The global robotics industry is projected to earn over$43 billionin revenue by 2027, with the growth being fueled by the widespread adoption of robots in industrial environments. Today, more than 3.4 million industrial robots are in service in factories worldwide, a huge jump compared to when robotics technologies were deployed at minimal scales just a few years ago.
Dozens of robotics companies are contributing to this exciting field, but a select few are leading the charge. Below are the five robotics companies revolutionizing industry in 2024.
1. ABB
Headquartered in Zurich, Switzerland, ABB earnedover $30 billion in revenue in 2023, and while it has many different departments, the company’s growing robotics division contributes significantly to that overall figure.
ABB offers a wide range of products, including software, modular manufacturing cells, solutions for robot systems, and industrial bots. But they are perhaps best known for their industrial robotic arms, which accelerate manufacturing processes — assembly, packaging, welding, and even painting — in numerous industries.
2. NVIDIA
Santa Clara, California-based NVIDIA earned nearly$20 billion in revenue in 2023, with its claim to fame being its dynamic and potent graphics processing units (GPUs), which are used to support its venture into artificial intelligence (AI) and robotics.
Currently, the company participates in sectors like health care, manufacturing, and autonomous vehicles, all of which are applications where machine learning (ML) and AI are pivotal. Still, its contributions to robotics are seen mainly through its AI and ML platforms: the NVIDIA Jetson for AI, which is used in edge applications, and Isaac, which was designed for robotics.
3. iRobot
The well-known home robotics brand iRobot had a bit of a down year in 2023, registering just$940.91 million in revenue, a figure that represents a 26.55% drop year-over-year. Nevertheless, the Bedford, Massachusetts-based company remains a global leader in home robots.
Its flagship product, the Roomba vacuum cleaner bot, practically pioneered the path that made robots more accessible for general consumers, and ever since its initial introduction, the iRobot brand has gone on to offer options for mopping, cleaning pools, and mowing lawns.
Over the last few years, several other brands have stepped into the consumer robot space, giving iRobot some stiff competition. Still, the brand is poised to bounce back, especially when the demand for consumer-grade robots is rising. The market has a projected growth rate of24.3% through 2032, which should leave iRobot plenty of opportunity to get back on track.
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4. DENSO
DENSO Globalreported a remarkable revenue of over $1.8 trillion in 2023. Located in Kariya, Aichi Prefecture, Japan, the company is a crucial supplier in the automotive industry, best known for its compact, high-speed industrial robots designed for precision assembly and manufacturing processes. Businesses in the packaging and electronics sector also rely on DENSO’s machines.
5. Midea Group
Midea Group, a large conglomerate located in Foshan, Guangdong, China, earnedover $51.93 billionin revenue in 2023, a substantial figure with a significant portion attributed to its robotics and automation divisions.
After acquiring KUKA, a leading industrial robot manufacturer, Midea Group has expanded its reach in the rapidly growing field. They now offer industrial robots and automated solutions for various manufacturing processes across multiple industries, including automotive, healthcare, consumer electronics, and general manufacturing environments.
What’s Next for the Robotics Industry?
Robots may have once been the stuff of sci-fi movies, but thanks to these growing companies and many others like them, robotic technologies are making their way into businesses, manufacturing plants, and homes worldwide.
Based on their track records, there’s a good chance that at least one of these pioneers will lead the way for the next significant advancement. Though it might take several years to fully understand the impacts of robotic evolution, whatever happens next is bound to change the world as we know it.
