Robotic Arm Market Report 2024

The robotic arm market size has grown rapidly in recent years. It will grow from $31.66 billion in 2023 to $36.93 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth during the historical period was driven by the expansion of industrial automation, which heightened the need for robotic arms. There was also a noticeable increase in demand for robotics in warehouses, aimed at streamlining operations and accommodating the demand for advanced robotic solutions.

The robotic arm market size is expected to see rapid growth in the next few years. It will grow to $69.16 billion in 2028 at a compound annual growth rate (CAGR) of 17%. Anticipated growth in the forecast period is primarily attributed to the widespread adoption of robotic arms in manufacturing processes, promising enhanced efficiency, precision, and speed in production. This period is characterized by increased productivity and cost-effectiveness due to automation across various sectors, notably automotive and e-commerce. Key trends expected in this period include the growing complexity of manufacturing processes, continuous technological advancements in robotics, the evolution of advanced technological infrastructure, the integration of robotic arms in healthcare, and the rising trend of technological convergence.

The growth of the robotic arm market is anticipated to be driven by the expanding e-commerce industry. E-commerce involves the online buying and selling of goods and services, revolutionizing business-consumer interactions with its convenience, accessibility, and global reach. This growth is fueled by the widespread adoption of smartphones, internet connectivity, and a diverse array of online products. Robotic arms play a pivotal role in optimizing supply chain and logistics operations within e-commerce, enabling more efficient inventory management, reduced operational costs, and increased productivity. In 2023, e-commerce sales in the United States were projected to reach $1.11 trillion, marking a 7.6% increase from 2022, with e-commerce accounting for 15.4% of total sales compared to 14.7% in 2022.

Leading companies in the robotic arm market are concentrating on innovating their product offerings, including collaborative robots (cobots), to gain a competitive edge. Cobots are designed to work alongside human operators, enhancing efficiency across various industrial environments. For example, Universal Robots introduced the UR20 cobot in 2021, featuring a 20kg payload capacity and 1.75m reach. Equipped with advanced safety features such as force-sensing technology and intuitive programming, the UR20 is suited for diverse applications such as material handling and machine tending. Its capabilities include up to 30% enhanced speed and torque, advanced motion control, and user-friendly interfaces.

In April 2024, WALTER Surface Technologies, a US-based manufacturer of abrasives and power tools, acquired PushCorp Inc., a company specializing in robotic arms for the automotive and aerospace sectors. This acquisition underscores WALTER Surface Technologies' strategic move to broaden its portfolio in robotic equipment and force control devices, catering to industrial customer needs.

Major companies operating in the robotic arm market are LG Electronics Inc., Panasonic Corporation, Mitsubishi Electric Corporation, ABB Ltd., Kawasaki Heavy Industries Ltd., Seiko Epson Corporation, Omron Corporation, FANUC America Corporation, Yaskawa Electric Corporation, Kuka AG, Nachi-Fujikoshi Corp., Stäubli International AG, Comau, Universal Robots A/S, Boston Dynamics, SoftBank Robotics America Inc., Flexiv Robotics Inc., Franka Robotics GmbH, Dobot, Gridbots Technologies Private Limited, DENSO WAVE INCORPORATED, EVS Tech Co. LTD.

North America was the largest region in the robotic arm market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the robotic arm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the robotic arm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A robotic arm is a mechanical tool designed to perform precise and skillful tasks, imitating the movements of a human arm. It comprises multiple segments connected by joints, allowing it to articulate and maneuver in diverse directions.

There are several types of robotic arms, including articulated, cartesian, SCARA (Selective Compliance Articulated Robot Arm), spherical or polar, cylindrical, and others. An articulated robotic arm is flexible with rotary joints, enabling movement similar to a human arm. These arms vary in payload capacity, categorized as less than 500 kilograms (kg), 500-3000 kilograms (kg), and 3001 kilograms (kg) and above. They also feature different axes configurations such as 1-axis, 2-axis, 3-axis, 4-axis, 5-axis, 6-axis, and 7-axis. Robotic arms find application across various industries including automotive, electrical and electronics, metals and machinery, plastics and chemicals, food and beverages, for tasks such as material handling, cutting and processing, soldering and welding, assembling and disassembling, among others.

The robotic arm market research report is one of a series of new reports that provides robotic arm market statistics, including robotic arm industry global market size, regional shares, competitors with a robotic arm market share, detailed robotic arm market segments, market trends and opportunities, and any further data you may need to thrive in the robotic arm industry. This robotic arm market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The robotic arm market consists of sales of hybrid robotic arms, mobile robotic arms, collaborative robotic arms, and parallel robotic arms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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