Industrial Robots Market Size, Share, Growth Analysis, By Application (Handling, Processing), By End Use (Electrical, Rubber & Plastics), By Type (Traditional robots, Collaborative robots), By Region - Industry Forecast 2024-2031

Global Industrial Robots Market size was valued at USD 23.97 billion in 2022 and is poised to grow from USD 26.66 billion in 2023 to USD 62.42 billion by 2031, growing at a CAGR of 11.22% during the forecast period (2024-2031).

The rise of Industry 4.0 is driving the increased use of robotics and smart manufacturing in the industrial sector. In response to the growing demand for industrial robotics, manufacturers are expanding their facilities. For example, in December 2022, ABB Ltd. launched a new, expansive robotics complex in Shanghai, China, dedicated to production and research. This 67,000 square meter facility represented an investment of over USD 150 million. The shift towards electric vehicles among new car owners is also spurring growth in this sector, as the cost-benefit ratio becomes increasingly favorable. The adoption of automated robotic systems by automakers for high-volume vehicle production is expected to significantly influence the industrial robotics market. For instance, in December 2022, Tesla Inc. incorporated Kuka AG's industrial arm robots to enhance its mass production capabilities for electric vehicles. Other major automotive manufacturers are similarly investing in robotic automation, further driving the demand for industrial robots.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Robots market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Industrial Robots Market Segmental Analysis

The global industrial robots market is segmented on the basis of application, component, payload, type, end use and region. By application, the market is segmented into Handling [pick & place, material handling, and packaging & palletizing], Assembling & Disassembling, Welding & Soldering, Cleanroom, Dispensing [gluing, painting, and food dispensing], Processing [grinding & polishing, milling, and cutting], and Others [inspection & quality testing, and die-casting & moulding]. By component, the market is segmented into Robot arm, robot accessories [end effector {welding gun, and grippers (mechanical, electric, and magnetic), tool changers, clamps, suction cup, and others (Deburring tools, Milling tools, Soldering tools, Painting tools, Screwdrivers)}, controllers, drive units {hydraulic drive, electric drive, and pneumatic drive}vision systems, sensors, power supply, and others] additional robotic hardware [safety fencing, fixtures, and conveyors], system engineering, and software & programming. By payload, the market is segmented into Up to 16kg, 16.01-60 kg, 60.1-225 kg, and more than 225 kg. By type, the market is segmented into Traditional robots [Articulated Robots, Cartesian Robots, SCARA Robots, Parallel Robots, Cylindrical Robots, and Others {Spherical robots and swing arm robots}], and Collaborative robots. By end use, the market is segmented into Automotive, Electrical, Metal/Heavy Machinery, Chemical, Rubber & Plastics, Food & beverages, Precision engineering & optics, pharmaceuticals & cosmetics, oil & gas and others . By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Industrial Robots Market

Industrial robots provide superior speed, precision, and consistency compared to human workers. Their ability to operate continuously without breaks and without experiencing fatigue significantly enhances production efficiency. As the demand for faster and more efficient manufacturing processes grows, these robots are increasingly used to streamline operations and maximize output. The deployment of industrial robots helps meet the escalating need for rapid and efficient production. By optimizing various operational aspects, these robots contribute to improved overall productivity, making them a crucial component in modern manufacturing environments.

Restraints in the Global Industrial Robots Market

Industrial robots are highly effective at executing repetitive and precise tasks, but they may struggle with more complex activities that demand human dexterity, decision-making, or adaptability. Tasks involving intricate assembly, detailed manipulation, or delicate handling can be challenging to fully automate with current robotic technologies. Industries that require such complex operations might encounter difficulties in achieving full automation using existing industrial robots. While these robots streamline many aspects of production, certain nuanced tasks still necessitate human intervention to ensure accuracy and efficiency.

Market Trends of the Global Industrial Robots Market

Industrial robots are advancing towards greater flexibility and modularity, allowing them to adapt seamlessly to changing production needs. This adaptability is especially valuable in dynamic manufacturing environments, where production requirements frequently shift. As a result, robots can be reconfigured more easily to meet varying demands, enhancing their utility in diverse applications. Additionally, there is a growing emphasis on sustainability and energy efficiency in the design of industrial robots. Engineers are focusing on creating robots that consume less energy and have a reduced environmental impact. The integration of the Internet of Things (IoT) further optimizes these robots by enabling real-time monitoring and management. This connectivity facilitates data-driven decision-making and remote maintenance, making robot operations more efficient and streamlined.