Global Industrial Robots Market Size 2024, Forecast To 2033
11 Mar, 2024
The industrial robots market has experienced rapid growth, surging from $52.97 billion in 2023 to $59.07 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period is attributed to the rise in economic growth, labor shortages, and government support. Moving towards 2028, the market is expected to see rapid growth, targeting a size of $89.12 billion at a CAGR of 10.8%. The projected growth is linked to the impact of the COVID-19 pandemic, a rise in healthcare expenditure, growth in the industrial sector, mergers and acquisitions driving innovations, and increasing investments. Notable trends in the forecast period include a focus on manufacturing collaborative robots, investment in the latest artificial intelligence technology for higher sales and profitability, emphasis on cloud robots to increase demand by various end-user industries, investment in the latest customized robots using machine learning and other technologies, and considerations for adopting robotics and automation technology to enhance productivity and improve process efficiencies.
Global Industrial Robots Market Key Driver
The growth of the industrial robot market is attributed to the shortage of skilled workers, impacting the manufacturing sector. High production demands, coupled with a scarcity of skilled labor, create challenges for manufacturers to meet supply needs. The shortage arises from the presence of unskilled workers and skilled workers not available for employment. According to the Bureau of Labor Statistics, as of August 2023, the US economy faced a shortage of nearly 600,000 stable manufacturing jobs. To address this, manufacturers are turning to industrial robots, which enhance overall productivity, efficiency, and effectiveness. The shortage of skilled labor is creating opportunities for the integration of robots into the workforce, with the 2023, 2024, and 2028 market sizes playing a pivotal role in understanding the growth prospects of the industrial robot market.
Get A Free Sample Of The Global Industrial Robots Market ReportGlobal Industrial Robots Market Segments
The industrial robots market covered in this report is segmented –
1) By Product Type: Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, Scara Robots, and Others
2) By Application: Pick And Plane, Wielding And Soldering, Material Handling, Assembling, Cutting And Processing, and Others
3) By End-User Industry: Automotive, Electrical And Electronics, Healthcare & Pharmaceuticals, Food & Beverages, Rubber & Plastics, Metals & Machinery, and Others
By Geography:The regions covered in the industrial robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the industrial robots in 2023. Western Europe was the second largest region in the global industrial robots market. The regions covered in the industrial robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Industrial Robots Industry Players
ABB Ltd, Fanuc Corporation, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., KUKA AG, Qjar – Evs, Denso Corporation, Proviti, Siasun, Rinf.tech, Wandelbots, Estun, Effort, JAKA, MIP robotics, Epson India, Omron Corp, Zipline, Enviropro, Mabru, Nachi Fujikoshin, Servnews, Agile Robots, Youibot, Multivac UK, Fruitcore Robotics, Arus Defence, Campetella Robotic Centre, Seiko Epson, Codian Robotics B.V, Mech-Mind Robotics, Bluewrist Inc, Yuanda Robotics, I robots, Mecademic, Simplex Robotics, Schubert UK Ltd, Waypoint Robotics, Caionix, Boston Dynamics, Reliable Robotics LLC
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Industrial Robots Market Overview
Industrial robots refer to programmable, mechanical devices used in place of people to perform dangerous or repetitive tasks with a high degree of accuracy. A robot has its own control system and is not controlled by a machine.
Industrial Robots Global Market Report 2023 provides data on the global industrial robots market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial robots market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.