DELRAY BEACH, Fla., Sept. 24, 2024 /PRNewswire/ -- The industrial robotics market is projected to grow from USD 16.89 billion in 2024 to USD 29.43 billion by 2029; it is expected to grow at a CAGR of 11.7% during the forecast period according to a new report by MarketsandMarkets. The increasing adoption of collaborative robots across industries and shortage of skilled workforce in manufacturing sector are driving market growth. Furthermore, the rising automation in electronics manufacturing and emergence of industry 5.0 are expected to create lucrative growth opportunities for the market during the forecast period.
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Browse in-depth TOC on "Industrial Robotics Market"
403 - Tables
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442 - Pages
Industrial Robotics Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 16.89 billion |
Estimated Value by 2029 | $ 29.43 billion |
Growth Rate | Poised to grow at a CAGR of 11.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Robot, Payload, Offering and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities associated with equipment integration |
Key Market Opportunities | Implementation of Industry 5.0 |
Key Market Drivers | Rapid advances in AI technology |
The up to 16 kg segment is expected to account for the largest market share in 2024.
Robots with payload capacities of up to 16 kg are commonly used in the automotive sector, especially for tasks such as arc and spot welding, particularly in the production of 2-wheelers. In the electrical and electronics industries, these robots are employed for delicate tasks like soldering and packaging of miniaturized components. The tendency toward miniaturized electronic components and chipsets has driven wide usage and acceptance of such robots. Additionally, in the food and beverage industries, for jobs such as picking and placement, sorting, and palletizing, these robots have found major applications over the last years.
The processing segment is expected to account for the highest CAGR during forecast period.
Processing is the main applications which includes grinding, milling and cutting tasks. Robots for grinding can be used on parts such as automobile bodies, or wooden planks saving time and costs in machining complex designs. Such robots give workpieces consistent precision and uniformity. These robots apply the task at the appropriate pressure with force and torque sensors together with the end effectors. Automated grinding also reduces the health hazards faced by the workers because of metal dust in manual operations. In the automobile industry, robotic grinders are utilized for machining parts like axle beams and connecting rods.
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The Asia Pacific market is expected to witness the highest CAGR in the industrial robotics market during the forecast period.
The increasing population is attracting companies to invest in Asia Pacific. The presence of some prominent players in the industrial robotics industry, such as FANUC CORPORATION (Japan), Yaskawa Electric Corporation (Japan), and Mitsubishi Electric Corporation (Japan), is another factor driving the regional market. According to the International Organization of Motor Vehicle Manufacturers, China is the largest manufacturer of commercial vehicles. Consequently, the demand for industrial robots in the electronics and automotive industries is expected to be high. China offers higher subsidies for robot adoption than any other nation and is projected to lead the world in the number of industrial robots used across industries.
Key players
Key players in the industrial robotics companies include FANUC CORPORATION (Japan), ABB (Switzerland), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd, (Japan), Denso Corporation (Japan), Nachi-Fujikoshi (Japan), Seiko Epson Corporation (Japan), and Dürr Group (Germany), and among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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