PUBLISHER: SkyQuest | PRODUCT CODE: 1448305
PUBLISHER: SkyQuest | PRODUCT CODE: 1448305
Global Industrial Robotics Market size was valued at USD 26.52 Billion in 2022 and is poised to grow from USD 29.30 Billion in 2023 to USD 65.14 Billion by 2031, at a CAGR of 10.50% during the forecast period (2024-2031).
Smart manufacturing and robots are becoming more common in the industrial sector due to the emergence of Industry 4.0. Manufacturers are expanding their facilities to meet the increasing demand for industrial robotics. For example, ABB Ltd. opened a new, large robot plant in Shanghai, China, in December 2022, investing around USD 150 million. With the industrial sector growing and becoming more complex, companies are developing robots with advanced technologies and modern features. Epson Robotics introduced its GX4 and GX8 SCARA robotics series in June 2022, designed to handle challenging tasks with multiple arms and high precision. These technological advancements are expected to drive market growth in the coming years. Industrial robotics are being introduced to address rising labor and manufacturing insurance costs, ensuring efficient resource allocation with minimal downtimes. Labor costs in the United States, for instance, rose significantly in October 2022. Additionally, the use of robotic systems significantly reduces error rates while increasing output rates. As a result, manufacturers are integrating automated robotic systems to improve operational efficiency and profitability.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Robotics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Industrial Robotics Market Segmental Analysis
Global Industrial Robotics Market is segmented on the basis of application end use and region. By application, the market is segmented into handlings, assembling & disassembling, welding & soldering, clean room, dispensing, processing, others. By end use, market is segmented into automotive, electrical, metal machinery, chemical, rubber & plastics, food, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Industrial Robotics Market
The need for industrial robotics is rising in emerging economies like China, India, and Brazil because their manufacturing sectors are growing. This growth is expected to create big chances for the industrial robotics market in the future. Governments worldwide are encouraging the use of industrial robotics to make manufacturing more productive and competitive. For example, in the US, the government started the National Robotics Initiative to help with research and development in robotics and automation.
Restraints in the Global Industrial Robotics Market
A lot of companies already use production systems and equipment that don't work with industrial robots. Making robots work with these older systems can be hard and might need more money spent on things like infrastructure and software.
Market Trends of the Global Industrial Robotics Market
Industry 4.0, also called the fourth industrial revolution, is pushing the use of high-tech robotics. Industrial robots are being combined with other technologies like artificial intelligence, machine learning, and the internet of things to make smart factories that work better, faster, and cheaper.