PUBLISHER: Inkwood Research | PRODUCT CODE: 1427018
PUBLISHER: Inkwood Research | PRODUCT CODE: 1427018
The global industrial robotics market is set to record a CAGR of 12.4% during the forecast period, 2024-2032. The continuous R&D and investments in robotics, the growing adoption in the F&B, electronics, electrical, and automotive industries, and the emergence of smart factories propel market growth.
The definition of industrial robotics encompasses the robot arm used in a factory environment for manufacturing processes. They are used to perform tasks with high precision. Also, businesses and governments are working towards minimizing carbon footprint by integrating robotic technology with artificial intelligence (AI)-powered applications.
A smart factory is a highly connected and digitalized environment where equipment and machinery can enhance processes through self-optimization and automation. It is a component of Industry 4.0, a new phase in the industrial revolution dependent on machine learning, in-sync data, embedded sensors, automation, and interconnectivity. Also, the adoption of industrial robots can lead to greater flexibility, greater energy efficiency, and higher product quality in smart factories. For instance, the smart factory setup of Infineon in Dresden boasts of intelligently networked production. It has 200 robots aiding employees with a 92% automation level. Such aspects fuel global market growth. However, the costs involved, the lack of a skilled workforce, and the resistance from worker unions hinder the market growth.
The global industrial robotics market growth evaluation includes the assessment of Europe, North America, Asia-Pacific, and Rest of World. Asia-Pacific is set to be the leading region with manufacturers shifting to robotic automation to improve output quality and productivity.
The big market players are acquiring the smaller ones to expand their product portfolio. Such acquisitions result in product differentiation, thereby increasing the competition in the market. SCHUNK GmbH, Nachi Fujikoshi Corporation, Rethink Robotics, Mitsubishi Electric Corporation, Rockwell Automation Inc, etc., are among the key firms in the market.