The global robotics market is forecasted to witness a substantial expansion by USD 22.27 billion between 2022 and 2027, growing at a Compound Annual Growth Rate (CAGR) of 7.71%, according to recent market research by Technavio.
Driven by the resurgence in robot orders from automotive companies, the North American robotics market set all-time records in both robots sold and value in 2022. According to a report from the Association for Advancing Automation (A3), North American companies ordered 44,196 robots valued at $2.38 billion last year, representing increases of 11% and 18%, respectively, over 2021, the previous record.
Teradyne reported revenue of $827 million for the third quarter of 2022 of which $576 million was in Semiconductor Test, $116 million in System Test, $46 million in Wireless Test and $89 million in Industrial Automation (IA). This last category is the robotics business of Teradyne, and the CEO mentions some challenges for this market in a statement.