USD 14.7 Billion
Report ID:
SQMIG20I2180 |
Region:
Global |
Published Date: July, 2024
Pages:
202
|Tables:
163
|Figures:
80
Industrial Robotics Market size was valued at USD 14.7 Billion in 2022 and is poised to grow from USD 16.6 Billion in 2023 to USD 44.87 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).
The industrial robotics market has experienced robust growth in recent years. This growth is primarily attributed due to increasing demand of new technologies within industrial sector. Smart manufacturing and robots are being used more and more in the industrial sector following the developing trend of Industry 4.0. Manufacturers are enlarging their facilities to meet the rising demand for industrial robotics. For instance, ABB Ltd. unveiled a brand-new, massive robots’ plant in Shanghai, China, in December 2022. To open the 67,000 square metre factories, the corporation invested approximately USD 150 million. Because of the growing industrial concerns and their complex processes, industries are developing advanced robots integrated with modern technologies. For example, Epson Robotics released the GX4 and GX8 SCARA robotics series in June 2022. The business explained that the robots would be able to support multiple arms and provide high accuracy of tasks for complex tasks involving handling. Similar technological developments are anticipated to fuel market expansion during the forecast period. Industrial robotics will likely be introduced in response to rising labour and manufacturing insurance costs to provide efficient resource allocation with few downtimes. The cost of labour in the United States, for instance, surged significantly in October 2022. Additionally, robotic system use significantly lowers error rates while simultaneously increasing output rates. Manufacturers are incorporating automated robotic systems as a result to boost their operational effectiveness and profit margins.
US Industrial Robotics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.7 Billion
Largest Segment
Handlings
Fastest Growth
Processing
Growth Rate
13.2% CAGR
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Global industrial robotics market is segmented on the basis of type, payload, component, application, end use and region. Based on type, the market is segmented into traditional robots (Articulated Robots, Cartesian Robots, SCARA Robots, Parallel Robots, Cylindrical Robots, Others), and collaborative robots. Based on payload, the market is segmented into up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and more than 225.00 kg. Based on component, the market is segmented into robot arm, robot accessories, additional robotic hardware, system engineering, and software & programming. Based on the application, the market is segmented into handlings, assembling & disassembling, welding & soldering, clean room, dispensing, processing, and others. Based on end use, the market is segmented into automotive, electrical & electronics, metals & machinery, plastics, rubbers, & chemicals, food & beverages, precision engineering & optics, pharmaceuticals & cosmetics, oil & gas, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Industrial Robotics Market Analysis by Application
In 2023, the handling application segment has dominated the market and held more than 40% of the market revenue. The increased popularity of e-commerce purchasing and speedy deliveries is responsible for the segment rise. For instance, Amazon.com, Inc. launched an autonomous robot in June 2022 to handle and transport items inside of company buildings. Robots can quickly adapt to needs of high-paced commercial enterprises such as automotive or electronics because they are able to perform very precisely and swiftly, this makes them useful when it comes to shipping items over short distances within production settings.
In the projection period from 2024 to 2031, the fastest-growing application segment is the processing application with a CAGR of over 20%. These minimal faults in their use in painting, cutting, and other procedures can be attributed to the segment’s improvement. Such types of robots are becoming more common because, due to their pre-scheduled programming, they do not require to take breaks. That is why they can work at places where people cannot reach such as in tiny spaces.
Industrial Robotics Market Analysis by End Use
In 2023, the electrical/electronic end-use category held a sizable market share of more than 25%. The segment's ability to consistently do a variety of activities, including dispensing, insertion, labelling, and screw driving, allowed it to dominate. Innovations and increasing research and development activities by market participants to promote productivity, cost-efficiency, and reduced production overheads will drive the greater usage of these industrial robots. Over the forecast period, the segment outlook is anticipated to improve due to the escalating market competition brought on by the appearance of numerous technology disruptors.
On the other hand, plastics, rubbers, & chemicals segment seems to be growing fast over the course of the forecast period. Plastics, rubbers & chemicals segment is expected to dominate the market with a CAGR of over 12 % through the forecast period. This is regarding the fact that its operation has extended the need for consistency on duties such as measurement and testing. Robotics can also safely manipulate such products that are likely to affect human health negatively.
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In 2023, the Asia Pacific region dominated the industrial robotics market, accounting for a share of over 65%. Throughout the forecast period as well, the region is anticipated to dominate the industrial robotics market. In Asia Pacific region, key players are increasingly adopting robotics technologies to automate the production process. Economies such as China, India, South Korea and Japan have experiencing rapid growth within the Industrial robotics market. Overall, the regional market has a significant opportunity and has growth due to the rising trend towards automation, artificial intelligence, and other cutting-edge technologies.
With a CAGR of over 20% during the projection period, Middle East & Africa is expected to experience the fastest growth. In Middle East region, the increased initiatives within various industries by local government bodies are responsible for the expansion of the industrial robotics market. For instance, the Dubai Robotics and Automation Programme, was organized in September 2022 by the crown prince of Dubai to advance robotics throughout the nation. By this programme, they announced to boost the production capacity of the industrial and logistical sectors, and they will provide some 200,000 robots to those industries.
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Industrial Robotics Market Drivers
Growing Demand from Emerging Economies to Bolster Market Growth
Advancements of Robotics Technology within Various Industries
Industrial Robotics Market Restraints
High Implementation Costs
Limited Skilled Workforce may hinder the market growth
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The competitive landscape of the global industrial robotics market is characterized by intense rivalry and a diverse array of key players vying for market share in this rapidly evolving industry. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. They use their huge experience and smart technology to give a wide range of robotics solutions. These big players in the industry always put their money into research and development. They do this so they can create new sensor technologies, keeping them ahead of what's popular in the market. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge.
Industrial Robotics Market Top Player’s Company Profiles
Industrial Robotics Market Recent Developments
In April 2024, Pudu Robotics launched its first robot designed for industrial applications named the PUDU T300. Engineered to enhance material logistics in discrete manufacturing, the PUDU T300 excels in streamlining operations by delivering supplies to production lines, transferring materials across diverse production zones, and facilitating the transport of samples for quality checks.
In February 2024, PAL Robotics announced the launch of a new project, TIAGo Industrial. The TIAGo Industrial project is created from a pressing need for more sophisticated, user-friendly, and safety-oriented robots in today’s manufacturing and logistics industries.
In October 2023, DEEP Robotics Company announced the launch of its X30 quadruped robot, a flagship product designed to meet core industry needs in multiple fields, including inspection of portable power stations, factories, pipeline corridors, emergency rescue, fire detection, scientific research and more.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, we found that the global industrial robotics market to further expand in the subsequent years because of factors including rising industrial automation across various industries, the increasing demand for robotics from the emerging nations, and the enhancement of technological innovations in robotic systems. This is because industries have embraced the use of robotics in their production due to the fact that they are able to maintain production without posing a threat to human health. The automotive industry remains the largest customer sector for industrial robots; however, other industries including electronics, healthcare as well as the food and beverage sectors are also embracing robotic automation. Currently, collaborative robots, or cobots, which can share a workplace with people, are receiving more attention because of flexibility and safety issues. The global industrial robotics market should experience a boost in the near future due to the growing demand for automation of work processes, improvements in technology, and common trends towards attaining higher levels of productivity in industries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 14.7 Billion |
Market size value in 2031 | USD 44.87 Billion |
Growth Rate | 13.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Robotics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Robotics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG20I2180