Overview and Scope
Industrial robots refer to programmable, mechanical devices used in place of people to perform dangerous or repetitive tasks with a high degree of accuracy. A robot has its own control system and is not controlled by a machine.
Sizing and Forecast
The industrial robots market size has grown rapidly in recent years. It will grow from $52.97 billion in 2023 to $59.07 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to rise in economic growth, labor shortage, and government support.
The industrial robots market size is expected to see rapid growth in the next few years. It will grow to $89.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to covid-19 pandemic, rise in healthcare expenditure, growth in the industrial sector, mergers and acquisitions to drive innovations, and increasing investments. Major trends in the forecast period include companies should focus on manufacturing collaborative robots to be a leader in the market, invest in the latest artificial intelligence technology to achieve higher sales and profitability, focus on cloud robots to increase the demand for industrial robots by various end-user industries, invest in the latest customized robots using machine learning and other technologies, and should consider adopting robotics and automation technology to increase productivity and improve process efficiencies.
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Segmentation & Regional Insights
The industrial robots market covered in this report is segmented –
1) By Product Type: Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, Scara Robots, and Others
2) By Application: Pick And Plane, Wielding And Soldering, Material Handling, Assembling, Cutting And Processing, and Others
3) By End-User Industry: Automotive, Electrical And Electronics, Healthcare & Pharmaceuticals, Food & Beverages, Rubber & Plastics, Metals & Machinery, and Others
Asia-Pacific was the largest region in the industrial robots in 2023. Western Europe was the second largest region in the global industrial robots market. The regions covered in the industrial robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The shortage of skilled workers is contributing to the growth of the industrial robot’s market. There is an increase in production requirements, and due to high demand manufacturers are not able to fulfill the supply due to a shortage of skilled labor. A shortage of skilled labor exists due to two main reasons, the presence of unskilled workers and skilled workers not available for work. According to the Bureau of Labor Statistics, as of August 2023, the US economy had a shortage of almost 600,000 stable manufacturing jobs waiting to be filled in manufacturing businesses nationwide. Producers to maintain a high supply, are thus opting for the installation of robots. Industrial robots increase the overall productivity, efficiency, and effectiveness of the company. Therefore, the shortage of labor gives rise to other opportunities for the addition of robots to the workforce.
Key Industry Players
Major companies operating in the industrial robots market report are ABB Ltd, Fanuc Corporation, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., KUKA AG, Qjar – Evs, Denso Corporation, Proviti, Siasun, Rinf.tech, Wandelbots, Estun, Effort, JAKA, MIP robotics, Epson India, Omron Corp, Zipline, Enviropro, Mabru, Nachi Fujikoshin, Servnews, Agile Robots, Youibot, Multivac UK, Fruitcore Robotics, Arus Defence, Campetella Robotic Centre, Seiko Epson, Codian Robotics B.V, Mech-Mind Robotics, Bluewrist Inc, Yuanda Robotics, I robots, Mecademic, Simplex Robotics, Schubert UK Ltd, Waypoint Robotics, Caionix, Boston Dynamics, Reliable Robotics LLC
The industrial robots market report table of contents includes:
1. Executive Summary
2. Industrial Robots Market Characteristics
3. Industrial Robots Market Trends And Strategies
4. Industrial Robots Market – Macro Economic Scenario
5. Global Industrial Robots Market Size and Growth
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32. Global Industrial Robots Market Competitive Benchmarking
33. Global Industrial Robots Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Robots Market
35. Industrial Robots Market Future Outlook and Potential Analysis
36. Appendix
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