It’s no surprise that the top robotics stocks are gaining attention. According to IDC, overall spending on robotics and drones will total US$128.7 billion in 2020, up 17.1 percent from 2019.
By 2023, the firm estimates that yearly sales numbers for the robotics industry will reach US$241.4 billion, growing at a compound annual growth rate (CAGR) of 19.8 percent over that time period.
The report further states that the majority of growth potential in the robotics industry for 2020 will be made through robotics systems sales, with that number projected to reach US$112.4 billion.
Of all robotics spending, two-thirds will be from hardware purchases. Meanwhile, services spending is projected to be the fastest-growing industry between 2019 and 2023, with a CAGR of 21.3 percent during the forecast period, as per IDC’s data.
Which top robotics stocks to consider?
The Investing News Network is providing an overview of seven top robotics stocks that trade on North American exchanges. With the global robotics industry primed for massive growth in the coming years, the time is ripe for investors to jump into this space.
The top robotics stocks below are listed in alphabetical order. All numbers and figures were current as of June 18, 2020. Here’s a closer look at the companies.
1. ABB (NYSE:ABB)
Share price: US$21.32; market cap: US$45.49 billion
First on this top robotics stocks list is ABB, a leading power and automation technology company with a robotics and discrete automation division that offers machine and factory automation solutions, as well as a suite of wide-ranging robotics solutions and applications.
The company’s new robotics manufacturing and research facility in China is expected to open in 2021. China represents the world’s largest robotics market.
2. AeroVironment (NASDAQ:AVAV)
Share price: US$69.73; market cap: US$1.67 billion
AeroVironment is a technology solutions provider with an advanced portfolio of unmanned aircraft systems. The US Department of Defense and allied military services are active consumers of the company’s battery-powered, hand-launched unmanned aircraft systems.
The company recently received US$9.8 million in awards from the NATO Support and Procurement Agency under a multi-year contract with a potential value of US$80 million.
3. Brooks Automation (NASDAQ:BRKS)
Share price: US$42.82; market cap: US$3.16 billion
Brooks Automation makes robotics and handling solutions for the life sciences and semiconductor industries. Founded in 1978, the company’s large semiconductor segment represents about 56 percent of its revenue, and revenues year-over-year from its semiconductor business grew by 11 percent in the first quarter of 2020. In recent years, the company has begun to diversify into the life sciences market.
4. Cognex (NASDAQ:CGNX)
Share price: US$55.95; market cap: US$9.61 billion
Top robotics stock Cognex is an industrial automation play that provides machine-vision products that obtain and analyze visual information in order to automate tasks where vision is needed. Cognex also operates through machine-vision technologies, which are used to automate the manufacturing and tracking of discrete items, including mobile phones, medications and automobile tires.
In early June, Cognex announced a new product aimed at offering an affordable all-in-one solution for vision-guided robotics and stage alignment applications to advance the barcode-reading and verification experience. This product can operating at twice the speed of conventional fixed-mount barcode readers.
5. iRobot (NASDAQ:IRBT)
Share price: US$82.26; market cap: US$2.29 billion
iRobot is a consumer robot company that designs and builds robots. The iRobot portfolio includes concepts in mapping, navigation, mobility and artificial intelligence. It is also famously known for creating the Roomba, a mobile robot that vacuums the floor.
With the coronavirus pandemic keeping everyone at home, sales of its floor-vacuuming and floor-washing robots have experienced “robust order growth,” resulting in anticipated Q2 revenues of US$260 million to US$270 million compared to last year’s same quarter revenues of US$193 million.
6. Rockwell Automation (NYSE:ROK)
Share price: US$209.67; market cap: US$24.28 billion
Rockwell Automation provides industrial automation power, control and information solutions through two segments: architecture and software, and control products and solutions.
The former involves various hardware, software and communication components of the company’s integrated control and information architecture, while the latter offers products that perform control disciplines and application monitoring.
7. Teradyne (NASDAQ:TER)
Share price: US$79.61; market cap: US$13.20 billion
Last on this top robotics stocks list is Teradyne, a leading provider of automated test equipment that has made a move into the robotics market with several strategic acquisitions, including Universal Robots, Energid Technologies and MiR.
Teradyne is working to build “the world’s largest collaborative robotics hub” in Denmark. The project is expected to cost US$36 million to bring to fruition.
This is an updated version of an article first published by the Investing News Network in 2018.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.