CHICAGO, Oct. 4, 2022 /PRNewswire/ -- Industrial Robotics Market is projected to grow from USD 15.7 billion in 2022 to USD 30.8 billion by 2027; it is expected to grow at a CAGR of 14.3% during the forecast period,according to a new report by MarketsandMarkets. The growth of the market is attributed to the rising demand for collaborative robots across industries and growing adoption of Industry 4.0. During the forecast period, increasing automation in electronics industry is expected to create growth opportunities for the market.
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Traditional robot type to account for larger share of industrial robotics market in 2022
Traditional robot accounted for a larger share of the industrial robotics market in 2021 and it is expected to remain dominant throughout the forecast period. Traditional industrial robots are used within cages or safety enclosures, whereas collaborative industrial robots are designed for use along with workers and operators. Traditional industrial robots held ~94% of the industrial robotics market, in terms of value, in 2021. They have been used for a much longer time than collaborative robots, which have only gained traction in the last decade.
Material handling application to lead industrial robotics market in 2022
Material handling to hold high opportunities for industrial robotics market compared to other applications in 2022 and 2027. Owing to the high rate of adoption of industrial robots in the automotive industry for tasks such as moving vehicle bodies in assembly lines and mounting mechanical and electronic spare parts, the handling application held the largest share of the industrial robotics market in 2022. A wide variety of end effectors can be integrated with articulated robots, and hence, articulated robots are expected to hold the largest share of the traditional industrial robotics market for the handling application in 2022.
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Market in Asia Pacific to hold significant opportunities for the market during the forecast period
Asia Pacific is the leading market for industrial robotics in the automotive, electrical & electronics, and others with the major demand from China, India, and Japan. The countries of Asia Pacific are witnessing increased demand for industrial robotics, and this demand is expected to grow at a significant rate during the forecast period as well. The rising costs of labor in the APAC region caused SME industries to start integrating collaborative robots in their manufacturing processes to make operations more efficient and cost-effective. APAC is considered one of the world's major manufacturing hubs and is expected to provide ample growth opportunities to the industrial robotics market. Low production costs, easy availability of labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) are some of the major factors fueling the growth of this market in APAC. The aging population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation. The increasing population is also attracting companies to invest in APAC. The presence of some of the most prominent players in the industrial robotics market space, such as FANUC (Japan), Yaskawa (Japan), and Mitsubishi Electric (Japan), is another major factor driving the market in this region.
Key players in the industrial robotics market include FANUC Corporation (FANUC (Japan)), ABB (Switzerland), Yaskawa Electric (Yaskawa (Japan)), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), Nachi-Fujikoshi (Japan), Seiko Epson (Japan), and Dürr (Germany), among others.
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