Industrial Robots(Warehousing and Storage Robots) Market

The industrial robots (warehousing and storage) market consist of sales of the automated robots, systems which are used in warehouse and related services. Warehouse and storage robots perform various tasks, automate the warehouse process. Industrial robots in warehousing and storage are used to do tasks such as lift and arrange heavy products that are to be stored in racks or given spaces. The global industrial robots market is expected to decline from $3.39 billion in 2019 to $3.05 billion in 2020 at a compound annual growth rate (CAGR) of -10.0%. 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 $4.66 billion in 2023 at CAGR of 15.23%.