NEW YORK, June 27, 2023 /PRNewswire/ -- As per Facts and Factors study, the global industrial robotics market size was nearly $27.11 billion in 2022 and is set to increase to about $60.57 billion by 2030 along with securing the highest CAGR of 10.7% from 2023 to 2030.
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Industrial Robotics Market: Overview
Industrial robotics is referred to as robotic arms with sensors and controllers that have the ability to carry out a spectrum of operations in manufacturing units. Moreover, robots which make use of robotic arms are programmable, automated, and can move on three as well as more than three axes. For the record, the key industrial robotic applications include assembly, welding, painting, palletizing, product inspection & testing, and packaging & labeling.
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Key Insights:
- As per the analysis shared by our research analyst, the global industrial robotics market is projected to expand annually at the annual growth rate of around 10.7% over the forecast timespan (2023-2030)
- In terms of revenue, the global industrial robotics market size was evaluated at nearly $27.11 billion in 2022 and is expected to reach $60.57 billion by 2030.
- The global industrial robotics market is anticipated to record massive growth over the forecast period owing to the rise in the Industrial 4.0 revolution has boosted the application of robotics & smart manufacturing in the industrial sector.
- Based on the component, the robot accessories segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of application, the handling segment is projected to record the highest CAGR over 2023-2030.
- Based on the end-use industry, the electrical & electronics segment is slated to dominate the segmental surge over the forecast period.
- Region-wise, the Middle East & African industrial robotics market is projected to register the highest CAGR during the assessment period.
Facts and Factors published the latest report titled "Industrial Robotics (ECM) Market Size, Share, Growth Analysis Report By Solutions (Document Management, eDiscovery, Web Content Management, and Digital Asset Management), By Deployment (Cloud and On-Premise), By Enterprise Size (SMEs and Large Enterprises), By Industry Vertical (BFSI, IT & Telecom, Healthcare & Life Sciences, Consumer Goods & Retail, Government, and Transportation & Logistics), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 - 2030" into their research database.
Industry Dynamics:
Global Industrial Robotics Market: Growth Drivers
- The need for increasing production capacities will boost the demand for industrial robotics in a slew of sectors.
Growing demand for SCARA and collaborative robots will drive the growth of the industrial robotics market across the globe. The massive need for expanding their production capacities has increased the penetration of industrial robots in manufacturing firms, thereby driving global market trends. Escalating trend of autonomous vehicles has led to humungous demand for industrial robots, thereby steering the expansion of the global market.
With the embedding of AI tools in industrial robots, the market for industrial robotics is predicted to gain momentum in the upcoming years. The launching of 5G networks will further proliferate the market growth globally in the years ahead. The surge in labor charges has led to demand for industrial robots in factories. Citing an instance, in October 2022, labor costs in the U.S. increased manifold.
Nevertheless, the growing need for allocating huge funds for deploying industrial robots can put brakes on the global industrial robotics industry demand. However, the evolution of Industry 5.0 is likely to generate new avenues of growth for the global industry. This, in turn, will nullify the negative impact of hindrances on global industry expansion.
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Global Industrial Robotics Market: Segmentation
- The global industrial robotics market is divided into type, application, component, end-use industry, and region.
The component segment of the industrial robotics market is sub-segmented into robot arms, robot accessories, and robotic hardware segments. Furthermore, the robot accessories segment, which contributed over half of the global market share in 2022, is predicted to continue leading the segment in the coming years.
The growth of the segment in the next eight years can be subject to humungous demand for robot accessories enabling long-term productivity. In the last quarter of 2022, Neato Robotics, the Silicon Valley-based customer robotics firm, declared a new initiative "Customize Your Clean" that includes Neato fragrance pods and Neato D-series smart robot vacuum filters.
In terms of application, the industrial robotics industry across the globe is segmented into assembling & disassembling, processing, handling, dispensing, and welding & soldering segments. Moreover, the processing segment, which contributed majorly towards the segmental growth in 2022, is anticipated to record the fastest CAGR in the ensuing years. The segmental growth over the forecast timeframe can be due to growing demand for reducing the number of errors in painting and cutting procedures.
On the basis of the end-use industry, the industrial robotics market globally is bifurcated into automotive, electrical & electronics, metals & machinery, food & beverages, optics, precision engineering, cosmetics, pharmaceuticals, plastics & rubbers, and chemicals segments.
Moreover, the chemicals segment, which accounted for a major share of the global market in 2022, is anticipated to establish its dominant status even in the ensuing years. The segmental surge can be owing to the necessity of maintaining consistency in tasks including testing and measurement.
Apart from this, industrial robots can easily handle toxic chemicals without any human intervention, thereby preventing health hazards for humans. For instance, in the second half of 2022, Hibot Corporation made use of a float arm robot for inspecting pipelines at the Mitsui Chemical unit in Japan.
Recent Developments:
- In the first half of 2022, ABB Limited, a Swiss-based firm, launched the next-gen of flexible automation products under the new OmniVanceTM brand. The move will boost the demand for industrial robotics across Europe.
- In the first quarter of 2022, Yaskawa Electric Corporation, a Japanese firm manufacturing industrial robots, acquired a stake in Doolim-Yaskawa Company Limited for expanding its business in robotic painting and sealing systems.
- In the first half of 2022, FANUC launched new kinds of collaborative robots, thereby expanding its current product portfolio. The move will provide impetus to the growth of the industrial robotics business globally.
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List of Key Players in Industrial Robotics Market:
- KUKA AG
- ABB Ltd.
- Comau SpA
- Fanuc Corporation
- Mitsubishi Electric Corporation
- Nachi-Fujikoshi Corp.
- Yaskawa Electric Corporation
- Kawasaki Heavy Industries Ltd.
- Denso Corporation
- Omron Corporation
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Industrial Robotics Market?
- What are the key driving factors propelling the Industrial Robotics Market forward?
- What are the most important companies in the Industrial Robotics Market Industry?
- What segments does the Industrial Robotics Market cover?
- How can I receive a free copy of the Industrial Robotics Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 27.11 Billion |
Revenue forecast in 2030 | USD 60.57 Billion |
Growth Rate | CAGR of almost 10.7% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 - 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Type, Component, Application, End-Use Industry, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | KUKA AG, ABB Ltd., Comau SpA, Fanuc Corporation, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., Denso Corporation, Omron Corporation, and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
- Asia-Pacific Industrial Robotics market to establish a dominant status over the forecast timeline.
Asia-Pacific, which garnered more than half of the global industrial robotics market revenue in 2022, is anticipated to record humungous growth during the projected timeline. The regional market expansion over 2023-2030 can be subject to a rise in the number of end-use industries in the countries such as India, Japan, Taiwan, Singapore, Malaysia, and Japan. Apart from this, the rise in demand for AI and automation will embellish the growth of the regional market.
Furthermore, the industrial robotics industry in the Middle East & Africa is predicted to record the highest CAGR in the anticipated timeframe. The factors that are likely to impact the growth of the regional industry are favorable government initiatives toward the use of industrial robotics.
For instance, in the third quarter of 2022, the government of UAE introduced the Dubai Robotics and Automation program and this initiative will boost the demand for industrial robotics in the country. As per the program, the government will offer nearly 2 lac robots to industrial & logistics sectors for enhancing their manufacturing capacities.
Global Industrial Robotics Market is segmented as follows:
Industrial Robotics Market: By Type Outlook (2023-2030)
- Traditional Robots
- Collaborative Robots
Industrial Robotics Market: By Component Outlook (2023-2030)
- Robot Arm
- Robot Accessories
- Robotic Hardware
Industrial Robotics Market: By Application Size Outlook (2023-2030)
- Assembling & Disassembling
- Processing
- Handling
- Dispensing
- Welding & Soldering
Industrial Robotics Market: By End-Use Industry Outlook (2023-2030)
- Automotive
- Electrical & Electronics
- Metals & Machinery
- Food & Beverages
- Optics
- Precision Engineering
- Cosmetics
- Pharmaceuticals
- Plastics & Rubbers
- Chemicals
Industrial Robotics Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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