Demand for Global Industrial Robotics Market Size & Share Is Expected 11.8% CAGR Rise, Will Hit To USD 81.4 Billion Globally By 2028 (with COVID

Dec 09, 2023

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17 May, 2022, 10:00 ET

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NEW YORK, May 17, 2022 /PRNewswire/ -- As per Zion Market Research study, The Industrial Robotics Market was worth around USD 41.7 billion in 2021 and is estimated to grow to about USD 81.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.8 percent over the forecast period. The report analyzes the Industrial Robotics Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Industrial Robotics Market.

Key Industry Insights & Finding of the Industrial Robotics Market Reports:

Zion Market Research published the latest report titled as "Industrial Robotics Market By Type (Traditional Industrial Robots, Articulated Robots, SCARA Robots, Parallel/Delta Robots, Cartesian/Linear/Gantry Robots, Other Robots (Cylindrical robots, Spherical robots, and Swing-arm robots), and Collaborative Robots). By Component (Robotic Arms, Robot Accessories, End Effectors, Controllers, Drive Units, Vision Systems, Sensors, Power Supply, Others, Additional Hardware (Safety, fencing, fixtures, conveyors, etc.), System Engineering, and Software & Programming). By Payload (Up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and More than 225.00 kg). By Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, and Others (Inspection & quality-testing and die-casting & molding)). By Industry (Handling, Automotive, Electrical and Electronics, Metals and Machinery, Plastics, Rubber, and Chemicals, Food and Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, and Others (Paper and printing, foundry and forging, ceramics and stone, and wood)) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.

Industrial Robotics Market: Overview

Industrial robots play a critical part in manufacturing industrial automation, with robots managing numerous essential processes in industries. The increasing use of automation in the automobile production process, as well as the incorporation of digitization and AI, are the key reasons driving demand for industrial robots. The industrial robotics market has seen tremendous growth in recent years, primarily to the increasing adoption of smart production systems, in which these robots play an important role. In addition, extensive deployment of robots in the F&B industry, increased use of robots at workplaces, and rising acceptance of AI solutions are positively influencing market dynamics. Increasing R&D investments, rapid adoption of industrial robots, and the rapid development of smart factories are all contributing to the industry's overall outlook. Moreover, Industry 4.0, the most recent industrial revolution, has fostered the development of new technologies such as collaborative robots, AI-enabled robots, and so on, allowing industries to use robots to streamline various processes, boost productivity, and minimize errors. As a result, the market is expanding.

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Industry Dynamics:

Industrial Robotics Market: Growth Dynamics

Drivers: Increased investment across industries is propelling the market forward.

In general, industrial robots are in great demand in industries such as automotive, pharmaceuticals, consumer electronics, packaging, and manufacturing. This demand, however, is predicated on their requirement for the type of robot that they place across their facilities in order to harness manufacturing activity and cut costs. For example, players in consumer electronics should install collaborative robots at a faster rate to increase production flexibility. As a result, significant investments are being made in the market, which is driving market expansion.

Restraints: High deployment costs, particularly for SMEs.

A robotic automation project might be difficult, particularly for organizations with no experience. Not only is a large capital investment required for the acquisition of the robot, but also integration, programming, and maintenance. In other circumstances, a special integration may be necessary, raising the overall costs. Companies may not always have the required space and infrastructure to deploy robots. Since SMEs are typically engaged in low-volume production, return on investment (ROI) can be difficult to achieve. The existence of enterprises with seasonal or erratic production schedules demonstrates the problem even further. Fast-changing consumer preferences will necessitate constant reprogramming of robots, as items must be updated on average once a year. Automation is an expensive investment for SMEs, particularly those involved in low-volume manufacturing, due to the cost of industrial robots, as well as integration and peripheral expenditures such as end effectors and vision systems.

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Opportunity: Automation is becoming more prevalent in the electronics industry.

Automation will allow electronics businesses to innovate more because they will be able to build prototypes in less time and with less capital. Robots can be employed throughout the manufacturing process, including assembling, dispensing, milling, inspection, packaging, and palletizing. Advances in end effectors and vision systems are also helping to fuel the need for robots in the desired orientation. Factory workers in the electronics industry are currently predominantly engaged in repetitive and repetitious operations such as hand assembling and tooling. Investing in robotics will alter the expectations placed on people since they will be able to focus on high-criticality jobs such as final inspection and quality control. Collaborative robots, which can operate with humans, can be integrated into current production lines. Since those robots are easier to program, they may be reprogrammed to perform new tasks once their usage in a certain application is over. While product cycles for electronics are generally only a few months long, robots enable flexibility and reusability. Some businesses have created specialist robots.

Challenge: Issues with industrial robot interoperability and integration.

Interoperability is critical in any factory or industrial unit. For both hardware and software to connect and coordinate diverse automation systems, a modular framework must exist. The software used for programming, diagnosing, and monitoring is the emphasis of this article. It is not commonplace for industries to use robot arms manufactured by multiple companies. Due to changes in production and demand, companies may also need to reprogram robots to accept various elements, such as vision systems and end effectors. It is the integrator's obligation, not the manufacturer's or end user's, to decide on the implementation and setup or programming of the robot. Interoperability issues offer a substantial barrier, particularly for SMEs, due to their specific requirements and a lack of resources to put up a complex automation configuration.

Global Industrial Robotics Market: Segmentation

By Type, the market is classified into Traditional Industrial Robots, Articulated Robots, SCARA Robots, Parallel/Delta Robots, Cartesian/Linear/Gantry Robots, Other Robots (Cylindrical robots, Spherical robots, and Swing-arm robots), and Collaborative Robots. The articulated robot owned the largest part of the industrial robotics market due to its ability to conduct exact motions frequently, which mostly comprises applications such as material handling, assembly, and others. The utilization of articulated robots is mostly used in food and drinks, medicines, and cars, which is supporting market expansion.

By Component, the market is distinguished into Robotic Arms, Robot Accessories, End Effectors, Controllers, Drive Units, Vision Systems, Sensors, Power Supply, Others, and Additional Hardware (Safety, fencing, fixtures, conveyors, etc.), System Engineering, and Software & Programming. The industrial robotics market's component-wise growth rate is expected to be highest for robot accessories such as end-effectors and vision systems. Technological growth has resulted in significant advancements in end-effectors. These developments in end-effectors have been fueled in part by the need to achieve dexterous manipulation in industrial robots for improved performance, notably in pick-and-place activities. End-effectors are likely to attain a higher level of technical complexity in the future as machine learning software and safety features are increasingly being merged into the End of Arm Tools (EOAT) themselves, along with the capacity to adapt to their environment using machine vision.

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List of Key Players of Industrial Robotics Market:

Key questions answered in this report:

Report Scope:

Report Attribute

Details

Market size value in 2021

USD 41.7 Billion

Revenue forecast in 2028

USD 81.4 Billion

Growth Rate

CAGR of almost 11.8 % 2022-2028

Base Year

2020

Historic Years

2016 - 2021

Forecast Years

2022 - 2028

Segments Covered

By Product Type, By Application, and By End Use

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

ABB (Switzerland), FANUC (Japan), YASKAWA(Japan) KUKA (Germany), Mitsubishi Electric (Japan) (Japan), Kawasaki Heavy Industries (Japan), Denso Corporation (Japan), NACHI-FUJIKOSHI (Japan), Seiko Epson (Japan), DÜrr (Germany), Universal Robots (Denmark), Stäubli (Switzerland), Comau (Italy), B+M SURFACE SYSTEMS (Germany), ICR Services (US), IRS Robotics (Netherlands), Hyundai Robotics (South Korea), Siasun Robotics (China), RobotWorx (US), Techman Robot (Taiwan), Rethink Robotics (Germany), FrankaEmika (Germany), F&P Robotics (Switzerland), Bosch Rexroth (Germany).

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

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Recent Developments

Regional Dominance:

In the coming years, Asia Pacific is expected to take the lead in the global market. Increased automation, notably in Japan, China, and India, can be ascribed to this. Furthermore, rising population and disposable income enhance the demand for consumer goods and other products, resulting in increased production capacity, further supplementing market size. Similarly, the need for customized autos and machines is increasing, necessitating high precision and production capacity. To keep up with demand, the usage of robotics in industrial applications is expanding.

North America is also expected to grow considerably, owing to high industrial demand, notably in the United States. Many suppliers also intend to extend their operations around the region in the future years. In addition, because of the rapid rise of Industry 4.0 and smart factories need for customized and small-scale robotic systems has increased in the region.

Global Industrial Robotics Market is segmented as follows:

Industrial Robotics Market: By Type Outlook (2022-2028)

Industrial Robotics Market: By Component Outlook (2022-2028)

Industrial Robotics Market: By Payload Outlook (2022-2028)

Industrial Robotics Market: By Application Outlook (2022-2028)

Industrial Robotics Market: By Industry Outlook (2022-2028)

Industrial Robotics Market: By Region Outlook (2022-2028)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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