Robotics Industry Poised For Remarkable Recovery Following 2024 Slowdown

The global robotics market, recovering from a 2024 slowdown, is projected to grow 58% to $73 billion by 2029, with service robots driving expansion. Service robot revenues are expected to surge 70% to $61 billion, while global robot deployments will rise 70% to over 61 million by 2030, led by Asia, Europe, and North America.

The global robotics market has seen ups and downs in recent years, from a surge in demand during the pandemic to a slowdown in 2024. However, the industry is now set for a strong recovery, with significant revenue growth expected by the end of the decade.

According to data from AltIndex.com, global robotics revenue is projected to rise by 58%, reaching $73 billion by 2029.

Revenue to increase by $5 billion annually by 2029

The robotics industry has faced mixed results this year. Some sectors, such as food, consumer goods, and life sciences, have seen steady growth in demand for robotics. However, challenges like inflation, supply chain disruptions, and higher borrowing costs have led to a sharp decline in industrial robot orders. The semiconductor and automotive sectors have been particularly hard-hit, experiencing drops of up to 40%. Similarly, stagnation in the service robots sector has caused many companies to postpone major investments.

With demand slowing or even decreasing in regions like North America and Japan, market growth remained flat in 2024, following a strong 23% increase in 2023. Despite this, the future looks promising. Statista Market Insights predicts the robotics market will generate $50.8 billion in revenue in 2025, up $4.7 billion from this year. This steady growth is expected to continue, with revenues reaching $67.3 billion by 2029.

Service robots will play a key role in driving this growth. Over the years, advancements in AI and machine learning have enabled the creation of robots that perform tasks with greater precision and efficiency. As a result, the service robots segment has grown four times faster than the industrial robots market, a trend expected to continue.

Statista predicts that revenue from service robots will surge by 70%, reaching over $61 billion by 2029. In contrast, the industrial robots market will grow at a slower pace, with revenue increasing by 15% to $11.4 billion in the next five years.

Robotics numbers to rise by 70%, reaching 61 million by 2030

Advances in technology and growing demand across sectors like healthcare, logistics, hospitality, food, and domestic services will lead to a sharp increase in the number of robots in use. Statista estimates there are currently about 36.5 million robots in operation worldwide, most of which are service robots. This number is set to grow by 50%, surpassing 50 million by 2027. By 2030, over 61.3 million robots are expected to be in use globally.

One-third of all robots by 2029 will be in Asia, which includes some of the world’s most automated countries, such as China, Japan, and South Korea. Europe will account for over 19 million robots, while North America will have approximately 17 million.