GlobalData says that the global robotics market will be worth $218B by 2030
The field of robotics is about to undergo a big change. According to the latest estimate from GlobalData, it will be worth a staggering $218 billion by 2030. Since there are already more than three million industrial robots in use around the world, their installation is happening very quickly. These tools can be used for a wide range of tasks, from stacking shelves and cleaning to making things. Their rising importance is especially clear in countries that are having trouble finding workers and whose populations are getting older.
The robotics study from GlobalData is very detailed and shows how robots will have a big effect on many different industries. These areas include industrial, medical, logistics, manufacturing, inspection, cleaning, agriculture, defence and security, and consumer markets. As the intelligence inside robots gets smarter, self-driving machines will become more common in homes and workplaces.
Isabel Al-Dhahir, a Senior Analyst on GlobalData’s Thematic Intelligence team, says, “In the medical field, robots are becoming more involved in or helping with treatments. Robots help make logistics more efficient in warehouses and delivery centres. On the consumer side, self-driving hoover cleaners have become very popular in many homes.”
Al-Dhahir goes on to say, “Advances in artificial intelligence (AI) have helped robots go from simple tools with one function to highly complex beings with many functions. This change has made it possible for robots to do more kinds of jobs. Cloud computing is a key part of this change because it makes it possible to handle sensing, computing, and memory quickly, securely, and on a large scale.
Robotics has a lot to do with what’s going on in the world right now, even if it has nothing to do with technology. For example, the war between Russia and Ukraine has boosted sales of military drones, which has sped up their operational deployment. Robots are being used to fill labor market gaps in places like South Korea, Singapore, and Japan, which have aging populations and low birth rates. Also, the rising importance of efficient, cost-effective, and high-quality manufacturing is pushing the robotics market forward as China and the US continue to compete in technology.
Al-Dhahir ends by talking about how robots are changing the way people work. He says, “Robotics is changing the way people work by changing production lines and, in some cases, replacing human labor.” Collaborative robots (co-bots) and logistics robots are coming together to turn workplaces into cutting-edge engineering labs where assembly line processes and parts are constantly analyzed, streamlined, and improved.
Still, unions, lawmakers, and social scientists are worried about the rise of automation because they think it could lead to a lot of unemployment, especially if the economy has trouble creating higher-paying jobs for the people who lose their jobs to robots. Finding the right balance between technological growth and job security will continue to be one of the most important challenges of the future.