material prices due to higher import tariffs and safety concerns.

The highest growth end user segment is construction, which is forecast to grow at a CAGR of 13.0% through 2023.

The professional service robots market is expected to grow at the highest CAGR during the forecast period. Many service robots are used in logistics and the remaining in defence, public relations, construction and healthcare.