The global industrial robotics market was valued at $38,022.1 million in 2020, and is projected to reach $163,029.42 million by 2032, registering a CAGR of 12.6% from 2023 to 2032.
A mechanical device that can be programmed to carry out a variety of activities in production, manufacturing, and other industrial processes is known as an industrial robot. These robots can carry out precise and repeated operations with a high degree of accuracy and efficiency because they are outfitted with sensors, actuators, and sophisticated control systems. They are frequently employed to automate laborious, dangerous, or precise jobs that are challenging for human workers to complete.
Increasing need for automation in non-conventional areas, such as micro-electronics, has fostered the market growth. Hence, an auxiliary channel utilizing industrial robotics has surfaced in recent years. The heavy engineering sector drives the demand for industrial robotics.The global industrial robotics market is impacted by several factors such as usage of industrial robotics in the manufacturing industry, increased demand for automation activities in the industry, reduction in custom duties, and evolving robotics & AI industry.
Rapid changes in the supporting factors, such as disposable income, consumer preference, wireless technologies, and others, have resulted in continuous improvements in specifications and features of industrial robots. Funding from various private and government organizations to support R&D drives industrial robotics market growth.Furthermore, initial investment and maintenance costs of employing robotics systems are high due to the integration of high-quality hardware coupled with efficient software control systems. The high cost of industrial robotics solutions is a major restraint for market growth.
The report provides the market share analysis of the industry participants. The key players have also been profiled along with company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of industrial robotics. The major market participants profiled in this report include KUKA Robotics, Denso, Fanuc, Mitsubishi, and Universal Robots.
The industrial robotics market is segmented into type, end-user industry, function, and region. By type, the market is classified into articulated, cartesian, SCARA, cylindrical, and others. By end-user industry, the market is divided into automotive, electrical and electronics, chemical rubber and plastics, manufacturing, food and beverages, and others. By function, the market is divided into soldering and welding, materials handling, assembling and disassembling, painting and dispensing, milling, cutting, and processing, and others.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Emerging economies in Asia-Pacific and LAMEA have adopted industrial robotics solutions for various professional uses, and this is expected to facilitate faster growth in terms of efficiency. Such factors are expected to offer numerous opportunities for the market growth during the forecast period.
A mechanical device that can be programmed to carry out a variety of activities in production, manufacturing, and other industrial processes is known as an industrial robot. These robots can carry out precise and repeated operations with a high degree of accuracy and efficiency because they are outfitted with sensors, actuators, and sophisticated control systems. They are frequently employed to automate laborious, dangerous, or precise jobs that are challenging for human workers to complete.
Increasing need for automation in non-conventional areas, such as micro-electronics, has fostered the market growth. Hence, an auxiliary channel utilizing industrial robotics has surfaced in recent years. The heavy engineering sector drives the demand for industrial robotics.The global industrial robotics market is impacted by several factors such as usage of industrial robotics in the manufacturing industry, increased demand for automation activities in the industry, reduction in custom duties, and evolving robotics & AI industry.
Rapid changes in the supporting factors, such as disposable income, consumer preference, wireless technologies, and others, have resulted in continuous improvements in specifications and features of industrial robots. Funding from various private and government organizations to support R&D drives industrial robotics market growth.Furthermore, initial investment and maintenance costs of employing robotics systems are high due to the integration of high-quality hardware coupled with efficient software control systems. The high cost of industrial robotics solutions is a major restraint for market growth.
The report provides the market share analysis of the industry participants. The key players have also been profiled along with company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of industrial robotics. The major market participants profiled in this report include KUKA Robotics, Denso, Fanuc, Mitsubishi, and Universal Robots.
The industrial robotics market is segmented into type, end-user industry, function, and region. By type, the market is classified into articulated, cartesian, SCARA, cylindrical, and others. By end-user industry, the market is divided into automotive, electrical and electronics, chemical rubber and plastics, manufacturing, food and beverages, and others. By function, the market is divided into soldering and welding, materials handling, assembling and disassembling, painting and dispensing, milling, cutting, and processing, and others.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Emerging economies in Asia-Pacific and LAMEA have adopted industrial robotics solutions for various professional uses, and this is expected to facilitate faster growth in terms of efficiency. Such factors are expected to offer numerous opportunities for the market growth during the forecast period.
Competition Analysis
Key companies profiled in the industrial robotics market report include ABB Ltd. (ABB Robotics), Daihen Corporation, Denso Corporation (Denso Robotics), Fanuc Corporation, Kawasaki Heavy Industries Ltd., Kuka Robotics Corporation, Mitsubishi, Electric Corporation, Nachi-Fujikoshi Corporation (Nachi Robotic Systems), Panasonic Corporation, Seiko Epson Corporation, Universal Robots A/S, and Yaskawa Electric Corporation.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial robotics market analysis from 2020 to 2032 to identify the prevailing industrial robotics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial robotics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial robotics market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Articulated
- Cartesian
- SCARA
- Cylindrical
- Others
By End user industry
- Automotive
- Electrical and Electronics
- Chemical Rubber and Plastics
- Manufacturing
- Food and Beverages
- Others
By Function
- Soldering and Welding
- Materials handling
- Assembling and Disassembling
- Painting and Dispensing
- Milling, Cutting, and Processing
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- ABB
- FANUC Corporation
- KUKA AG
- Panasonic Corporation
- Seiko Epson Corporation.
- Yaskawa Electric Corporation
- Denso Corporation
- Kawasaki Heavy Industries, Ltd.
- Universal Robots A/S
- NACHI-FUJIKOSHI CORPORATION (NACHI ROBOTIC SYSTEMS, INC.)
- Mitsubishi Electric Corporation
- Daihen Corporation Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL ROBOTICS MARKET, BY TYPE
CHAPTER 5: INDUSTRIAL ROBOTICS MARKET, BY END USER INDUSTRY
CHAPTER 6: INDUSTRIAL ROBOTICS MARKET, BY FUNCTION
CHAPTER 7: INDUSTRIAL ROBOTICS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the industrial robotics market was valued at $38 billion in 2020, and is estimated to reach $163 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.Industrial robots are mechanical devices that can be programmed to perform a wide range of tasks in manufacturing, production, and other industrial processes. Because they are equipped with sensors, actuators, and sophisticated control systems, these robots can perform precise and repetitive tasks with a high degree of accuracy and efficiency. They are typically used to automate time-consuming, hazardous, or precise tasks that are challenging for human employees to execute.
The development of industrial robots has been spurred by significant investment in robotics research and development across a variety of industries. By utilizing cutting-edge technologies, industrial robots can be tailored to meet specific needs, such as cloud-based operation and remote monitoring, as well as effective physical stature for enhanced compatibility with human workforce. Due of severe market competition, major manufacturers have developed low-cost, high-performance robots. Technological advancements enable product designers to produce items that are both unique and innovative and affordably priced. Additionally, small and medium-sized businesses have adopted industrial robots like humanoids more frequently due to their inexpensive cost and enhanced usefulness. Humanoids are energy-efficient robots designed for specialized, dangerous human-exposure tasks. For instance, in June 2023, ABB Robotic announced the expansion of the GoFa cobot family the new variants GoFa 10 and GoFa 12. These cobots are equipped with enhanced efficiency, higher payload capacity, and other features. These robotics solutions are aimed at SMEs to meet their specialized needs, hence boosting their acceptance and growing their client base.
Due to the surge in labor costs in economies with advanced technology, several businesses have incorporated industrial robot solutions to save costs. Industrial robots assist companies in reducing waste and removing issues related to human error. The need for improved goods and services on the global market is driving businesses to use industrial robots solutions. Software can be used to operate these solutions, saving money on labor management and training expenses. Thus, firms are being compelled to deploy automation solutions that promote market expansion due to a lack of skilled people to perform the operations and excessive labor expenses. As a result, these factors are expected to drive industrial robotics market growth throughout the forecast period.
Industrial robot adoption is hampered by their expensive installation costs and complex initial setup requirements. The integration of high-quality hardware with an effective software control system results in high initial investment and maintenance costs for robotics systems. The usage of industrial robotics in the professional and personal use categories is constrained by the large initial investment need. These factors retrain the industrial robotics market growth.
Manufacturing, automotive, infrastructure, agricultural, food and beverage, metals, chemical, rubber and plastics industries are among the main industries that use industrial robotic systems. For those on the low end, who are paid poor wages, the cost of automation wouldn’t be worth it against their wages. Meanwhile, jobs such as data entry and almost any work in delivery or shipping are expected to suffer. According to a report by the Oxford Martin School, automation will threaten 69% of the jobs in India and 77% of the jobs in China, when compared with just 47% of the jobs in the U.S. Hence, this threat has become a great restraint for the growth of industrial robotics market.
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. For instance, In October 2022, ABB Robotic launched the smallest-ever industrial robot IRB1010 to meet smart device demand. The robot is specially designed for electronic gadgets manufacturing industries such as earphones, health trackers, smartwatches, and other devices. In addition, 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 market growth.
Key Market Insights
By type, the articulated segment was the highest revenue contributor to the market and is estimated to reach $69.16 billion by 2032, with a CAGR of 12.2%.By end user industry, the electrical and electronics segment dominated the global industrial robotics market. However, the food and beverages segment is expected to be the fastest-growing segment with a CAGR of 13.6% during the forecast period.
Based on function, the materials handling segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 14.4% during the forecast period.
Based on region, the Asia-Pacific was the highest revenue contributor to the market, and LAMEA is expected to grow at a CAGR of 13.8% during the forecast period.
Companies Mentioned
- ABB
- FANUC Corporation
- KUKA AG
- Panasonic Corporation
- Seiko Epson Corporation.
- Yaskawa Electric Corporation
- Denso Corporation
- Kawasaki Heavy Industries, Ltd.
- Universal Robots A/S
- NACHI-FUJIKOSHI CORPORATION (NACHI ROBOTIC SYSTEMS, INC.)
- Mitsubishi Electric Corporation
- Daihen Corporation Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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