Driven by booming service robot demand, the global robotics market is reportedly set for a major comeback, with revenue expected to soar 58% to $73 billion by the next five years.
The global robotics market, after a year of stagnation, is poised for a recovery, with revenue projected to increase by 58% to $73 billion by 2029, as per an AltIndex.com report. According to the report, the sector is expected to grow by an average of $5 billion annually, driven primarily by demand for service robots.
The sector had a mixed year, with strong demand in food, consumer goods, and life sciences but significant declines in industrial robot orders due to inflation, supply chain issues, and rising borrowing costs. The semiconductor and automotive markets experienced drops of up to 40%, while stagnation in service robots led many companies to postpone major investments.
While 2024 saw flat growth following a robust 23% increase in 2023, the future looks promising. According to Statista Market Insights survey 2025, the market is anticipated to reach $50.8 billion, up $4.7 billion from this year, with continued growth expected to push revenues to $67.3 billion by 2029.
Moreover, service robots are set to lead this expansion, driven by AI and machine learning advancements. This segment is projected to grow 70% to over $61 billion by 2029, while the industrial robots market will only increase by 15%, reaching $11.4 billion.
Currently, bout 36.5 million robots are in use, with service robots making up the majority. By the end of the decade, Asia will account for a third of all robots, followed by Europe and North America, with 19 million and 17 million robots, respectively.
