PUBLISHER: Market Research Future | PRODUCT CODE: 1351175
PUBLISHER: Market Research Future | PRODUCT CODE: 1351175
Robotic Arms Market Size was valued at USD 16.2 billion in 2022. The Robotic Arms market industry is projected to grow from USD 17.3 billion in 2023 to USD 55.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.0% during the forecast period (2023 - 2032). The Robotic Arms Market is growing substantially and is expected to maintain its growth pace over the forecast period. The Robotic Arms Market is driven by factors including Rapid automation across the production facilities, Rising demand for robotics among the warehouses to streamline the processes, Shortage of skilled labors propelling the demand for advanced robots, Growing complexity of manufacturing processes, and Advancement of Robotic Arms in Healthcare Industry.
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South and Central America. The Asia-Pacific accounted for the largest share of revenue in 2022 and is expected to have the largest market CAGR in the Robotic Arms market. The robotics arms market is experiencing rapid growth in the Asia-Pacific region due to several factors. First and foremost, the region is home to a large and expanding manufacturing industry, which is increasingly adopting automation and robotics to improve productivity, quality, and flexibility. For example, in China, the world's largest manufacturing economy, companies like Foxconn are using thousands of robotics arms in their factories to assemble electronics products such as iPhones and iPads with high precision and speed.