6 Robotics Industry Trends for 2024

The robotics industry is poised for significant advancements in 2024, driven by technological innovations and the increasing integration of robotics across various sectors.

The global robotics market reached USD 59.7 billion in 2022 and is expected to surpass USD 200 billion by 2030, reflecting a 16.1% CAGR. Over 553,000 industrial robots were installed globally in 2022, setting a new milestone, and the total number of operational robots has reached around 3.9 million units worldwide, signaling significant sector growth.

Here are the top trends to watch:

1. Artificial Intelligence and Machine Learning

AI and machine learning are becoming central to robotics, enhancing capabilities in automation and operational efficiency. Generative AI makes robot programming more intuitive by allowing natural language inputs, reducing the need for specialized coding skills. Predictive maintenance, powered by AI, is also gaining traction, helping industries like automotive save substantial costs by preemptively addressing equipment issues.

Learn about the artificial robots market from our insight article

2. Collaborative Robots (Cobots)

Cobots are designed to work alongside humans, providing support in tasks that are repetitive, dangerous, or require heavy lifting. Advances in sensors and vision technologies are expanding cobot applications, such as welding, which addresses skilled labor shortages. Mobile manipulators, combining cobot arms and mobile bases, are increasingly used in logistics and manufacturing to automate material handling tasks.

The global collaborative robot market was valued at around USD 760 million in 2022 and is projected to reach $22.6 billion by 2032, growing at 40.5% CAGR. Collaborative robots are predicted to represent about 10% of total industrial robot sales by 2025, with limited penetration in sectors requiring high speed and precision and no need for human interaction. When users engage with a cobot, its speed is slowed for safety, making it unsuitable for applications requiring high speed. Additionally, programming with hand guidance may not be the best choice in all situations.

3. Autonomous Mobile Robots (AMRs)

AMRs are automating processes in various industries, from warehouse management to healthcare. These robots navigate autonomously using AI, computer vision, and sensors, optimizing tasks like material handling and disinfection. AMRs are also being deployed in the hospitality industry for tasks such as room service and last-mile delivery for contactless service.

The global market for autonomous mobile robots was valued at USD 1.4 billion in 2022 with a forecasted CAGR of 25,7%. Read more about the AMR market from our insight article.

4. Digital Twins

Digital twin technology creates virtual replicas of physical systems, allowing for simulations and optimizations without real-world risks. This technology is particularly useful in manufacturing, where digital twins can predict outcomes and improve processes based on real-time data from their physical counterparts. McKinsey predicts a 30-40% CAGR for digital twins until 2030.

5. Humanoid Robots

Humanoid robots, with their human-like forms, are designed to integrate seamlessly into environments created for human workers. These robots are expected to perform various tasks in sectors such as logistics and manufacturing. Countries like China are pushing forward with plans to mass-produce humanoid robots, anticipating their significant impact on various industries. Read about the service robot market.

6. Robotics as a Service (RaaS)

The RaaS model is gaining popularity. It allows companies to lease robots instead of purchasing them outright. This reduces initial investment costs and includes services like monitoring and maintenance. The RaaS market is expected to grow significantly, providing flexible robotics solutions to businesses of all sizes.

The global robotics as a service (RaaS) and platform as a service (PaaS) market was valued at $1.7 billion in 2023, with North America contributing the most at USD 486.3 million. Europe and Asia-Pacific followed closely. The market is driven by the increasing need for automation, cost reduction, and the adoption of cloud computing and AI technologies.

The RaaS market is expected to grow significantly, reaching USD 24.2 billion by 2032, with a compound annual growth rate (CAGR) of 34.35%. The Asia-Pacific region is projected to experience the highest growth, with its market size increasing to USD 5.1 billion by 2032 and a CAGR of 35.38%. North America and Europe are also set to see substantial growth, with projected market sizes of USD 9.1 billion and USD 6.5 billion by 2032 and CAGRs of 34.15% and 33.57%, respectively.

Key drivers for this growth include advancements in AI and robotics, the rising demand for automation across various industries, and the flexibility and scalability provided by RaaS solutions. 

Conclusion

The convergence of AI, machine learning, and robotics drives the industry toward greater efficiency, flexibility, and integration. These trends highlight a future where robots augment human capabilities and transform entire industries by automating complex tasks and processes.

Sources: Statzon Insights, McKinsey & Company, Apollo Research Reports, International Federation of Robotics (IFR), Strateginext,  StartUs insights,