Industrial Robotics - CAGR Forecasted Above 12%
The global robotics market size reached US$ 39.2 Billion in 2022. According to the IMARC Group, the market is expected to reach US$ 102.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.58% during 2023-2028.
The original and largest market in robotics is industrial robotics; robotics used in manufacturing and warehousing. MarketsandMarkets reported that the global market for industrial robots was valued at around USD 42.1 billion in 2021. Factors such as increased demand for automation, high cost of human labor, governmental support, and advancement of R&D will push the market value to grow at a CAGR of 12.3%.
Leaders in the industrial robotics market: