The global robotics industry will continue to pick up steam, making it a great time to consider the best robotics stocks to buy. As we step into 2024, the potential for growth in the robotics industry remains substantial. Investors who are keen on capitalizing on this trend will focus their efforts on companies with market dominance and resilience. This has led to this list of robotics stocks for 2024.
Market Research Future estimates the global robotics market to eclipse more than $200 billion by 2030, growing at a CAGR of 22.80%. Industry growth will be fueled by process automation (RPA), artificial intelligence and machine learning. Investors should not ignore the market opportunities that are present, as demand rises in an increasingly autonomous world.
Now, let’s discover the 3 best robotics stocks that will go the distance in 2024!
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) stands as a frontrunner for the best robotics stocks to buy in 2024. They have set a new standard in artificial intelligence, and momentum is expected to continue this year.
In 2023, shares surged more than 200% YOY, as the company ramped up their generative AI offerings. Nvidia is currently the leading AI chip supplier, and Wall Street might be overlooking the potential of their robotics platform. Nvidia Isaac, is an end-to-end solution to train, simulate, develop, and deploy advanced robotics applications. This makes it one of those robotics stocks for 2024.
Developers can also leverage the Omniverse Cloud, using the Isaac Autonomous Mobile Robots (AMRs). This platform provides advanced mapping, site analytics, fleet and route optimization and can work safely among humans. Nvidia has barely scratched the surface, and their work in AI and accelerated computing will continue to move the needle forward. While the development process can be extremely complex and capital intensive, Nvidia will have the data in order to solve some of the industry’s most pressing problems.
Intuitive Surgical (ISRG)
Intuitive Surgical (NASDAQ:ISRG) is one of the most compelling robotics stocks for 2024. They are the leading robotics assisted surgery company that has been at the forefront for the last two decades.
In the early 1990’s, the company received funding from the National Institute of Health to develop a prototype for a robotics surgical system. After raising $46 million in an IPO in 2000, the company received FDA clearance for the Da Vinci surgical system. Now, Intuitive Surgical’s Da Vinci surgical system is used in more than 8,000 hospitals globally.
In their recent quarterly results, ISRG revenue grew 12% YOY to $1.74 billion. Net income increased 28% YOY to $416 million, or $1.16 per share. Additionally, Da Vinci surgical system installations hit a record of 8,285, with Da Vinci procedures growing 19% from the year prior. Analyst’s project FY23 EPS in the $4.43 – $4.65 range, reflecting approximately 25% YOY growth. This makes Intuitive Surgical one of the best no-brainer robotics stocks for 2024.
UiPath (PATH)
UiPath (NYSE:PATH) closed off the 2023 year up nearly 100%. The company has been making significant progress, after a not so pleasant start from its IPO in 2021.
UiPath is currently one of the leading software companies in process automation (RPA). Process automation is technology that makes it easy for companies to build, deploy, and manage robots that can emulate human actions. Grand View Research, estimates the RPA market to grow at a CAGR of nearly 40% from 2023 – 2030.
In Q3 fiscal 2024, UiPath saw strong growth with revenue up 24% YOY to $326 million. While the company is still losing money, net loss saw a significant improvement. GAAP net loss was $31.5 million, compared to a net loss of $57.7 million. UiPath now expects ARR for fiscal 2024 in the $1.45 billion to $145.5 range, up from its previous forecasted estimates. If you have a greater appetite for risk, UiPath could be a great long term robotics stock to buy for 2024. This makes it one of those robotics stocks for 2024.
On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
