Industrial Robotics Market to Reach US$ 94.1 Mn by 2030 - Coherent Market Insights

The Global Industrial Robotics Market was valued at US$ 53,5 Million in 2021 and is expected to surpass US$ 94.1 Million by 2030, registering a CAGR of 6.7% during the forecast period (2022-2030), according to the Global Industrial Robotics Market, By Type (Cartesian, Articulated, Cylindrical, SCARA and Others), By Industry (Electrical & Electronics, Automotive, Machinery, Chemical, Rubber & Plastics, Food & Beverages, Metals, Precision & Optics and Others), By Function (Materials Handling, Milling, Cutting and Processing, Soldering and Welding, Painting and Dispensing, Assembling & Disassembling and Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.

An industrial robot is an automatically controlled, mechanical device used in place of an individual to perform dangerous or repetitive tasks with high accuracy. Industrial robots can manipulate products quickly and delicately in applications such as pick and place from conveyor line to packaging. Its typical applications include welding, printing, painting, assembly, disassembly, product inspection, packaging, palletizing, and testing. 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

Key Developments

1. In March 2022, FANUC, a provider of automation products and services such as robotics and computer numerical control wireless systems, launched the new CRX-25iA, CRX-20iA/L, and CRX-5iA collaborative robots. Modern CRX cobots provide a balance to FANUC's CR and CRX cobot product line, which includes 11 cobot model variations to handle goods weighing 4 kg to 35 kg.

Global Industrial Robotics Market - Impact of Coronavirus (Covid-19) Pandemic:

Due to the COVID-19 pandemic, players operating in the manufacturing industry have witnessed a significant shift in their business. Non-availability of labor and issues in the transportation of goods had increased the demand for industrial robots in the manufacturing industry. For instance, in March 2020, according to Coherent Market Insights, 140 million migrant people returned to their native hometowns from cities, due to the shortage of labor, there was a huge demand for industrial robots in order to minimize the cost of manpower and save time for each operation.

To minimize the transmission of viruses companies were using these robotics in order to contain the spread of coronavirus. Hence, the global industrial robotics market witnessed high growth during the pandemic.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/industrial-robotics-market-4175

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Key Trends and Analysis of the Global Industrial Robotics Market:

• Major market players are focused on research and development activities, in order to gain a significant edge in the market. For instance, in February 2014, Denso Corporation introduced offline programming software and Enhanced Multi-robot simulation. In August 2013, Epson introduced the Epson C4 and Epson C4L 6 Axis robots. These robots operate with faster speed and have more payload capability.

• Key companies are focused on geographical expansion, in order to enhance the market presence. For instance, in March 2014, KUKA Robotics Corporation inaugurated a new production facility in Shanghai. The production facility has the capacity to produce 5000 robots in a year.
• Major companies 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.