Industrial Robotics Market and the Increasing Requirement for Automation Among Manufacturing

Industrial Robotics Market was valued at USD 47.33 Billion in 2022, and is expected to reach USD 103.34 Billion by 2029, exhibiting a CAGR of 11.8 % during the forecast period (2023-2029) The industrial robotics market is influenced by a number of factors, including rapid industrialization and automation, unavailability of skilled human workforce, and rise in labor costs. In addition, emerging growth opportunities in developing nations and recent technological advancements in wireless technologies, and other automated software boost the adoption of industrial robotics across various industries. However, high initial investment in robotic systems restrict the industrial robotics market growth. Each of these factors has its individual impact on the industrial robotics market growth. Surge in demand for industrial robots across different regions and different end users is expected to drive the growth of industrial robotics market during the forecast period. Asia-Pacific is expected to be fastest growing region, contributed by the growth in countries such as Japan, Australia, and New Zealand. China is one of the largest revenue contributors for industrial robots globally. In addition, the demand across major end-user industries, such as automotive and electrical & consumer electronics, combined with escalating usage across other sectors, is expected to supplement growth in the future. However, Europe is expected to witness significant growth due to the contribution of different countries such as Germany, Italy, France, UK, and Spain. In North America, Mexico is expected to hold the highest potential in different application sectors in the coming years. The top winning strategies in the global industrial robotics market are analyzed based on a detailed research of the leading players. Analysis of the recent developments and growth curve of various companies was performed to understand the growth strategies and their effects on the market. Key players were evaluated based on their respective annual reports, SEC filings, and press releases. The key strategies traced from the analysis of recent developments in the industrial robotics market include business expansion, agreement, and product launch.Industrial Robotics MarketTo know about the Research Methodology :- Request Free Sample Report

Industrial Robotics Market Dynamics

High Requirement for Automation to drive the growth of Industrial Robotics Market The Companies have started focusing on automation of operational processes to reduce cost, save time, deliver high-quality products, and increase productivity to meet the stiff competition. And the report has analysed and has covered the direct positive impact of top line of the companies, which have implemented industrial robotics solution partially or fully. The report will give the penetration of industrial robotics in each industry by countries covered. Industrial robots automate the internal processes and reduce workload of employees by working in collaboration with workers for better efficiency. They are used in the manufacturing industry for raw material handling and finished product packing; in factories for spot welding, arc welding, and extracted die castings; and in infrastructure and logistics for project monitoring and reducing human labor. Several companies concentrate on deploying industrial robots for dangerous and hazardous environmental tasks, owing to stringent safety regulations. Escalating need for automation across various industries drives the global industrial robotics market. High Labor Cost and Dearth of Skilled Human Workforce to drive the growth of Industrial Robotics Market Various companies have adopted industrial robotics solutions to save costs due to the ever-increasing costs of labor in developed economies. Industrial robots enable companies to reduce wastage and eliminate chances of faults occurring due to human errors. In the global market, the demand for delivery of improved products & services drives companies toward industrial robotics solutions, which can be operated with the help of software, thereby saving the expense incurred for training and management of labor. Unavailability of skilled labor to manage the processes and high labor costs have enforced companies to adopt automation solutions, which supplement the growth of the Industrial Robotics market. Increase in Investments in R&D Activities to drive the growth of Industrial Robotics Market Heavy investment in various industries for R&D activities on robotics technology has encouraged the use of new and advanced technologies for the development of industrial robots. Industrial robots can be customized to serve specific requirements, such as cloud-based operation and remote monitoring, along with effective physical stature for improved compatibility with human workforce by using innovative technologies. Rapid changes in the supporting factors, such as disposable income, consumer preference, wireless technologies, and others, have resulted into continuous improvements in specifications and features of industrial robots. Funding from various private and government organizations to support R&D drives the Industrial Robotics market growth. For instance, government initiatives, such as launch of civilian research and innovation program in robotics in 2014 and incorporation of SPARC Robotics, a joint platform for robotics companies in Europe, fuel the growth of industrial robotics market. In addition, Made in China 2025 strategy, robotic revolution, eight great technologies, and industry 4.0 are few other examples of robotics associations. Industrial Robotics MarketAvailability of Affordable and Energy-Efficient Robots to drive the growth of Industrial Robotics Market Key players have introduced low-cost and highly efficient robots, owing to stiff competition in the Industrial Robotics market. Technological advancements enable developers to design new and innovative products, while maintaining the affordability of the product. The adoption of industrial robots, such as humanoids, has increased by small and medium businesses, owing to their low cost and enhanced usability. Humanoids are robots that are energy efficient and designed to cater to specific applications that are dangerous for humans. These robotics solutions target SMEs to cater to their specialized demands, thereby expanding the customer base and boosting their adoption. High Initial Investment and Installation Costs to restraint the growth of Industrial Robotics Market High installation cost and integration capabilities required for the initial setup of industrial robots restrain their adoption. Initial investment and maintenance cost of employing robotics systems are high due to the integration of high-quality hardware coupled with efficient software control system. The need for high initial investment limits the use of industrial robotics in the professional and personal use segments. Industrial robotic systems are predominantly used in manufacturing; automotive; infrastructure; agriculture; food & beverage; metals; and chemical, rubber & plastics industries. Industrial Robotics Market Opportunity Increase in Application Areas to Create Lucrative Opportunity for Industrial Robotics Market Growth Earlier, the use of industrial robots was restricted to the automotive and manufacturing industries; however, industries such as food & beverage, metals, chemical & material industries, aerospace, and electronics have deployed industrial robots. Increase in demand from the food & beverages sector for raw material handling, packing finished products, and logistics has increased the sales of industrial robots. The precision & optics sectors use robots for analysis of a variety of food products on the basis of quality, composition, and authenticity. In the future, the adoption of robotics technology is expected to increase further, leading to the Industrial Robotics market growth. Growth in Emerging Economies to Create Lucrative Opportunity for Industrial Robotics Market Growth Emerging economies in Asia-Pacific and South America and Middle East and Africa have adopted industrial robotics solutions for various professional uses, and this is expected to facilitate faster growth in terms of efficiency. For instance, India has taken an initiative to support the growth of industrial robotics by introduction of Robotics 2 under Make in India campaign. Moreover, the robot revolution program is being implemented by Japan for expansion of robotics. The implementation of industrial robotics in agriculture, construction, and logistics sectors is also expected to strengthen the infrastructure of these economies. Evolving Robotics and AI Industry to Create Lucrative Opportunity for Industrial Robotics Market Growth The current-age industrial robots are complex in design, which increases the development cost of end products. The market is witnessing enhancements in robotics industry such as growth in number of stakeholders, improvement in automation technology, and developments in artificial intelligence (AI). As a whole, these factors together would contribute to the overall cost reduction of robot development. The increased production of industrial robotics is further expected to help to reduce cost pressures due to the impact of economies of scale. The increasing customization options in commercial industrial robots would further drive the Industrial Robotics market growth.

Industrial Robotics Market Segment Analysis

Based on Type, the industrial robotics market is segmented into articulated, Cartesian, SCARA, cylindrical, and other types of industrial robots. The articulated robots segment is expected to hold the major industrial robotics market share during the forecast period, owing to technological innovation, which has increased its flexibility to perform multiple functions and payload capability. Articulated robots are based on three rotary joints, thereby resembling the movements similar to the human hand, and can be fixed or moving as per requirement. These robots are able to operate in spherical space. These robots are highly advantageous in manufacturing industry for pick & assembling operations. An articulated robot can be used for various applications such as such as welding, material handling, & dispensing, among others. These robots can optimize warehouse operations through improved speed and accuracy, and are popular for their longevity. Based on Function, the industrial robotics market is segmented into soldering & welding; material handling; assembling & disassembling; painting & dispensing; milling, cutting, and processing; and others. Material handling is the largest segment by function, in terms of revenue, in the industrial robotics market. Currently, it accounts for over one-third of the global industrial robotics market and is expected to remain the largest segment during the forecast period, thanks to increase in demand for industrial robots in materials handling function. All types of goods, including small, medium, and large, are stored in warehouses & manufacturing units in massive volumes. These goods are placed in large racks with heights and are navigated through warehouse management system (WMS). To place and sort these goods, material handling is performed by robots. This has made the functioning faster, safer, and more productive. These factors drive growth of this segment in industrial robotics market. Based on End-Use Industry, the industrial robotics market is segmented into automotive; electrical & electronics; chemical, rubber & plastics; machinery; metals; food & beverages; precision & optics; and others. The automotive industry is the largest end-user segment in the global industrial robotics market. Currently, it accounts for 43.9% of the global industrial robotics market. However, the segment is expected to witness low growth thanks to slowdown in the automotive industry and thus grow at a CAGR of 8.9% during the forecast period. Loading and unloading of heavy goods, precision in handling, and quick assembling–dissembling drive the demand for industrial robotics in the automotive industry. The automotive industry includes companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's most important economic industry by revenue and the largest user of industrial robots.

Industrial Robotics MarketIndustrial Robotics Market Regional Insights

Technological advancements, particularly in the developing regions of Asia-Pacific and South America and Middle East and Africa, coupled with increased investments in education and research infrastructure across both the regions, propel the industrial robotics market. In addition, increase in demand for refurbished and customized robots, especially in North America and Europe, and rapid growth in food & beverages industry, thanks to change in lifestyles across the world, boost the industrial robotics market growth. The dominance of Asia-Pacific in the industrial robotics market is expected to continue over the forecast period, followed by North America and Europe. Asia-Pacific is the most populous region, which includes countries such as China, India, Japan, Taiwan, and Australia, and it has invested heavily in R&D activities, thereby boosting the industrial robotics market growth. Growth in demand for plastic products and plastic materials in end-user Asia-Pacific industrial robotics market and technological advances fuel the growth. The Asia Pacific industrial robotics market is further supplemented by increase in demand in electronics, automobile, construction, and chemical industries. Thus, these factors ensure the region’s dominance in the industrial robotics market from 2013 to 2020. Increase in adoption of automated systems in the growing food & beverage, logistics, pharmaceutical, and other sectors; improved & safe working conditions; and technological advancements foster the demand for packaging robots in this region. The Indian government emphasizes on safety and security on the production floor, which accelerates the growth of the packaging robots market. Moreover, China is one of the biggest robot markets in the world. Enterprises invest heavily in industrial robots to remain competitive and reduce their operational costs, thereby driving industrial robotics market growth. Increase in technological advancements, coupled with growth in nanotechnology and other segments, is expected to boost the growth in North America. Furthermore, growth in polymer, semiconductors manufacturing, and fiber-optics industries is expected to fuel the industrial robotics market growth. The key factor that drives the North American industrial robotics market is the rise in need for automation. Companies are automating their processes at a rapid pace to meet the increasing industrial robotics market demand. In addition, rise in cost of manufacturing labor provides an impetus to the companies towards the adoption of industrial robots. In addition, growth in e-commerce industry presents opportunities for the industrial robotics market players. Rise in demand for better biomedical and healthcare services by the aging European population, coupled with rising demand from end-user industries such as semiconductors manufacturing, polymers, metallurgy, and fiber optics, is expected to fuel the growth of industrial robotics in this region. The industrial robotics market is expected to exhibit moderate growth in the coming years thanks to growth in the ecommerce industry. Recent boom in e-commerce has increased the demand for these automated systems.

Industrial Robotics Market Scope: Inquire before buying

Industrial Robotics Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 47.33 Bn.
Forecast Period 2023 to 2029 CAGR: 11.8% Market Size in 2029: US $ 103.34 Bn.
Segments Covered: by Type 1. Articulated 2. Cartesian 3. SCARA 4. Cylindrical 5. Others
by Function 1. Automotive 2. Electrical & Electronics 3. Chemical, Rubber & Plastics 4. Machinery 5. Metals 6. Food & Beverages 7. Precision & Optics 8. Others
by End-Use Industry 1. Soldering & Welding 2. Materials Handling 3. Assembling & Disassembling 4. Painting & Dispensing 5. Milling, Cutting, & Processing 6. Others

Industrial Robotics Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Industrial Robotics Market, Key Players are

1. Daihen Corporation 2. Denso Corporation 3. Epson America, Inc. 4. Fanuc Ltd. 5. Kawasaki Heavy Industries Ltd. 6. KUKA Robotics Corporation 7. Mitsubishi Electric Corporation 8. Nachi Robotic Systems, Inc. 9. Panasonic Corporation 10. Universal Robotics 11. Yaskawa Electric Corporation 12. ABB Ltd. 13. Robofusion 14. Kobelco Paint Robot 15. Kobe Steel Limited Frequently Asked Questions: 1] What is the growth rate of the Global Market? Ans. The Global  Market is growing at a significant rate of 11.8% during the forecast period. 2] Which region is expected to have the highest growth rate in the Global Market? Ans. The Asia Pacific region is expected to hold the highest growth rate in the Market during the forecast period. 3] What is the market size of the Global  Market by 2029? Ans. The market size of the  Market by 2029 is expected to reach USD 103.34 Bn. 4] What are the major key players of the Global Market? Ans. The major key players of the Global Market are Daihen Corporation, Denso Corporation, Epson America, Inc., Fanuc Ltd., and Kawasaki Heavy Industries Ltd. 5] What factors are driving the growth of the Global  Market in 2022? Ans. High requirement for automation and high labor cost and dearth of skilled human workforce are the major factors expected to drive the Global  Market during the forecast period.
1. Global Industrial Robotics Market Size: Research Methodology 2. Global Industrial Robotics Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Industrial Robotics Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Industrial Robotics Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Industrial Robotics Market Size Segmentation 4.1. Global Industrial Robotics Market Size, by Type (2023-2029) • Articulated • Cartesian • SCARA • Cylindrical • Others 4.2. Global Industrial Robotics Market Size, by Function (2023-2029) • Automotive • Electrical & Electronics • Chemical, Rubber & Plastics • Machinery • Metals • Food & Beverages • Precision & Optics • Others 4.3. Global Industrial Robotics Market Size, by End-Use Industry (2023-2029) • Soldering & Welding • Materials Handling • Assembling & Disassembling • Painting & Dispensing • Milling, Cutting, & Processing • Others 5. North America Industrial Robotics Market (2023-2029) 5.1. North America Industrial Robotics Market Size, by Type (2023-2029) • Articulated • Cartesian • SCARA • Cylindrical • Others 5.2. North America Industrial Robotics Market Size, by Function (2023-2029) • Automotive • Electrical & Electronics • Chemical, Rubber & Plastics • Machinery • Metals • Food & Beverages • Precision & Optics • Others 5.3. North America Industrial Robotics Market Size, by End-Use Industry (2023-2029) • Soldering & Welding • Materials Handling • Assembling & Disassembling • Painting & Dispensing • Milling, Cutting, & Processing • Others 5.4. North America Industrial Robotics Market, by Country (2023-2029) • United States • Canada • Mexico 6. Europe Industrial Robotics Market (2023-2029) 6.1. Europe Industrial Robotics Market, by Type (2023-2029) 6.2. Europe Industrial Robotics Market, by Function (2023-2029) 6.3. Europe Industrial Robotics Market, by End-Use Industry (2023-2029) 6.4. Europe Industrial Robotics Market, by Country (2023-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific Industrial Robotics Market (2023-2029) 7.1. Asia Pacific Industrial Robotics Market, by Type (2023-2029) 7.2. Asia Pacific Industrial Robotics Market, by Function (2023-2029) 7.3. Asia Pacific Industrial Robotics Market, by End-Use Industry (2023-2029) 7.4. Asia Pacific Industrial Robotics Market, by Country (2023-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa Industrial Robotics Market (2023-2029) 8.1. Middle East and Africa Industrial Robotics Market, by Type (2023-2029) 8.2. Middle East and Africa Industrial Robotics Market, by Function (2023-2029) 8.3. Middle East and Africa Industrial Robotics Market, by End-Use Industry (2023-2029) 8.4. Middle East and Africa Industrial Robotics Market, by Country (2023-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. South America Industrial Robotics Market (2023-2029) 9.1. South America Industrial Robotics Market, by Type (2023-2029) 9.2. South America Industrial Robotics Market, by Function (2023-2029) 9.3. South America Industrial Robotics Market, by End-Use Industry (2023-2029) 9.4. South America Industrial Robotics Market, by Country (2023-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. Daihen Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Denso Corporation 10.3. Epson America, Inc. 10.4. Fanuc Ltd. 10.5. Kawasaki Heavy Industries Ltd. 10.6. KUKA Robotics Corporation 10.7. Mitsubishi Electric Corporation 10.8. Nachi Robotic Systems, Inc. 10.9. Panasonic Corporation 10.10. Universal Robotics 10.11. Yaskawa Electric Corporation 10.12. ABB Ltd. 10.13. Robofusion 10.14. Kobelco Paint Robot 10.15. Kobe Steel Limited

About This Report

Report ID 24917
Category Automation & Process Control
Published Date June 2023
Updated Date
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