PUBLISHER: The Business Research Company | PRODUCT CODE: 1429513
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429513
Industrial robots are programmable mechanical devices employed to replace people in performing tasks that are either dangerous or repetitive, requiring a high level of precision. These robots possess their own control system and are not controlled by a machine.
The main types of industrial robots include articulated robots, linear robots, cylindrical robots, parallel robots, and other robots. Linear robots are a specific type of industrial robot with two or three primary axes that move in a straight line rather than rotate, functioning at right angles to each other. The three sliding joints correspond to wrist movements, up and down, back and forth, and in and out. Industrial robots find various applications, including pick and place, welding and soldering, material handling, assembling, cutting and processing, and other diverse uses. End-user industries utilizing industrial robots span automotive, electrical and electronics, healthcare and pharmaceuticals, food and beverages, rubber and plastics, metals and machinery, among others.
The industrial robots market research report is one of a series of new reports from The Business Research Company that provides industrial robots market statistics, including industrial robots industry global market size, regional shares, competitors with an industrial robots market share, detailed industrial robots market segments, market trends and opportunities, and any further data you may need to thrive in the industrial robots industry. This industrial robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed in the historical period can be attributed to the rise in economic growth, a shortage of labor, 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 anticipated growth in the forecast period can be attributed to factors such as the impact of the COVID-19 pandemic, a rise in healthcare expenditure, growth in the industrial sector, strategic mergers and acquisitions driving innovations, and increased investments. Major trends expected in the forecast period include a focus on manufacturing collaborative robots to attain leadership in the market, investments in the latest artificial intelligence technology for higher sales and profitability, emphasis on cloud robots to boost demand across various end-user industries, investments in the latest customized robots utilizing machine learning and other technologies, and considerations for adopting robotics and automation technology to enhance productivity and improve process efficiencies.
The growth of the industrial robots market is being fueled by the shortage of skilled workers, which has become a significant challenge for manufacturers. With increased production demands and a lack of skilled labor, manufacturers struggle to meet supply requirements. The shortage is attributed to both unskilled workers and a scarcity of available skilled labor. According to the Bureau of Labor Statistics, as of August 2023, there was an existing shortage of nearly 600,000 stable manufacturing jobs in the US. To cope with this shortage and maintain high production levels, manufacturers are turning to the installation of industrial robots. These robots enhance overall productivity, efficiency, and effectiveness, presenting an opportunity for their integration into the workforce.
The industrial robot market is also expected to witness growth due to the surge in e-commerce and retail industries. The e-commerce sector, driven by changes in consumer preferences, convenience, and personalized experiences, is expanding rapidly. Industrial robots play a crucial role in e-commerce warehouses and retail hubs, facilitating tasks such as material handling, packaging, and supply chain management. For example, in February 2023, France's e-commerce sector generated €146.9 billion ($159.11 billion) in revenue in 2022, marking a 13.8% growth over the previous year. This rise in e-commerce and retail activities is set to drive the packaging robot market.
A noteworthy trend in the industrial robots market is the adoption of Automated Mobile Robots (AMR). AMRs are designed to autonomously move materials within a plant or warehouse without human intervention. Examples of AMRs include floor cleaners, forklifts, and pallet movers. Fetch Robotics, based in California, utilizes AMRs to handle heavy loads in its warehouse. The cloud computing program by Fetch Robotics allows operators to scale and control operations seamlessly, enhancing efficiency and reducing the risk of employee injuries.
Major players in the industrial robots market are focusing on innovative technologies such as collaborative robots (cobots) to gain a competitive edge. Cobots are designed to collaborate with human workers in a shared workspace. In August 2023, Schneider Electric launched Lexium Cobot, a collaborative robot with features such as collision detection, compact design, and easy integration. This cobot is designed to handle heavy payloads, reduce downtime, and improve operational efficiency in manufacturing environments. The goal is to mitigate the impact of labor shortages on productivity and space requirements while enhancing worker safety and agility.
In March 2021, Accenture, a multinational company specializing in information technology and consulting, announced the acquisition of Pollux. This acquisition aims to integrate information technology and operations technology seamlessly, benefiting Accenture's manufacturing clients. Pollux Robotics, based in Brazil, is known for its creation of industrial robots.
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
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
The countries covered in the industrial robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The industrial robots market consists of sales of manipulator, controller, electroactive polymers, elastic nanotubes. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial robots market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.