The industrial robots market consists of sales of robotic products and related services for the performance of a specific task. A robot is a programmable, mechanical device generally used in place of a person to perform dangerous or repetitive tasks with a high degree of accuracy. A robot has its control system and is not controlled by a machine.
The global industrial robots market is expected decline from $49.3 billion in 2019 and to $48.6 billion in 2020 at a compound annual growth rate (CAGR) of -1.39%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $63.9 billion in 2023 at CAGR of 9.5%.