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Industrial Robotics Market

Market Study on Industrial Robotics: Studying Various Industrial Robotics Structure and Emerging Technologies, PMR Indicates a Myriad Revenue Generation Opportunities for Participants in the Industrial Robotics Industry

A Detailed Analysis of the Industrial Robotics Market Based on Astounding Technological Advancements, New Product Launches, Rapid Improvements in Manufacturing, and Influence of Industry 4.0 Adoption Across Industrial Sector

Industrial Robotics Market

The global industrial robotics market is forecast to expand at a CAGR of 12.7% and thereby increase from a value of US$36.7 Bn in 2023 to US$84.7 Bn by the end of 2030.

Attributes

Key Insights

Industrial Robotics Market Size (2023E)

US$36.7 Bn

Projected Market Value (2030F)

US$84.7 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

12.7%

Historical Market Growth Rate (CAGR 2018 to 2022)

10.4%

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Market Introduction and Definition

The market for industrial robotics comprises an extensive variety of automated systems that are specifically engineered for a wide array of manufacturing and industrial purposes. Programmable and capable of performing duties with accuracy and efficacy, frequently in hazardous environments for human workers, are these robotic systems. Industrial robotics is utilized in sectors including healthcare, electronics, automotive, and electronics to optimize production processes, improve precision, and guarantee operational safety.

Industrial robots of the twenty-first century incorporate artificial intelligence and machine learning because of technological progress, allowing them to adjust to fluctuating production demands. The market's importance resides in its capacity to bring about a paradigm shift in manufacturing environments through the enhancement of workflows and resource allocation.

Multiple factors contribute to the expansion of the worldwide industrial robotics market. The increasing need for automation in various sectors, driven by the pursuit of improved operational efficiency, is the primary driver behind the widespread implementation of industrial robotics. These machines facilitate enhanced productivity, diminished production expenses, and reduced error rates.

Furthermore, the continuous development of Industry 4.0, which entails the incorporation of digital technologies into operational procedures, increases the demand for sophisticated robotic systems. Various regions are escalating labor expenses, providing additional motivation for companies to invest in industrial automation in order to achieve dependable and economical production.

The ongoing progressions in sensor technologies and the creation of collaborative robots capable of operating in conjunction with human laborers significantly contribute to the broadening reach and desirability of the industrial robotics sector worldwide.

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Market Growth Drivers

Widening Focus on Enhanced Operational Efficiency

The pursuit of enhanced operational efficiency primarily drives the increasing need for automation. There is perpetual pressure on industries, including but not limited to the automotive and electronics sectors, to optimize their production workflows. Industrial robots provide a revolutionary resolution by carrying out assignments with a degree of accuracy and consistency that is challenging to attain via manual labor, owing to their precision and velocity.

This phenomenon not only results in increased productivity but also guarantees a decrease in errors, consequently enhancing the overall quality of the product. The cost reductions generated by automation are a critical determinant for businesses aiming to sustain competitiveness in the ever-changing markets of the twenty-first century.

Moreover, with the widespread adoption of Industry 4.0 principles on a global scale-defined as the integration of digital technologies into conventional industrial operations-the need for automation escalates even further. Industry 4.0 prioritizes the incorporation of intelligent technologies into manufacturing environments, including artificial intelligence (AI), data analytics, and the Internet of Things (IoT).

As integral elements of this paradigm shift, industrial robots acquire intelligence and interconnectivity, enabling them to respond to ever-changing production demands effectively. The connectivity provided not only enables predictive maintenance but also facilitates real-time monitoring and control of manufacturing processes, thereby reducing downtime, and bolstering overall operational resilience.

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Market Restraints

Prohibitive Costs of Industrial Robots

Industrial robots present a significant entrance barrier for enterprises investigating automation solutions due to the substantial expenses entailed in their procurement, installation, and programming. The initial capital outlay encompasses not only the procurement of robotic hardware but also expenditures associated with personnel training, system integration, and potential facility adaptations to accommodate the novel technology.

Such financial obligations may be unaffordable for numerous organizations, particularly those operating in emerging markets or facing financial constraints; as a result, their capacity to leverage the benefits of industrial automation is hindered.

Intricate Programming, and Complex Manufacturing

A significant challenge faced by the global industrial robotics market is the complex process of programming and modifying robotic systems in order to accommodate diverse manufacturing operations. Despite the widespread recognition and utilization of industrial robotics for their precision and efficiency, undertakings to automate operations are confronted with a significant challenge posed by the intricate programming demands associated with configuring these machines to perform an array of duties.

The programming challenge arises as a result of the necessity to customize robotic systems in order to perform specific tasks within a manufacturing environment. The importance of adaptable and easily programmable robotics grows in tandem with the diversification of industrial production processes, which requires application-specific programming.

The issue is additionally compounded by the limited availability of skilled personnel in industrial robot programming, leading to additional delays and increased costs during the integration phase.

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Opportunities

Repetitive Conditions in Autonomous Labor

An advantageous factor influencing the course of the worldwide Industrial Robotics Market is the increasing focus on collaboration between humans and robots, which enables diverse sectors to explore novel opportunities for enhanced efficiency and adaptability. By capitalizing on the respective capabilities of human laborers and robotic systems, this cooperative methodology generates synergies that amplify overall efficiency and lay the groundwork for groundbreaking implementations.

The industrial robotics market stands to gain significantly from human-robot collaboration, particularly as sectors acknowledge the potential to enhance task efficacy and tackle intricate operations. Collaborative robots, commonly known as cobots, are engineered to operate in conjunction with human workers, thereby enabling the smooth incorporation of automation into pre-existing processes.

By utilizing robotics to perform laborious or repetitive duties, this collaborative paradigm cultivates a production environment that is both flexible and adaptable. As a result, human employees are able to concentrate on more complex and cognitive components of their work. Cobots are being increasingly implemented in sectors including healthcare, manufacturing, and logistics in an effort to optimize processes, reduce the fatigue associated with manual labor, and enhance workplace safety.

Collaborative robots' capacity to function in close proximity to humans without requiring substantial safety precautions renders them highly suitable for scenarios in which interaction between humans and robots is vital. This represents a critical opportunity for the growth of the market.

Moreover, the emergence of collaborative robotics is consistent with the overarching pattern of augmenting the interaction between humans and machines by means of cutting-edge technologies such as machine learning (ML), and Artificial Intelligence (AI). These technologies facilitate the learning and adaptation of robotics to dynamic environments, thereby augmenting their capacity for collaboration.

Analyst’s Viewpoint

The industrial robotics market is anticipated to undergo substantial expansion and change. The increasing integration of automation across various industries is a confluence of factors that position the global industrial robotics market for robust growth. A significant factor in this expansion is the unrelenting endeavor to enhance operational efficiency across industries globally. In the pursuit of cost reduction, productivity enhancement, and production process optimization, industrial robotics adoption transcends mere preference and assumes the status of a strategic imperative.

The capacity of industrial robots to execute duties with accuracy, velocity, and uniformity corresponds to the contemporary industrial environment's need for efficient and adaptable production. The interplay between manufacturers and consumers significantly influences the dynamics of the market. In addition to prioritizing the production of state-of-the-art robotic hardware, manufacturers are progressively providing all-encompassing solutions that encompass intuitive programming, user-friendly interfaces, and continuous support.

The transition towards offering a comprehensive bundle cultivates a mutually beneficial association in which customers not only acquire a product but also make an investment in a collaborative alliance that guarantees the smooth incorporation and ongoing effectiveness of industrial robots. By adopting this collaborative approach, manufacturers are able to elevate customer satisfaction, cultivate enduring relationships, and establish themselves as strategic allies in the automation voyage of their clients.

Moreover, the trajectory of the market is closely intertwined with continuous advancements in domains such as collaborative robotics and human-robot interaction. The focus on developing collaborative robotics capable of augmenting human labor, thereby improving safety and productivity, presents novel opportunities for market growth. By enhancing the capabilities of human laborers, the collaborative model not only mitigates labor shortages but also establishes a relationship of synergy that will shape the future of manufacturing.

Supply-side Dynamics

The market for industrial robotics is distinguished by the presence of industry titans, including KUKA AG, Fanuc Corporation, ABB Ltd., and Yaskawa Electric Corporation, which collectively control the sector. Prominent in technological innovation, these businesses provide an extensive selection of automation solutions that are tailored to a wide array of industries. Prominent nations that have embraced industrial robotics are Germany, China, Japan, and the US.

China, specifically, has emerged as a significant participant, observing extensive implementation within its manufacturing industry. For instance, Chinese manufacturers utilize industrial robotics to perform welding and assembly, thereby enhancing the country's standing as a prominent center for manufacturing on a global scale.

The market leaders in industrial robotics are transforming the terrain by means of ongoing innovation and strategic partnerships. Fanuc, ABB, Yaskawa, and KUKA are making substantial investments in research and development to incorporate cutting-edge capabilities into their autonomous systems, including artificial intelligence and machine learning. These advancements augment the intelligence and adaptability of industrial robotics, thereby accommodating the dynamic requirements of contemporary manufacturing.

Furthermore, the establishment of strategic alliances with end-users and other technology providers enhances the market presence of these organizations, allowing them to provide all-encompassing solutions that cater to the unique requirements of various sectors. Beyond technological advancements, these dominant actors shape the market by establishing industry standards and propelling the expansion and trajectory of industrial robotics on a global scale.

Market Segmentation

Which is the Most Sought-after Robot Type?

Articulated Robots Remain the Frontrunners for their Versatility and Human-like Movement”

It is anticipated that the segment concerning articulated robots will account for the largest share of the industrial robotics market. These types of robots, which are widely recognized for their versatility and ability to simulate human actions, find extensive application in various industries, including healthcare, electronics, and automotive. They have achieved market leadership as a result of their capability to handle complex assignments and diverse production standards effectively.

SCARA robots are anticipated to experience the most accelerated growth rate of all industrial robotics market segments. SCARA robots excel at tasks that require high levels of precision and velocity, which makes them highly suitable for applications, including pick-and-place and assembly procedures.

The increasing need for automation in various industries, such as electronics and consumer products, is expected to drive the exponential growth of SCARA robots. This will position this specific division as a key player in the ever-evolving field of industrial robotics.

Which is the Leading End-use Industry Recording the Highest Adoption?

Electronics and Electrical Sector Dominant on Account of the Consistent Requirement for Automated and Precision Supply

It is anticipated that the electronics and electrical sectors will hold the most significant portion of the market for industrial robotics. The segment is at the forefront of market dominance due to the consistent demand for precision and automated processes in industries such as electronics manufacturing and assembly and testing, which are accomplished through the utilization of industrial robots.

It is anticipated that the logistics and warehousing sector will witness the most rapid expansion within the industrial robotics industry. As a result of the need for efficient material handling and order fulfillment and the worldwide increase in e-commerce, the demand for robotics in logistics and warehousing is increasing.

The rapid expansion of this sector is facilitated by automated guided vehicles (AGVs) and robotic arms designed for packaging and sorting; as a result, it has emerged as a central area of focus within the ever-changing domain of industrial robotics.

Which Application Segment Holds the Lion’s Share?

Material Handling and Packaging Applications Account for the Maximum Market Share

The sector encompassing material handling and packaging is anticipated to hold the most significant portion of the industrial robotics market. The reason for this dominance is that industrial robots are indispensable in refining and optimizing material handling processes, ensuring precise and consistent packaging across industries, and increasing overall efficiency. It is anticipated that the inspection and testing sector will expand at the most rapid rate in the industrial robotics industry.

The developing necessity for precise and effective inspection procedures and the growing emphasis on quality control propels the demand for robotics in this sector. The utilization of robotics in the domains of inspection and testing promotes enhanced product quality, error reduction, and adherence to rigorous industry standards, thereby constituting an indispensable and swiftly growing element of the industrial robotics environment.

Top Regional Markets

North America Maintains Leadership  with an Exploding Industrial Sector, and Increasing Manufacturing Demand

It is expected that North America will hold the largest market share in the worldwide industrial robotics industry in 2023. Particularly in the United States, this dominance is attributable to the extensive implementation of automation and robotics throughout industries in the region.

The North American market is characterized by substantial investments in R&D, a firmly established manufacturing industry, and a pronounced focus on technological progress. Attractive government initiatives and the presence of significant market participants further bolster the region's preeminence in the field of industrial automation.

Promising Opportunities Lie in South Asia, and Oceania

Globally, South Asia, and Oceania are anticipated to experience the most rapid expansion of the industrial robotics market. The swift industrialization and rising implementation of automation solutions in nations including Australia, India, China, and Southeast Asia drive the exponential expansion. There is a notable increase in the need for industrial robotics in various sectors of the region, such as manufacturing, electronics, and automotive.

Population growth, rising labor expenses, and an emphasis on improving production efficiency are all contributing elements to the industrial automation market's explosive expansion in South Asia and Oceania. With the ongoing adoption of automation technologies by these economies, the region is positioned to significantly contribute to the future growth of the worldwide industrial robotics market.

Competitive Intelligence and Business Strategy

Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, and KUKA AG are some of the leaders in industrial robotics who utilize strategic initiatives to maintain and increase their market presence. They make substantial investments in research and development to remain at the vanguard of robotics technology. This entails the incorporation of state-of-the-art technologies into their autonomous systems, including artificial intelligence, machine learning, and sophisticated sensors.

These entities maintain their market leadership by consistently providing cutting-edge solutions that cater to industries in search of the most recent advancements in automation technology. Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, and KUKA AG, among other market leaders in industrial robotics, utilize strategic initiatives to maintain and increase their market presence.

Collaborations and strategic partnerships are an additional crucial strategy. The industry leaders proactively interact with consumers, establishing partnerships to gain insights into particular obstacles and collaboratively develop resolutions. Through the development of robust partnerships with manufacturers spanning multiple industries, these businesses not only acquire significant knowledge regarding market requirements but also establish themselves as dependable collaborators in the implementation of industrial automation.

To achieve and maintain maximum market share, the dominant actors utilize a combination of technological prowess, diverse product portfolios, strategic partnerships, and a global presence. Due to their proactive stance in comprehending the demands of the industry and their steadfast dedication to innovation, they are at the forefront of influencing the industrial robotics market.

Key Company Developments

Establishment of Strategic Partnership

United States Steel, and Carnegie Foundry, an AI and robotics studio, jointly declared a strategic partnership and investment in February 2022. Two Pittsburgh-based firms will work together to expand and accelerate industrial automation through the use of artificial intelligence and advanced robotics. Carnegie Foundry will utilize this funding to expand and promote its portfolio of AI and robotics technologies for industrial automation, which includes speech analytics, industrial robots, integrated systems, autonomous mobility, and advanced manufacturing.

Market Impact: The strategic alliance and financial investment between Carnegie Foundry, and United States Steel represent a meaningful advancement that is positioned to have a positive influence on the international market. The partnership signifies a deliberate and coordinated endeavor to advance industrial automation by integrating sophisticated robotics and AI. By prioritizing the expansion of Carnegie Foundry's portfolio, which comprises an array of technologies such as industrial robots, speech analytics, autonomous mobility, and advanced manufacturing, this endeavor is expected to make a significant contribution to the progress and extensive implementation of state-of-the-art automation solutions worldwide.

(Source: United States Steel (USS))

New Product Launch

Kinova Robotics unveiled Link 6, the inaugural industrial collaborative robot in Canada, in March 2022. Link 6, the first industrial collaborative robot in Canada, provides automation solutions that improve product quality and consistency while increasing daily output. By incorporating extended reach and rapid movement capabilities, the Link 6 robotic arm attains rapid cycle times, catering to the needs of operators without specialized knowledge of robotics as well as seasoned industrial integrators.

Market Impact: The introduction of Link 6, the first industrial collaborative robot in Canada by Kinova Robotics, is anticipated to influence the global market significantly. Link 6's focus on augmenting daily output while simultaneously improving product quality and consistency is in line with the worldwide need for automation solutions that are both efficient and user-friendly. The Link 6, which has an extended reach and rapid movement capabilities, meets the demands of industrial integrators and operators without specialized robotics knowledge. This potentially influences the global adoption of collaborative robotics and satisfies the growing demand for adaptable and accessible robotic technologies across various sectors.

(Source: Manufacturing Automation)

Industrial Robotics Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Türkiye
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
  • ANZ
  • New Zealand
  • GCC
  • Egypt
  • South Africa
  • North Africa

Key Market Segments Covered

  • Product Type
  • End Use Industry
  • Application
  • Region

Key Companies Profiled

  • ABB Ltd.
  • Yaskawa Electric Corporation
  • Mitsubishi Electric Corporation
  • Nachi-Fujikoshi Corp.
  • Comau SpA
  • KUKA AG
  • Fanuc Corporation
  • Denso Corporation
  • Kawasaki Heavy Industries, Ltd.
  • Omron Corporation

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon request

Industrial Robotics Market Research Segmentation

By Product Type:

  • Articulated Robots
  • Cartesian Robots (Gantry Robots)
  • SCARA Robots
  • Delta Robots
  • Misc

By End Use Industry Type:

  • Automotive
  • Electronics and Electrical
  • Food and Beverage
  • Pharmaceuticals and Chemicals
  • Aerospace and Defense
  • Healthcare
  • Logistics and Warehousing
  • Metal and Machinery
  • Misc

By Application:

  • Welding and Soldering
  • Material Handling and Packaging
  • Painting and Coating
  • Assembly and Disassembly
  • Inspection and Testing
  • Cutting, Grinding, and Deburring
  • Others

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

 

- Companies Covered in This Report -

  • ABB Ltd.
  • Yaskawa Electric Corporation
  • Mitsubishi Electric Corporation
  • Nachi-Fujikoshi Corp.
  • Comau SpA
  • KUKA AG
  • Fanuc Corporation
  • Denso Corporation
  • Kawasaki Heavy Industries, Ltd.
  • Omron Corporation

- Frequently Asked Questions -

The growth is propelled by increased demand for automation, rising labor costs, and advancements in robotics technology enhancing efficiency and precision in manufacturing processes.

Industrial robotics revolutionizes industries by streamlining production, improving quality control, enhancing workplace safety, and enabling the manufacturing of complex products with high precision and speed.

Major challenges facing this industry include high initial investment costs, the need for skilled technicians, and concerns about job displacement, although benefits such as increased productivity often outweigh these challenges in the long term.

Asia Pacific dominates the market, driven by strong industrialization in countries like China, and Japan, while North America, and Europe also play significant roles due to their focus on advanced manufacturing, and Industry 4.0 initiatives.

Some of the prominent players in the market are ABB Ltd., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., Comau SpA, and KUKA AG.

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