An industrial robot is a system used for manufacturing. These robots are automated, programmable, and can move on three or more axes. They can assist in material handling, product inspection & packaging, labeling, and testing. The demand for industrial robots across major application segments such as automotive and electrical and consumer electronics combined with its increasing usage across other sectors.
The global industrial robotics market is estimated to account for US$ 94.1 Mn in terms of value by the end of 2030.
Recent Developments:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 53.5 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 6.7 % | 2030 Value Projection: | US$ 94.1 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. |
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| Restraints & Challenges: |
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Restraint:
Global Industrial Robotics Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. The ongoing COVID-19 pandemic had adversely affected many industries in the countries. This is due to the lockdown imposed by several countries to stop the spread of coronavirus. Furthermore, increased demand for medical equipment has driven the growth of industrial robotics in the equipment manufacturing industry.
Increased demand for ventilators and respirators had also increased the demand for industrial robots. Hence, the global industrial robotics market witnessed high growth during the pandemic.
Figure 1: Global Industrial Robotics Market Share (%), By Region, 2021
Asia Pacific held a dominant position in the global industrial robotics market in 2021
Statistics:
Asia Pacific held a dominant position in the global industrial robotics market in 2021, accounting for 54.1% share in terms of value, followed by North America and Europe respectively.
Figure 2: Global Industrial Robotics Market (US$ Mn) Analysis and Forecast, 2017 - 2030
The global industrial robotics market was valued at US$ 53.5 Mn in 2021 and is expected to reach US$ 94.1 Mn by 2030, growing at a CAGR of 6.7% between 2022 and 2030.
Major players operating in the global industrial robotics market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation
An industrial robot is an automatically controlled, mechanical device used in place of an individual to perform dangerous, error-free, or high-accuracy operations. Industrial robots offer many benefits such as cost reduction, size reduction, improved manufacturing quality, and flexibility. Industrial robotics is in high demand and used in various industries such as automotive, electronics, food & beverages, and many others. According to the International Federation of Robotics (IFR), in 2020, around 1.64 million industrial robots were in operation globally.
The global industrial robotics market is estimated to account for US$ 94.1 Mn in terms of value by the end of 2030.
Market Dynamics
Rapid industrialization and automation is expected to drive industrial robot market growth during forecast period. The increased adoption of industrial robots in many industries such as automotive, manufacturing, food & beverages, machinery industries for automated processes can lead to the increased efficiency, improve safety and minimize human errors. The surveillance and security systems has been improved with the implementation of drones. The industrial robots can deliver high quality product and services and provide better efficiency in the industry. Moreover, several industries are implementing industrial robots solutions in order to reduce labor cost and improve efficiency. These factors are expected to drive the demand for industrial robotics market.
Reduction of duties and increased investments on R&D is expected to boost the global industrial robotics market growth over the forecast period. The global economies especially the neo-develope economies are opening up their markets to import capital goods. The custom duties have gone down to zero percent in many economies such as India and China for used capital goods. However, as old robots are refurbished and exported to neo developed countries such as India, the demand for refurbished robots is expected to hold a dominant position in terms of demands for newer industrial robots. Moreover, many key players are focused on new product development according to customer requirements. For instance, in 2013, Yaskawa Electric Corporation invested 10% of their overall income in the R&D process for developing new products. Therefore, these factors are expected to propel the global industrial robotics market growth over the forecast period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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