Global warehouse robotics provider Exotec has announced that it has sold over $1bn in systems globally, highlighting the growing demand for robotics technology.

Exotec works with brands like Gap, Decathlon, and UNIQLO to automate warehouse workflows using robotics.

Since it was founded in 2015, the robotics company has worked on 100 customer sites globally, and experienced business growth across key regions like APAC, Europe, and North America. 

The company said it reinvests 10% of its annual revenue in research and development to maintain a competitive pipeline of new innovations that address its most pressing customer business problems. 

“We are reinventing an industry that has historically relied on legacy automation that is static to business fluctuations, hard to maintain, and expensive to integrate,” said Romain Moulin, CEO and co-founder of Exotec.

“Our continued growth is proof that flexibility and reliable performance are paramount for supply chain leaders everywhere,” Moulin added. 

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The robotics industry was worth $63bn in 2022, and by 2030, it will have grown at a compound annual growth rate of 17% to $218bn, according to GlobalData forecasts.

Manufacturers finding automation the fastest way to improve productivity is a key growth factor for the industrial robot market.

According to GlobalData’s Robotics Thematic Research report, the greater cost-efficiency of robots will be another important factor in the industry’s growth.

The increased widespread adoption of cloud computing will eventually give industrial robots continuous access to data and improve the interaction between robots on the factory floor, the report states, further enhancing performance and contributing to the segment’s growth.