Top 3 Robotics Stocks to Invest in During Summer 2024

Investing in robotics stocks offers potential growth as the industry advances automation in various sectors. Rockwell Automation (ROK) and Medtronic (MDT) are two companies at the forefront, with Rockwell providing industrial automation solutions and Medtronic focusing on innovation in medical procedures. Despite recent setbacks, these stocks present opportunities for long-term gains, especially as the global robotics market is projected to expand significantly by 2032.

The global robotics market is poised for significant expansion, driven by the increasing adoption of automation across various sectors [1]. Two companies at the forefront of this trend are Rockwell Automation (ROK) and Medtronic (MDT).

Rockwell Automation (ROK), the industrial automation powerhouse, offers a comprehensive suite of solutions to enhance industrial efficiency. The company's expertise extends beyond hardware to encompass software and consulting services [2]. In recent years, Rockwell has bolstered its robot automation capabilities through strategic acquisitions. For instance, in 2023, it acquired ClearPath Robotics to streamline end-to-end production logistics and Knowledge Lens to integrate AI-powered solutions into its offerings.

Despite a recent dip in earnings due to excess inventory at customer locations, Rockwell remains committed to expanding its industrial automation portfolio [2]. The stock price has taken a hit, offering a prime opportunity for long-term investors [2].

Medtronic (MDT), on the other hand, is a leading player in the medical field, known for its innovation in medical procedures. Although not traditionally associated with robotics, Medtronic's commitment to innovation has led it to explore robotics technology in areas such as surgical tools and training [3].

While the global robotics market is expected to grow at a CAGR of 14.7% between 2023 and 2032 [1], the competition in the sector can lead to temporary setbacks for individual stocks. However, for investors with a long-term outlook, these dips present opportunities to invest in companies like Rockwell Automation and Medtronic, which are well-positioned to benefit from the expansion of the robotics industry.

References:
[1] InvestorPlace. (2024, July 3). 3 Robotic Stocks to Buy on the Dip. Retrieved from https://investorplace.com/2024/07/3-robotic-stocks-to-buy-on-the-dip/
[2] JHVEPhoto. (2022, September 19). Rockwell Automation. Retrieved from https://www.shutterstock.com/image-photo/rockwell-automation-nyse-rok-industrial-automation-jhvephoto-1274924355
[3] Medtronic. (n.d.). Robotics. Retrieved from https://www.medtronic.com/us-en/robotics.html