How Is The Global Robotic Arm Market defined?
A robotic arm is a mechanical device typically designed to perform tasks that require precision and dexterity, mimicking the movements of a human arm. It consists of several segments connected by joints, allowing it to articulate and maneuver in various directions.
Robotic Arm Global Market Report 2024 provides data on the global robotic arm market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The robotic arm market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Robotic Arm Market Size And Annual Growth Rates?
The robotic arm market has experienced robust growth, rising from $31.66 billion in 2023 to $36.93 billion in 2024 at a CAGR of 16.6%. Growth during the historical period has been fueled by industrial automation, rising demand in warehouses to streamline processes, and increasing interest in advanced robots. Looking ahead, the market is expected to grow to $69.16 billion by 2028 at a CAGR of 17.0%. This growth will be supported by the adoption of robotic arms in manufacturing for enhanced efficiency and precision, improved productivity and cost-effectiveness, and automation across various sectors such as automotive and e-commerce. Notable trends include increased complexity in manufacturing processes, advancements in robotic technologies, progress in healthcare applications, and the integration of advanced infrastructure.
Which Key Drivers Are Propelling The Robotic Arm Market's Growth?
The e-commerce industry's growth is expected to drive the robotic arm market's expansion. E-commerce involves the digital purchase and sale of goods and services, transforming consumer and business interactions with its convenience, accessibility, and global reach. The proliferation of smartphones, internet access, and extensive online product offerings are key drivers of this growth. Robotic arms play a pivotal role in optimizing supply chain and logistics within the e-commerce sector by improving inventory management, reducing operational costs, and boosting productivity. For instance, in February 2024, the United States Census Bureau reported a 7.6% increase in e-commerce sales in 2023, totaling $1,118.7 billion, with e-commerce representing 15.4% of all retail sales. This ongoing expansion in e-commerce is fostering growth in the robotic arm sector.
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What Are The Key Segments Within The Global Robotic Arm Market?
The robotic arm market covered in this report is segmented –
1) By Type: Articulated, Cartesian, Selective Compliance Articulated Robot Arm (SCARA), Spherical Or Polar, Cylindrical, Other Types
2) By Payload Capacity: Less Than 500 Kilogram (KG), 500-3000 Kilogram (KG), 3001 Kilogram (KG) And Above
3) By Axis: 1-Axis, 2-Axis, 3-Axis, 4-Axis, 5-Axis, 6-Axis, 7-Axis
4) By Application: Materials Handling, Cutting And Processing, Soldering And Welding, Assembling And Disassembling, Other Applications
5) By End-User Industry: Automotive, Electrical And Electronics, Metals And Machinery, Plastics And Chemicals, Food And Beverages, Other End-User Industries
How Are New Trends Impacting The Size Of The Robotic Arm Market?
In the robotic arm industry, key players are introducing innovative products such as collaborative robots (cobots) to gain a competitive edge. Cobots are engineered to work alongside humans, enhancing productivity and operational efficiency across industries. For instance, in 2021, Universal Robots, an industrial automation company from Denmark, introduced the UR20 cobot with a 20kg payload capacity and a 1.75-meter reach. Featuring state-of-the-art safety measures like force-sensing capabilities and user-friendly programming, it supports diverse applications, from material handling to machine tending. The UR20 also delivers up to 30% faster operations, improved torque, advanced motion control, and an enhanced user interface, making it ideal for tasks such as palletizing and assembly.
Which Region Drives The Highest Growth In The Robotic Arm Market?
North America was the largest region in the robotic arm market in 2023. Asia-Pacific is expected to be the fastest growing region in the market going forward. The regions covered in the robotic arm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
