Industrial Robotics Market to Reach $163.0 Billion, Globally, by 2032 at 12.6% CAGR: Allied Market Research
The global industrial robotics market is experiencing growth due to several factors, such as high requirements for automation, high labor costs and a dearth of skilled human workforce, an increase in investments in R&D activities, and the availability of affordable and energy-efficient robots.
NEW CASTLE, Del., Oct. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical, Others), End User Industry (Automotive, Electrical and Electronics, Chemical Rubber and Plastics, Manufacturing, Food, and Beverages, Others), Function (Soldering and Welding, Materials handling, Assembling and Disassembling, Painting and Dispensing, Milling, Cutting, and Processing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the Industrial robotics industry generated $38.0 billion in 2020 and is anticipated to generate $163.0 billion by 2032, witnessing a CAGR of 12.6% from 2023 to 2032.
Industrial robotics is a sector that deals with the development, manufacture, and implementation of automated systems and robotic solutions in a variety of industries. These advanced robots are designed to perform a variety of tasks with remarkable accuracy, velocity, and productivity, and are employed in a variety of industrial settings to replace or assist human workers. These robots are employed to improve productivity, reduce safety, and streamline processes in a variety of sectors, including manufacturing, automotive, electronics, logistics, and healthcare.
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Prime Determinants of Growth:
The global industrial robotics market is experiencing growth due to several factors, such as high requirements for automation, high labor costs and a dearth of skilled human workforce, an increase in investments in R&D activities, and the availability of affordable and energy-efficient robots. However, the high initial investment and installation costs and the threat of job displacement may restrain the market growth to some extent. Moreover, the increase in application areas and the evolving robotics and AI industry bring new opportunities for market growt.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Historic Year | 2020 |
Market Size in 2020 | $38.0 Billion |
Market Size in 2032 | $163.0 Billion |
CAGR | 12.6 % |
No. of Pages in Report | 298 |
Segments Covered | Type, End user Industry, Function, and Region |
Drivers | High requirement for automation |
High labor costs and a dearth of skilled human workforce | |
Increase in investments in R&D activities | |
Availability of affordable and energy-efficient robots | |
Opportunities | Increase in application areas |
Evolving robotics and AI industry | |
Restraints | High initial investment and installation costs |
The threat of job displacement |
COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the global industrial robotics market, owing to the temporary closure of manufacturing firms during the lockdown.
Not only the production but also the sale of industrial robots was hampered due to the closure of automotive, electrical, electronics, and other industries across the world, especially in the initial period of the pandemic.
However, the pandemic has recovered, and the market is growing steadily.
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The articulated segment to maintain its leadership status throughout the forecast period-
Based on type, the articulated segment held the highest market share in 2020, accounting for more than two-fifths of the global industrial robotics market revenue, and is estimated to maintain its leadership status throughout the forecast period. On the other hand, the cylindrical segment is projected to manifest the highest CAGR of 13.8% from 2023 to 2032. Owing to the high demand for cylindrical robots for pick and place, packaging, assembling-dissembling, and other applications in the warehouse and industrial sector is expected to drive the market.
The electrical and electronics segment to maintain its lead position during the forecast period-
Based on end user industry, the electrical and electronics segment held the highest market share in 2020, accounting for around one-third of the global industrial robotics market, and is estimated to maintain its lead position during the forecast period. This is attributed to the increasing demand for articulated and other robots for miniature work in the electronics and electrical industry. However, the food and beverages segment is projected to manifest the highest CAGR of 13.6% from 2023 to 2032. The rising population is expected to drive the demand for industrial robots in the food and beverages sector.
The materials handling segment to rule the roost by 2032-
Based on function, the materials handling segment accounted for the largest share in 2020, contributing to more than two-fifths of the global industrial robotics market revenue, and is expected to rule the roost by 2032. On the other hand, the painting and dispensing segment is expected to portray the largest CAGR of 14.4% from 2023 to 2032. Growth in automotive, food and beverage, chemical and other industries is increasing demand for industrial robots. Growth in the industrial sector will eventually have a positive impact on the Industrial robotics market.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2020, accounting for nearly three-fifths of the global industrial robotics market revenue, and is expected to maintain its dominance by 2032. Leading countries like, Japan, India, and Korea are at the forefront of robotics adoption, especially in electronics, and machinery industries. However, the LAMEA region would exhibit the fastest CAGR of 13.8% during the forecast period.
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Leading Market Players: -
ABB Ltd. (ABB Robotics)
Daihen Corporation
Denso Corporation (Denso Robotics)
Fanuc Corporation
Kawasaki Heavy Industries Ltd.
Kuka Robotics Corporation
Mitsubishi, Electric Corporation
NachiFujikoshi Corporation (Nachi Robotic Systems)
Panasonic Corporation
Seiko Epson Corporation
Universal Robots A/S
Yaskawa Electric Corporation.
The report provides a detailed analysis of these key players in the global industrial robotics market. These players have adopted different strategies such as new product launches, investments, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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