Industrial Robots Global Market Opportunities and Strategies to 2033

This report describes and explains the industrial robots market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global industrial robots market reached a value of nearly $57.34 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.60% since 2018. The market is expected to grow from $57.34 billion in 2023 to $122.46 billion in 2028 at a rate of 16.39%. The market is then expected to grow at a CAGR of 10.47% from 2028 and reach $201.51 billion in 2033.

Growth in the historic period resulted from rising labor costs or labor shortages, rise in healthcare expenditure, growth in the industrial sector and growing e-commerce and retail industries. Factors that negatively affected growth in the historic period include lack of awareness, lack of skilled labor and high failure rates.

Going forward, increasing government initiatives, increasing demand for automation in industries, rising urbanization, strong economic growth in emerging markets and increasing adoption of industry 4 model will drive the market. Factors that could hinder the growth of the industrial robots market in the future include high costs for installation.

The industrial robots market is segmented by product type into articulated robots, linear robots, cylindrical robots, parallel robots, SCARA robots and other product types. The articulated robots market was the largest segment of the industrial robots market segmented product type, accounting for 37.94% or $21.75 billion of the total in 2023. Going forward, the SCARA robots segment is expected to be the fastest growing segment in the industrial robots market segmented product type, at a CAGR of 16.40% during 2023-2028.

The industrial robots market is segmented by application into welding and soldering, material handling, assembling, mining, cutting and processing, painting and dispensing and other applications. The material handling market was the largest segment of the industrial robots market segmented by application, accounting for 41.01% or $23.51 billion of the total in 2023. Going forward, the material handling segment is expected to be the fastest growing segment in the industrial robots market segmented by application, at a CAGR of 18.33% during 2023-2028.

The industrial robots market is segmented by end-user into automotive, electrical and electronics, food and beverages, chemical, rubber and plastics, metals and machinery and other end-user industries. The electrical and electronics market was the largest segment of the industrial robots market segmented by end-user, accounting for 31.26% or $17.92 billion of the total in 2023. Going forward, the other end-user industries segment is expected to be the fastest growing segment in the industrial robots market segmented by end-user, at a CAGR of 18.13% during 2023-2028.

Asia-Pacific was the largest region in the industrial robots market, accounting for 71.11% or $40.78 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the industrial robots market will be Asia-Pacific and North America, where growth will be at CAGRs of 17.19% and 16.17% respectively. These will be followed by South America and Western Europe, where the markets are expected to grow at CAGRs of 13.27% and 13.08% respectively.

The global industrial robots market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 32.07% of the total market in 2023. ABB Ltd. was the largest competitor with a 6.35% share of the market, followed by Omron Corporation with 4.30%, Mitsubishi Electric Automation Inc. with 4.16%, Hyundai Robotics with 3.20%, Yaskawa America Inc. with 2.94%, Stäubli International AG. with 2.65%, Kawasaki Heavy Industries Ltd. with 2.57%, KUKA AG with 2.26%, Comau SpA with 1.87% and DENSO WAVE INCORPORATED with 1.78%.

The top opportunities in the industrial robots market segmented by product type will arise in the articulated robots segment, which will gain $24.73 billion of global annual sales by 2028. The top opportunities in the industrial robots market segmented by application will arise in the material handling segment, which will gain $31.03 billion of global annual sales by 2028. The top opportunities in the industrial robots market segmented by end-user will arise in the electrical and electronics segment, which will gain $19.16 billion of global annual sales by 2028. The industrial robots market size will gain the most in China at $16.55 billion.

Market-trend-based strategies for the industrial robots market include focus on technological advancements to develop cobots to leverage a competitive edge in the market, developing innovative controller architecture features for industrial robots, prioritizing the development of advanced robotics education programs featuring customizable solutions, deploying ultra-compact industrial robots to optimize operations within limited spaces, maximizing the utilization of floor space in manufacturing facilities and introduction of next-gen optimization service solutions for industrial robots.

Player-adopted strategies in the industrial robots market include focus on strengthening business operations through new product developments, focus on expanding business capabilities through strategic partnerships, focus on enhancing business operations by introducing new product lines and focus on expanding operational and business presence through new product developments.

To take advantage of the opportunities, the analyst recommends the industrial robots companies to focus on technological advancements in cobots, focus on innovative controller architecture, focus on innovative solutions for industrial automation, focus on advanced robotics education programs, focus on deploying ultra-compact industrial robots, focus on introducing next-gen optimization services, focus on articulated robots segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on targeting the electrical and electronics end-user segment and focus on material handling applications.