Industrial Robotics Market Outlook 2031:
The global industrial robotics market size was valued at USD 14.94 Billion in 2022 and is projected to reach USD 47.82 Billion by 2031, expanding at a CAGR of 13.8% during the forecast period 2023 - 2031. The growth of the market is attributed to growing emphasis on improvement in productivity of high-volume production lines.
Industrial robots are a type of system used in manufacturing industries. These are programmable, automated, and capable of movement on three or more axis. Furthermore, it is defined as a programmable, mechanical device that performs risky or repetitive activities with a high degree of accuracy on behalf of a person.
They are developed for a variety of applications in the industrial industry, including welding, palletizing, painting, assembling, packing & labelling, pick & place for printed circuit boards, product inspection, and testing.
The impact of COVID-19 pandemic has been positive on the industrial robotics market due to less human interaction activities. This eliminates the need for individual presence and allows the assembly line to work efficiently, reducing personnel risk.
Industrial Robotics Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for collaborative robots across several industry segments is one of the key factors driving the industrial robotics market growth.
- Ongoing shift from manual functioning to automation is expected to boost the industrial robotics market growth in the coming years.
- Rising labor costs and inconveniences of employing manual workforce presents a major challenge. This is likely to hinder the market growth during the forecast period.
- High cost of deployment, especially for small & medium enterprises is anticipated to hamper the industrial robotics market expansion during the projected period.
- Government policies for development of robotics and automation is projected to create significant growth opportunities for the market in the near future.
Scope of Industrial Robotics Market Report
The report on the global industrial robotics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Robotics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Applications (Chemical, Rubber, & Plastics, Food, Metal/Heavy Machinery, Automotive, Electrical/Electronics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mitsubishi Electric Corp.; Panasonic Corp.; YRG, Inc.; ABB Ltd.; Toshiba Machine Pvt. Ltd.; Omron Adept Technologies, Inc.; FANUC Robotics; EPSON Electronics; KUKA Robotics Corp.; and DENSO Corp.
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Industrial Robotics Market Segment Insights
Automotive segment to grow at a rapid pace
Based on applications, the global industrial robotics market is divided into chemical, rubber, & plastics, food, metal/heavy machinery, automotive, electrical/electronics, and others. The automotive segment is expected to grow at a rapid pace during the forecast period owing to job efficiency, safety, and cost-effectiveness. However, the food segment is anticipated to hold a key share of the market in the coming years attributed to the surging demand for fast food and packaged food.
Asia Pacific to constitute a key market share
In terms of regions, the global industrial robotics market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to the concentration on encouragement in domestic manufacturing with the help of automation in the region.
Segments
The global industrial robotics market has been segmented on the basis of
Applications
- Chemical, Rubber, & Plastics
- Food
- Metal/Heavy Machinery
- Automotive
- Electrical/Electronics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Mitsubishi Electric Corp.
- Panasonic Corp.
- YRG, Inc.
- ABB Ltd.
- Toshiba Machine Pvt. Ltd.
- Omron Adept Technologies, Inc.
- FANUC Robotics
- EPSON Electronics
- KUKA Robotics Corp.
- DENSO Corp.
Competitive Landscape
Key players competing in the global industrial robotics market are Mitsubishi Electric Corp.; Panasonic Corp.; YRG, Inc.; ABB Ltd.; Toshiba Machine Pvt. Ltd.; Omron Adept Technologies, Inc.; FANUC Robotics; EPSON Electronics; KUKA Robotics Corp.; and DENSO Corp.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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