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The industrial robotics market size is forecast to increase by USD 16.71 billion, at a CAGR of 13.26% between 2023 and 2028. The market growth analysis depends on several factors such as the surge in demand for industrial robots, the robot companies' initiatives to improve service delivery, and the improvement in industrial robotic system integration services. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The APAC region plays a key role in the market, driven by factors like rapid industrialization, technological advancements, and the increasing demand for automation across various industries. Additionally, ABB Ltd. provide industrial robotics such as SWIFTI CRB 1300, SCARA Robot IRB 930, GoFa CRB 15000, SWIFTI CRB 1100, and SCARA Robot IRB 920. Also, b m surface systems GmbH offers industrial robotics such as b plus m surface systems which specialises in painting plants, painting robots, mixing and dosing systems, cataphoretic dip-coating plants.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The market players are defining new service delivery innovations to address the growing end-user requirements. The market players are extending their service portfolio and developing customized solutions for different types of end-user segments. The service delivery innovations are extended from providing virtual commissioning and online support on operations and maintenance to remote programming and service support.
For instance, MIDEA Group Co. Ltd. offers KUKA Connect, a platform that leverages Big Data analytics and cloud computing to improve maintenance by monitoring robot conditions, maintenance planning and scheduling, and detection of anomalies. It also facilitates remote management, spare parts management, and field services. Hence, the increase in companies developing new service delivery innovations based on the requirements of end-users boosts the demand and growth of the market during the forecast period.
The Internet of Things (IoT) is an interconnection of several things, be it mechanical or digital devices and objects, which enables data to be transferred from one end to another without human intervention. Moreover, the development of IoT and technological enhancements has fueled the adoption of automated technologies in industries. The high demand and use of smart devices, wireless devices, and cloud technology will influence the future of industrial robots, such as articulated robots, in terms of applications and modes of operation.
Additionally, with the rising competition in the market, vendors are offering attractive options with IoT capabilities in articulated robots, which provide real-time data regarding the machine's performance. Furthermore, various sensors placed in conjunction with articulated robots provide real-time information on machine performance and maintenance requirements. Therefore, the introduction of the IoT in factories transforms them into connected and synchronized units.
Market players need to work on devising methods to prevent any loss of time or money that is incurred by end-users in availing the services offered by them for the deployment of industrial robots. Robotic system integration involves contracts and legalities to be signed, competitive bidding, and evaluations before the robots can be implemented and used. Even though vendors in the market can make the process of integration easier and help in the reduction of costs, it will involve the companies investing a significant amount in system engineering.
Additionally, to seamlessly integrate these systems into their operations, it is also essential that operators and staff of customers participate in relevant training sessions. These on-site training sessions incur costs as trainers need to be hired, and the travel and accommodation expenses of the training faculty are also to be met. This increases the eventual total cost of ownership for the end-user. Also, market players must come up with innovations in the process, which ensure that the pre-purchase processes are cost-effective and hassle-free for end-users. Thus, such factors may impede market growth during the forecast period.
The articulated segment will account for a major share of the market's growth during the forecast period.? Articulated robots represent a significant segment, offering versatility and flexibility across various industries, such as automotive, metals and machinery, and pharmaceuticals. These robots feature multiple rotary joints, mimicking the movements of human arms, enabling them to reach into confined spaces and handle complex tasks with precision.
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The articulated segment was valued at USD 4.93 billion in 2018. Further, some articulated robots can handle much larger payloads, such as entire car bodies, others are made to handle smaller payloads, including tiny electronic components. Their characteristics render them highly appropriate for an extensive array of uses across multiple sectors, encompassing automotive, aerospace, electronics, and pharmaceuticals. It is anticipated that the use of articulated robots in manufacturing processes will increase as long as robotics technology advances continue to improve the robot's capabilities and performance, therefore, boosting market growth via articulated segment during the forecast period.
Based on end-user, the market has been segmented into electrical and electronics, automotive, metal and machinery, pharmaceuticals, and others. The electrical and electronics segment will account for the largest share of this segment.?In the semiconductor and electronics industry, industrial robots streamline manufacturing and assembly processes for various products. Emerging trends include collaborative robots enhancing worker safety and efficiency. European electrical and electronics SMEs drive growth, with sectors like automotive and medical fueling demand. Investments in communication networks and IoT drive the adoption of industrial robots for assembly tasks, particularly for delicate components. Therefore, the growing demand for industrial robots in the electrical and electronics segment will continue to drive the growth of the market during the forecast period.
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APAC is estimated to contribute 38% to the growth by 2028. Technavio's analysts have provided extensive insight into market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Countries such as China, Japan, South Korea, Singapore, and India are expected to be at the forefront of the adoption of industrial robotics. The region is home to many well-established players in the industrial robotics market, such as FANUC Corp., Yaskawa Electric Corp, Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corp., and Seiko Epson Corp.
Moreover, APAC has emerged to be a significantly growing geographical segment in the industrial robotics market in recent years, with the majority of the demand coming from the automotive, electronics, and metal industries. Further, government initiatives, increasing demand from the automotive industry, and the strong manufacturing sector in APAC are some of the key factors leading to the growth of the market in APAC. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Comau Spa: The company offers industrial robotics such as Rebel-S6-0.45, Racer-5-0.80, NS-12-1.85, NJ-60-2.2, NJ-500-2.7, NJ-100-3.2 PRESS, and many more.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
DENSO Corp., Durr AG, FANUC Corp., Kawasaki Heavy Industries Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., NACHI FUJIKOSHI Corp., OMRON Corp., Relay Robotics Inc., Rethink Robotics GmbH, Robert Bosch GmbH, Rockwell Automation Inc., Seiko Epson Corp., Shenyang Xinsong Robot Automation Co. Ltd., Staubli International AG, Teradyne Inc., and Yaskawa Electric Corp.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing remarkable growth driven by the imperative need for productivity, material handling, and welding solutions. As industries seek to enhance handling capabilities across a variety of tasks including soldering and volume management, robotics addresses the persistent challenges of shortage in skilled labor and optimizing capacity. Vehicles of all kinds find assistance in the form of robots in maneuvering within confined areas while improving production lines and product quality through precise axes and cobots that offer flexibility and efficiency.
With advancements in artificial intelligence and vision, the industrial robot market is poised for further growth, offering consistency and quality on a global scale. Key players in this market continually innovate to meet the needs of industries, offering automation solutions that streamline assembly lines and supply chains, reducing labor costs and enhancing client satisfaction through seamless collaboration between humans and machines.
Industrial Robotics Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.26% |
Market Growth 2024-2028 |
USD 16.71 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.78 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., b m surface systems GmbH, Comau Spa, DENSO Corp., Durr AG, FANUC Corp., Kawasaki Heavy Industries Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., NACHI FUJIKOSHI Corp., OMRON Corp., Relay Robotics Inc., Rethink Robotics GmbH, Robert Bosch GmbH, Rockwell Automation Inc., Seiko Epson Corp., Shenyang Xinsong Robot Automation Co. Ltd., Staubli International AG, Teradyne Inc., and Yaskawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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