The industrial robotics market is expected to continue to grow in the coming years, the increasing adoption of Industry 4.0, the growing demand for collaborative robots, and the rising labour costs in developed economies are all expected to contribute to market growth.
New York, Nov. 29, 2023 (GLOBE NEWSWIRE) — The global industrial robotics market is projected to experience a Compound Annual Growth Rate (CAGR) of 12.7%, leading to an increase in value from US$36.7 billion in 2023 to US$84.7 billion by the conclusion of 2030. This market encompasses a diverse range of automated systems designed specifically for various manufacturing and industrial applications. These robotic systems are programmable, exhibiting accuracy and efficiency in their operations, often in environments considered hazardous for human workers. Industries such as healthcare, electronics, automotive, and others leverage industrial robotics to optimize production processes, enhance precision, and ensure operational safety.
Several factors contribute to the global expansion of the Industrial Robotics Market. The primary driver is the increasing need for automation across various sectors, stemming from the pursuit of enhanced operational efficiency. Industrial robots facilitate heightened productivity, reduced production costs, and lower error rates.
The continuous evolution of Industry 4.0, characterized by the integration of digital technologies into operational processes, further fuels the demand for sophisticated robotic systems. As labor costs rise in multiple regions, businesses are motivated to invest in industrial automation to achieve reliable and cost-effective production.
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|Market Revenue 2023
|Estimated Revenue 2030
|Growth Rate – CAGR
|2023 to 2030
|No. of Pages
|By Product Type, Industry Type, Application, Region,
| North America, Latin America, Europe, South Asia & Pacific, East Asia,The Middle East & Africa
|Key Companies Profiled
|ABB Ltd., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., Comau SpA, KUKA AG, Fanuc Corporation, Denso Corporation, Kawasaki Heavy Industries, Ltd., Omron Corporation
The industrial robotics market is driven by a multitude of compelling factors that collectively propel its growth and widespread adoption. A primary driver is the escalating need for automation across diverse sectors, fuelled by the relentless pursuit of improved operational efficiency.
Industrial robots, with their programmable capabilities and precision, offer a solution to enhance productivity, reduce production expenses, and minimize error rates in manufacturing processes.
The continuous evolution of Industry 4.0, characterized by the integration of digital technologies into operational workflows, serves as another pivotal driver, increasing the demand for advanced robotic systems capable of adapting to dynamic production demands. Additionally, the market is influenced by the ongoing advancements in artificial intelligence and machine learning integrated into industrial robots, enabling them to navigate complex tasks with heightened adaptability.
As various regions grapple with rising labor costs, the imperative to invest in industrial automation becomes more pronounced, driving companies to seek dependable and cost-effective production solutions. In essence, the market drivers converge to create a landscape where industrial robotics emerges as an indispensable tool for enhancing operational efficiency, productivity, and competitiveness across diverse industries.
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Despite the significant growth and promising prospects of the industrial robotics market, it faces several challenges and restraints that influence its trajectory. One prominent restraint is the high initial costs associated with acquiring and implementing industrial robotic systems.
The substantial investment required for integrating robotics into existing production lines can be a deterrent for small and medium-sized enterprises, limiting their ability to adopt advanced automation technologies. Integration complexities also pose a challenge, as businesses may require skilled technicians to seamlessly incorporate robotic systems into their operational processes. Moreover, concerns about job displacement due to increased automation contribute to hesitancy among companies to fully embrace industrial robotics.
The human element in the workforce remains a critical consideration, necessitating a delicate balance between automation and preserving employment opportunities. Additionally, as industries navigate regulatory landscapes and environmental considerations, compliance requirements may pose hurdles for widespread adoption. Overcoming these restraints requires continued innovation, cost-effective solutions, and strategic approaches that address both technological and socio-economic aspects, ensuring the sustainable and responsible integration of industrial robotics into diverse industries.
The industrial robotics market presents a myriad of opportunities for growth and innovation. With a projected CAGR of 12.7%, the market is poised for significant expansion, creating avenues for businesses to capitalize on this technological wave.
The increasing demand for automation across diverse sectors, including healthcare, electronics, and automotive, opens up substantial opportunities for companies to provide tailored robotic solutions that enhance operational efficiency and productivity.
The ongoing integration of artificial intelligence and machine learning in industrial robots allows for greater adaptability to dynamic production requirements, creating opportunities for businesses to offer cutting-edge, intelligent robotic systems. Industry 4.0’s continuous development, marked by the infusion of digital technologies into operational processes, provides a fertile ground for companies to develop and offer sophisticated robotic solutions that align with the evolving needs of manufacturing environments. Furthermore, the rising labor costs in various regions incentivize businesses to invest in industrial automation, presenting a compelling opportunity for suppliers of robotic systems to address the growing demand for reliable and cost-effective production solutions.
As sensor technologies advance and collaborative robots become more sophisticated, there is an expanding scope for innovative applications, paving the way for companies to explore new markets and establish themselves as leaders in the dynamic landscape of the industrial robotics market.
From an analyst’s perspective, the industrial robotics market presents a dynamic landscape poised for substantial growth. The projected Compound Annual Growth Rate (CAGR) of 12.7%, leading to an anticipated surge from US$36.7 billion in 2023 to US$84.7 billion by 2030, underscores a robust trajectory.
The market’s vitality lies in its diverse applications across sectors, including healthcare, electronics, and automotive, where precision and operational safety are paramount. The integration of artificial intelligence and machine learning into industrial robots reflects a paradigm shift, allowing these systems to adapt to evolving production demands.
Key drivers fuelling this growth include the imperative for enhanced operational efficiency, reduced production costs, and a desire to navigate the complexities of Industry 4.0 through digital integration. As businesses globally grapple with rising labour expenses, the strategic adoption of industrial automation becomes not only a necessity but also a means to achieve reliable and economical production. Moreover, the continual advancements in sensor technologies and the emergence of collaborative robots signal a broader, more interconnected future for the industrial robotics sector, emphasizing its role as a transformative force in modern manufacturing environments.
The industrial robotics market is segmented on the basis of type, end user industry, function, and region.
- Articulated robots: These are the most common type of industrial robot, and they are characterized by their flexible arms and joints. They are used in a wide variety of applications, including welding, painting, assembly, and material handling.
- Cartesian robots: These robots are also known as gantry robots, and they are characterized by their linear movement. They are typically used in applications where precision is important, such as pick-and-place and dispensing.
- SCARA robots: These robots are named for their Selective Compliance Articulated Robot Arm design, and they are characterized by their flexibility in the vertical plane. They are often used in applications where speed and accuracy are important, such as assembly and packaging.
- Cylindrical robots: These robots are also known as polar robots, and they are characterized by their ability to rotate around a fixed axis. They are often used in applications where space is limited, such as welding and drilling.
- Others: This category includes robots that do not fit into any of the other categories, such as collaborative robots (cobots) and humanoid robots.
End User Industry
- Automotive: The automotive industry is the largest user of industrial robots, and it is expected to continue to be a major growth driver for the market. Robots are used in a wide variety of automotive applications, including welding, painting, assembly, and material handling.
- Electronics: The electronics industry is another major user of industrial robots, and it is expected to experience significant growth in the coming years. Robots are used in a wide variety of electronics applications, including circuit board assembly, semiconductor manufacturing, and testing and inspection.
- Food and Beverage: The food and beverage industry is increasingly using industrial robots to automate tasks such as packaging, labeling, and palletizing. This is helping to improve productivity, reduce costs, and ensure food safety.
- Pharmaceuticals: The pharmaceutical industry is also using industrial robots to automate tasks such as dispensing, filling, and packaging. This is helping to improve accuracy, reduce contamination, and ensure product quality.
- Others: Other end user industries that use industrial robots include aerospace, metals, and plastics.
- Welding: Welding is one of the most common applications for industrial robots. Robots can weld with greater precision and speed than humans, and they can also work in hazardous environments.
- Painting: Industrial robots are also used for painting, and they can apply paint with greater precision and consistency than humans. This can help to improve the quality of the finish and reduce waste.
- Assembly: Robots are used to assemble a wide variety of products, from automobiles to electronics. They can perform tasks such as inserting parts, tightening screws, and applying adhesives.
- Material Handling: Robots are used to handle a wide variety of materials, from raw materials to finished products. They can perform tasks such as loading and unloading trucks, moving materials around warehouses, and picking and placing products.
- Others: Other functions performed by industrial robots include drilling, cutting, polishing, and testing.
- Asia Pacific: The Asia Pacific region is the largest market for industrial robots, and it is expected to continue to be a major growth driver for the market. This is due to the strong growth of the automotive and electronics industries in the region.
- Europe: Europe is the second largest market for industrial robots, and it is expected to experience moderate growth in the coming years. This is due to the increasing adoption of automation in the region.
- North America: North America is the third largest market for industrial robots, and it is expected to experience slow growth in the coming years. This is due to the high cost of labor in the region.
- Latin America: Latin America is a small but growing market for industrial robots. The market is expected to experience strong growth in the coming years as the region’s economies develop.
- Middle East and Africa: The Middle East and Africa is a small but emerging market for industrial robots. The market is expected to experience moderate growth in the coming years as the region’s economies develop.
Key Company Developments:
The competitive landscape in the industrial robotics market is characterized by intense competition among players. Players are competing on factors such as price, performance, reliability, and innovation. Some of the key competitive trends in the market include: ABB Ltd., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., Comau SpA, KUKA AG, Fanuc Corporation, Denso Corporation, Kawasaki Heavy Industries, Ltd., Omron Corporation
The Industrial Robotics Market Analysis report highlights several key takeaways, including the following:
- The global industrial robotics market is expected to reach USD 84.7 billion by 2030, growing at a CAGR of 12.7% from 2023 to 2030. This growth is being driven by a number of factors, including the increasing demand for automation and robotics in various industries, such as automotive, electronics, and healthcare.
- Collaborative robots (cobots) are a rapidly growing segment of the industrial robotics market. Cobots are designed to work safely alongside human workers, and they are increasingly being used in a variety of applications, such as assembly, welding, and inspection.
- The adoption of Industry 4.0 technologies is also driving the growth of the industrial robotics market. Industry 4.0 is the trend of integrating digital technologies into manufacturing processes, and it is enabling the development of more sophisticated and intelligent robots.
- The Asia Pacific region is the largest market for industrial robotics, and it is expected to continue to grow at the fastest rate in the coming years. This is due to the strong growth of manufacturing in the region, as well as the increasing adoption of automation and robotics.
In conclusion, the industrial robotics market stands at the forefront of technological innovation and transformative change in various industries. The robust growth forecast, with a projected CAGR of 12.7% from 2023 to 2030, underscores the increasing significance of automation in manufacturing and industrial processes. As the market expands, key players, including industry stalwarts and emerging innovators, are contributing to a competitive landscape characterized by technological advancements and strategic collaborations.
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Originally published at https://www.einpresswire.com/article/671647788/global-industrial-robotics-market-size-worth-84-7-billion-by-2030-at-a-cagr-of-12-7-latest-industry-insights-by-persistence-market-research