Industrial Robots Market Size to Grow Worth USD 35.68 Billion by 2029 | Fortune Businesses Insights
The global industrial robots market was valued USD 15.60 billion in 2021. The market size for industrial robots is expected to reach USD 35.68 billion by 2029, and expand at a compound annual growth rate (CAGR) of 11.4% during this forecast period.
Pune, India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The global industrial robots market size is anticipated to reach USD 35.68 billion by 2029, according to a recent report by Fortune Business Insights. The growth of the market is attributed to increasing investments in various industries, the rise of small and medium-sized factories, and the growing adoption of automation across the logistics industry. The report, titled "Industrial robots Market Size, Share & Industry Analysis," details that the market was valued at USD 15.60 billion in 2021 and USD 16.78 billion in 2022. The market is expected to showcase a compound annual growth rate of 11.4% from 2022 to 2029. The market is segmented based on robot type, application, industry, and region.
Key Industry Development:
February 2020: - FANUC and BMW AG signed a framework agreement wherein FANUC will supply 3,500 robots for new production lines and plants. These robots will be deployed in developing the existing and future generations of BMW models.
March 2020: -FANUC introduced the newest collaborative robot, the CRX 10-iA. The new robot can perform highly functional tasks under a flip motion to perform repetitive tasks.
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Report Highlights:
Report Coverage | Details |
Forecast Period | 2022-2029 |
Forecast Period 2022 to 2029 CAGR | 11.4% |
2029 Value Projection | USD 35.68 billion |
Base Year | 2021 |
Market Size in 2021 | USD 15.60 billion |
Historical Data for | 2018-2020 |
No. of Pages | 160 |
Segments covered | By Robot Type, By Application, By Industry, and By Region |
Growth Drivers | An increase in Investment across Industries is Driving the Growth of the Market |
High Costs of Investments at Initial Stage and Maintenance Hinder the Market Growth |
COVID-19 Impact:
Positive Surge in Demand for Industrial Robots During COVID-19
The coronavirus pandemic gave a major boost to product demand across various industries. Various initiatives and regulations for workplace safety and avoiding industrial accidents have potentially accelerated the industrial robots market growth. The incorporation of advanced sensors and technologies such as Artificial Intelligence (AI) has aided the market’s expansion. The major players operating in the market are adopting various strategies to amplify their global presence, which is likely to further escalate the market expansion in the coming years.
Market Drivers & Restraints:
Expansion of E-commerce & Logistics Industries to Bolster Market Growth
Industrial robots are highly demanded across various industries such as equipment, packaging, consumer electronics, automotive, pharmaceuticals, and others. They aid heavy lifting operations and also help in cutting costs. Industrial robots’ deployment aids in production and efficiency improvement, which is a crucial factor boosting the market’s growth.
The expanding e-commerce industry due to rising online purchases by consumers has led to an uptick in the logistics sector. The demand for faster and more efficient delivery has grown prominently, and the incorporation of advanced industrial robots streamlines the process.
However, high maintenance and initial investment costs may impede the growth of the market during the forecast period.
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Report Coverage:
It delivers a comprehensive analysis of the market’s growth drivers.
It offers insights into the development strategies being adopted by the leading players.
The impact of the pandemic on the growth of the market is presented in the report.
It covers an assessment of leading market players and profiles them accordingly.
Various segments of the market are described in detail.
List of Key Market Players:
ABB (Switzerland)
YASKAWA ELECTRIC CORPORATION (Japan)
Mitsubishi Electric Corporation (Japan)
NACHI-FUJIKOSHI CORP. (Japan)
Comau SpA (Italy)
KUKA AG (Germany)
FANUC CORPORATION (Japan)
DENSO CORPORATION. (Japan)
Kawasaki Heavy Industries, Ltd. (Japan)
Omron Corporation (Japan)
Market Segments:
On the basis of robot type, the market is divided into parallel, cartesian/Linear, cylindrical, SCARA, articulated, and others. On the basis of application, the market is segmented into cutting & processing, assembling, material handling, welding & soldering, pick & place, and others. On the basis of industry, the market is categorized into metals & machinery, rubber & plastic, food & beverages, healthcare & pharmaceutical, electrical & electronics, automotive, and others. Geographically, the market is classified into Latin America, Europe, the Middle East & Africa, North America, and Asia Pacific.
Regional Insights:
High Demand from Various Industries to Fuel Growth in Asia Pacific
Asia Pacific is predicted to bestride the global industrial robots market share. The increasing automation demand across India, China, and Japan is the major growth propellant for the market in Asia Pacific. Additionally, the improving disposable income levels, coupled with the expanding populace require production capacity expansions. This escalating need for higher and swift production capacity is estimated to flourish in the market growth in Asia Pacific.
North America is expected to witness substantial development in the coming years due to the emergence of Industry 4.0 and smart factories.
Europe is anticipated to exhibit significant growth due to rising industrial robots’ up-gradation across aerospace, food & beverage, electronics, and other industries. Latin America and the Middle East & Africa are projected to gain immense growth due to increasing industrialization and automation adoption.
Competitive Landscape:
Major Players Launch New Products to Acquire Growth
The major market players emphasize technological innovations through extensive research and development activities to launch highly efficient and modern industrial robots. They adopt various strategies, including mergers, acquisitions, collaborations, and others to amplify their global outreach.
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Global Industrial Robots Market Size Segmentation:
By Robot Type:
Articulated
SCARA
Cylindrical
Cartesian/Linear
Parallel
Others (Delta, etc.)
By Application:
Pick & Place
Welding & Soldering
Material Handling
Assembling
Cutting & Processing
Others (Painting, etc.)
By Industry:
Automotive
Electrical & Electronics
Healthcare & Pharmaceutical
Food & Beverages
Rubber & Plastic
Metals & Machinery
Others (Construction, Defense, etc.)
By Region:
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
Major Table of Contents:
Introduction
Definition, By Segment
Research Approach
Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Forces Analysis
Global Industrial Robots Key Players Market Share Insights and Analysis, 2021
Global Industrial Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Key Findings
By Robot Type (USD Bn)
Articulated
SCARA
Cylindrical
Cartesian/Linear
Parallel
Others (Collaborative, etc.)
By Application (USD Bn)
Pick & Place
Welding & Soldering
Material Handling
Assembling
Cutting & Processing
Others (Painting, etc.)
By Industry (USD Bn)
Automotive
Electrical & Electronics
Health & Pharmaceuticals
Food & Beverage
Rubber & Plastic
Metals & Machinery
Others (Construction, Defense, Logistics)
By Region (USD Bn)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Industrial Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Key Findings
By Robot Type (USD Bn)
Articulated
SCARA
Cylindrical
Cartesian/Linear
Parallel
Others (Collaborative, etc.)
By Application (USD Bn)
Pick & Place
Welding & Soldering
Material Handling
Assembling
Cutting & Processing
Others (Painting, etc.)
By Industry (USD Bn)
Automotive
Electrical & Electronics
Health & Pharmaceuticals
Food & Beverage
Rubber & Plastic
Metals & Machinery
Others (Construction, Defense, Logistics)
Continued...
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Important Points Covered in the Report
Research Analyst says that the market size was at USD 16.78 billion in 2022 and is projected to reach USD 35.68 billion by 2028.
In 2022, the market value stood at USD 16.78 billion.
Growing at a CAGR of 11.4 %, the market will exhibit healthy growth in the forecast period (2022-2029).
Asia Pacific dominated the market share in 2022.
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