PUBLISHER: The Business Research Company | PRODUCT CODE: 1500080
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500080
Industrial robotics pertains to the field of robotics dedicated to designing, developing, implementing, and operating robotic systems within industrial settings. These robotic systems are customized to perform a range of tasks in manufacturing processes, such as assembly, material handling, welding, painting, packaging, and quality control.
The primary types of industrial robotics include articulated robots, cartesian coordinate robots, cylindrical-coordinate robots, spherical coordinate robots, selective compliance assembly robot arm (SCARA) robots, and others. Articulated robots feature joints resembling a human arm, enabling them to move in multiple directions. These robots find applications in welding and soldering, material handling, assembly and disassembly, dispensing, processing, and are utilized across industries such as automotive, electrical and electronics, metals and machinery, plastics, rubber and chemicals, food and beverages, precision engineering and optics, pharmaceuticals, cosmetics, and other sectors.
The industrial robotics market research report is one of a series of new reports from The Business Research Company that provides industrial robotics market statistics, including industrial robotics industry global market size, regional shares, competitors with industrial robotics market share, detailed industrial robotics market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial robotics industry. This industrial robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial robotics market size has grown rapidly in recent years. It will grow from $40.39 billion in 2023 to $46.40 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed in the historical period can be attributed to automation in manufacturing, reductions in labor costs, increased productivity, improvements in quality and precision, and the growing demand for mass production.
The industrial robotics market size is expected to see rapid growth in the next few years. It will grow to $81.80 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period can be attributed to the expanding applications of robotics in non-industrial sectors, the miniaturization of robotic components, the demand for customized robotics solutions, sustainability initiatives, and remote operation capabilities. Major trends expected during this period include the adoption of predictive maintenance solutions, the development of cloud-based robotics platforms, the emergence of robotics as a service (RaaS) model, advancements in human-robot collaboration, and the integration of blockchain technology for enhanced supply chain transparency.
The growth of industrial robotics is expected to be fueled by the increasing demand for industrial automation. Industrial automation involves using control systems, machinery, and technology to automate processes within industrial settings, integrating technologies such as sensors, actuators, programmable logic controllers (PLCs), robotics, and computer software for process monitoring and control. This demand is driven by efficiency gains, cost reductions, labor shortages, and technological advancements. Industrial robotics complements industrial automation by offering advanced capabilities, flexibility, efficiency, and safety, ultimately boosting productivity and competitiveness in manufacturing industries. For example, the World Robotics 2022 report by the International Federation of Robotics (IFR) revealed that global industrial robot installations rose to 517,000 units in 2021, a 31% increase from 2020. Collaborative and traditional industrial robots accounted for 39,000 and 478,000 installations, respectively, in 2021, compared to 26,000 and 368,000 in 2020, highlighting the surge in demand driving the industrial robotics market.
Key players in the industrial robotics market are intensifying their efforts to develop advanced solutions such as human collaboration robots. Human collaboration robots are designed to work alongside humans in shared workspaces, fostering cooperation and interaction between human workers and machines. For instance, Yasaka Electric Corporation introduced the MOTOMAN-HC30PL Robot in August 2022, a collaborative robot designed for high-payload tasks. It features advanced safety functions, adaptable programming capabilities, and a robust build suited for palletizing and similar industrial tasks requiring human-robot cooperation. With a 30 kg payload capacity, this human collaboration robot enhances palletizing applications in various industries, addressing the demand for increased payload capacity, automation, and efficiency.
In January 2024, ABB Ltd acquired Sevensense Robotics AG to incorporate cutting-edge visual artificial intelligence (AI) navigation technology into its offerings, advancing autonomous mobile robots (AMRs) and addressing labor shortages, reshaping the industrial robotics market. Sevensense Robotics AG specializes in autonomous robotics technology and provides industrial autonomous mobile robots.
Major companies operating in the industrial robotics market are Panasonic Corporation, Denso Corporation, Mitsubishi Electric Corporation, ABB Group, Yamaha Motor Pvt. Ltd, Kawasaki Heavy Industries Ltd., Seiko Epson Corporation, Dover Corporation, Bosch Rexroth AG, Omron Corporation, FANUC CORPORATION, SMC Corporation, Durr Group, YASKAWA Electric Corporation, KUKA AG, Nachi-Fujikoshi Corporation, Comau SpA, Staubli International AG, Daihen Corporation, Shibaura Machine Co. Ltd., Siasun Robot & Automation Co. Ltd., Estun Automation, Hirata Corporation, Hyundai Robotics, Universal Robots A/S, Aurotek Corporation, Techman Robot Inc., Doosan Robotics, ICR Services, b+m surface systems GmbH, Rethink Robotics GmbH
Asia-Pacific was the largest region in the industrial robotics market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial robotics market consists of revenues earned by entities by providing services such as integration and installation services, maintenance and repair services, training and consulting services, rental and leasing services, and software and programming services. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial robotics market also includes sales of collaborative robots, inspection robots, palletizing robots, painting robots, and 3d printing robots. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Robotics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial robotics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial robotics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial robotics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.