What Is The Overview Of The Global Industrial Robotics Market?
Industrial robotics refers to the branch of robotics focused on designing, developing, implementing, and operating robotic systems within industrial environments. These robotic systems are specifically tailored to perform various tasks and functions within manufacturing processes, including assembly, material handling, welding, painting, packaging, and quality control.
Industrial Robotics Global Market Report 2024 provides data on the global industrial robotics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Industrial Robotics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Industrial Robotics Market Expected To Grow In Size And Annual Rates?
The industrial robotics market size has grown rapidly in recent years. It will grow from $40.39 billion in 2023 to $46.40 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to automation in manufacturing, labor cost reduction, increased productivity, improving quality and precision, rising demand for mass production. The industrial robotics market size is expected to see rapid growth in the next few years. It will grow to $81.80 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to expanding applications in non-industrial sectors, miniaturization of robotic components, demand for customized robotics solutions, sustainability initiatives, remote operation capabilities. Major trends in the forecast period include predictive maintenance solutions, cloud-based robotics platforms, robotics as a service (RaaS), human-robot collaboration, integration of blockchain for supply chain transparency.
What Main Forces Are Fueling Expansion In The Industrial Robotics Market?
The increasing demand for industrial automation is expected to drive industrial robotics going forward. Industrial automation refers to the use of control systems, machinery, and technology to automate processes and tasks within industrial settings. It involves the integration of various technologies such as sensors, actuators, programmable logic controllers (PLCs), robotics, and computer software to monitor and control manufacturing processes. The demand for industrial automation is due to efficiency improvements, cost reduction, labor shortages, and technological advancements. Industrial robotics enhances industrial automation by providing advanced capabilities, flexibility, efficiency, and safety, ultimately driving productivity and competitiveness in manufacturing industries. For instance, in October 2022, according to the World Robotics 2022 report published by the International Federation of Robotics (IFR), a Germany-based non-profit global robotics industry association, the global industrial robot installations reached 517,000 units in 2021, reflecting a 31% increase from 2020's 394,000 units, with collaborative and traditional industrial robots accounting for 39,000 and 478,000 installations respectively in 2021, compared to 26,000 and 368,000 in 2020. Therefore, the increasing demand for automation is driving the industrial robotics market.
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What Are The Primary Segments In The Global Industrial Robotics Market?
The industrial robotics market covered in this report is segmented –
1) By Type: Articulated Robots, Cartesian Coordinate Robots, Cylindrical-Coordinate Robots, Spherical Coordinate Robots, Selective Compliance Assembly Robot Arm (SCARA) Robots, Other Types
2) By Application: Welding And Soldering, Material Handling, Assembling And Disassembling, Dispensing, Processing, Other Applications
3) By End-User: Automotive, Electrical And Electronics, Metals And Machinery, Plastics, Rubbers, And Chemicals, Food And Beverages, Precision Engineering And Optics, Pharmaceuticals And Cosmetics, Other End Users
Which Key Trends Are Driving Changes In The Industrial Robotics Market?
Major companies in the industrial robotics market are advancing human collaboration robots designed to work alongside humans in shared environments. For instance, in August 2022, Yasaka Electric Corporation, a Japan-based robotics company, introduced the MOTOMAN-HC30PL Robot. This collaborative robot supports high-payload tasks and features advanced safety functions, adaptable programming, and a robust build for tasks like palletizing. It includes a 30 kg payload capacity, enhancing efficiency and safety in various industrial applications by facilitating human-robot cooperation.
What Is The Leading Region In The Industrial Robotics Market?
Asia-Pacific was the largest region in the industrial robotics market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
