USD 26.52 Billion
Report ID:
SQMIG20I2180 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
72 |
Figures:
75
Global Industrial Robotics Market size was valued at USD 26.52 Billion in 2022 and is poised to grow from USD 29.30 Billion in 2023 to USD 65.14 Billion by 2031, at a CAGR of 10.50% during the forecast period (2024-2031).
The Global Industrial Robotics Market stands as a transformative force within modern manufacturing, epitomizing the convergence of cutting-edge technology and industrial prowess. This market is defined by the utilization of robotic systems to automate and elevate manufacturing and production processes across a spectrum of industries. Industrial robots, equipped with advanced sensors, actuators, and intelligent programming, have become the cornerstone of enhancing efficiency, precision, and productivity in factories and industrial facilities worldwide.
The fundamental purpose of the Global Industrial Robotics Market lies in revolutionizing conventional manufacturing paradigms. By integrating industrial robots into various sectors, manufacturers aim to amplify operational efficiency, streamline complex workflows, and reduce human intervention in tasks that demand precision and repeatability. The market's offerings span a broad array of applications, including welding, assembly, material handling, and more, thereby establishing a seamless nexus between technology and industrial ingenuity.
A potent driving force propelling the growth of the Global Industrial Robotics Market is the insatiable pursuit of operational excellence. Companies are drawn to industrial robotics due to their capacity to significantly increase production output while maintaining consistent quality standards. Furthermore, the push towards Industry 4.0 and the Industrial Internet of Things (IIoT) fosters the integration of robotics into interconnected and smart manufacturing ecosystems, enabling real-time data analysis, predictive maintenance, and adaptive manufacturing strategies.
However, the path to industrial robotics adoption is not devoid of challenges. One of the primary constraints is the initial capital investment required for procuring, integrating, and training personnel to operate these advanced systems. The intricacies of programming and maintenance can pose hurdles, particularly for smaller enterprises with limited resources. Moreover, concerns about the displacement of human jobs and the need for workforce upskilling create an intricate balance between technological advancement and the preservation of livelihoods.
The Global Industrial Robotics Market grapples with multifaceted challenges, including the need for interoperability between diverse robotic systems, addressing cybersecurity vulnerabilities in interconnected environments, and ensuring robots' adaptability to dynamic and agile production demands. Additionally, as robotics becomes increasingly ubiquitous, navigating regulatory frameworks and ethical considerations surrounding human-robot collaboration and liability poses intricate challenges.
Amidst these challenges, a myriad of opportunities emerges. The integration of Artificial Intelligence (AI) and Machine Learning (ML) enables robots to become more intuitive, responsive, and adaptable to evolving production needs. Customized robotic solutions catering to specific industry requirements hold immense potential, as does the expansion of collaborative robot (cobots) capabilities that allow humans and robots to work harmoniously. The rise of service robotics, including healthcare and logistics applications, presents a fascinating avenue for diversification and market expansion.
US Industrial Robotics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 26.52 Billion
Largest Segment
Handling
Fastest Growth
Processing
Growth Rate
10.50% CAGR
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Global Industrial Robotics Market is segmented on the Application, End-Use and region. By Application, the market is segmented into Handling, Assembling & Disassembling, Welding & Soldering, Cleanroom, Dispensing, Processing, Others. By End-Use, the market is segmented into Automotive, Electrical/Electronics, Metal/Heavy Machinery, Chemical, Rubber, & Plastics, Food, Others. By 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 2022, the handling application segment asserted its dominance in the market share, commanding a substantial revenue share exceeding 40%. This growth trajectory finds its roots in the surging prominence of e-commerce trends and the imperative for swift, efficient deliveries. Notably, Amazon.com, Inc. took a pioneering step in June 2022 by introducing an autonomous robot designed to seamlessly handle and transport packages within its facilities. This technological innovation streamlines material handling processes, significantly mitigating error rates and reducing the need for human intervention. Moreover, dynamic sectors like automotive and electronics have embraced handling robots for the agile movement of both lightweight and heavy materials across factory floors, bolstering productivity and safety.
The processing application segment is poised to exhibit the swiftest compound annual growth rate (CAGR) of over 20% during the forecast period spanning 2023 to 2030. This impressive expansion is underpinned by the segment's exceptional precision and minimal errors, particularly in tasks such as painting and cutting. A key driver for these robots is their relentless operation potential, facilitated by their pre-programmed routines. Additionally, their ability to access confined spaces and execute tasks in environments beyond human reach amplifies their utility and desirability. This trend underscores the rising demand for versatile, automated solutions that enhance operational efficiency while introducing a new dimension of flexibility to industrial processes.
Industrial Robotics Market Analysis by End-Use
The electrical/electronic segment commanded a substantial market share, exceeding 25% in 2022. This prominence was propelled by its exceptional versatility in executing an array of tasks, including dispensing, insertion, labeling, and screw driving, all accomplished with remarkable repeatability. The heightened adoption of industrial robots within this segment will be steered by a nexus of innovation and robust research and development endeavors undertaken by industry players. These efforts are geared towards enhancing productivity, cost-effectiveness, and minimizing manufacturing overheads. As the market landscape evolves, characterized by the emergence of disruptive technologies and increased competitive forces, the segment's prospects are poised to solidify further over the forecast period.
the chemical, rubber, & plastics segment is poised to exhibit the most impressive compound annual growth rate (CAGR) exceeding 12% throughout the forecast timeframe. This growth narrative can be attributed to the imperative of upholding consistency in critical tasks like measurement and testing, where precision is paramount. Furthermore, the innate ability of robotics to handle toxic materials without endangering human health provides an added advantage. An illustrative instance occurred in July 2022, when Hibot Corp. harnessed its Float Arm robot to inspect pipelines within the Mitsui Chemical plant in Japan, a task fraught with risks for human workers. Such applications underscore the rising demand for industrial robotics as a means to safeguard the workforce from hazardous environments while simultaneously ensuring consistent manufacturing output. This trend encapsulates the ethos of responsible and efficient manufacturing practices.
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In 2022, the Asia Pacific region asserted its dominance in the industrial robotics sector, capturing a substantial share of over 65%. Projections suggest that this regional supremacy is poised to persist throughout the forecast period. The Asia Pacific area boasts a multitude of industries and factories that have seamlessly integrated industrial robots into their manufacturing workflows. Moreover, the escalating embrace of automation, artificial intelligence, and the progressive evolution of other cutting-edge technologies augments the region's potential for significant growth.
The Middle East & Africa region is poised to exhibit the most remarkable Compound Annual Growth Rate (CAGR) of over 20% during the forecast period. This impressive growth trajectory can be attributed to the escalating industrial initiatives orchestrated by governmental bodies in the region. A noteworthy example is the launch of The Dubai Robotics and Automation Program by the crown prince of Dubai in September 2022. This strategic initiative aims to propel the realm of robotics within the country. The program's ambitious goals involve deploying approximately 200,000 robots across the industrial and logistics sectors, thereby substantially enhancing their production capacities.
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Industrial Robotics Market Drivers
Labor Shortages
Technological Advancements
Industrial Robotics Market Restraints
High Initial Costs
Integration Challenges
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The Global Industrial Robotics Market is highly competitive landscape, characterized by the presence of a diverse array of established players and innovative newcomers. As of my last knowledge update in September 2021, industry giants such as Fanuc Corporation, ABB Ltd., and Yaskawa Electric Corporation have long dominated the market, leveraging their extensive experience and advanced technological capabilities to provide a wide range of robotic solutions. These companies have built strong global networks, offering industrial robots for tasks ranging from manufacturing and assembly to precision welding and material handling. Alongside these established players, newer entrants such as Universal Robots A/S and Techman Robot Inc. have been gaining traction with their collaborative and user-friendly robotic platforms, catering to the growing demand for flexible automation.
Industrial Robotics Market Top Player’s Company Profiles
Industrial Robotics Market Recent Developments
In February 2024 Contract logistics provider GXO Logistics, Inc. announced it is partnering with California-based robotics developer Dexterity to pilot AI-enhanced robotics at a beauty brand’s warehouse.
In February 2024 Massachusetts Technology Collaborative (MassTech) has launched a new initiative to boost the robotics sector across the state, an effort funded through $5 million in investment. The new department, established within the Innovation Institute at MassTech, will help develop a comprehensive statewide cluster development effort for robotics that will focus on expansion of R&D, testing, commercialization, and workforce development throughout the state.
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According to our analyses, The Global Industrial Robotics Market is expected to experience significant growth during the forecast period from 2022 to 2030. Asia Pacific has emerged as the dominant region in terms of revenue share, driven by its robust manufacturing sector, increasing adoption of automation solutions, and technological advancements. The presence of key industry players and rapid industrialization has bolstered the region's market dominance. Meanwhile, the fastest growth rate is observed in the Middle East and Africa, propelled by government initiatives, growing industrialization, and a push for greater operational efficiency. The market encompasses various types of robots, including articulated robots, SCARA robots, and collaborative robots (cobots), with articulated robots leading the segment due to their versatility and wide application range. Metal and alloys constitute the dominant material choice, while composites and lightweight materials are showing promise. The market's growth is fueled by factors such as the need for enhanced productivity, the rise of smart manufacturing, and the integration of robotics with emerging technologies like AI and IoT. Nevertheless, challenges including initial investment costs, complex integration processes, and concerns about job displacement need to be addressed. Key trends encompass the advancement of AI-driven robots, the expansion of robotics in non-industrial sectors, increased focus on safety features, and the proliferation of human-robot collaboration. Overall, the global industrial robotics market presents substantial opportunities for industry participants to innovate, diversify their offerings, and meet the evolving demands of businesses aiming to optimize operations and stay competitive in a rapidly changing landscape.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 26.52 Billion |
Market size value in 2031 | USD 65.14 Billion |
Growth Rate | 10.50% |
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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Market Size by Region
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For the Global 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 Global 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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