May 21, 2024
Ict

Industrial Robotics Market is Anticipated to Witness High Growth Owing to Increasing

Demand Across Manufacturing Applications

Industrial Robotics are advanced programmable machines capable of manipulating materials, parts, tools or specialized devices through variable programmed motions for the performance of a variety of tasks. Industrial robots play a vital role in manufacturing industries by automating the repetitive, low-skill, hazardous, and tiring tasks. They help improve productivity and precision while minimizing costs and errors. The rising usage across the automotive, electronics, and food & beverages industry is driving the growth of industrial robotics market.

The Global Industrial Robotics Market is estimated to be valued at US$ 69.33 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Industrial robots find extensive usage in welding, material handling, assembly line jobs, packaging, painting, and product inspection. They help improve consistency, reduce ergonomic risks for workers, increase operational productivity by taking over jobs that require extreme physical exertion, dexterity, and precision. The pandemic has further accelerated the adoption of robotics across industries to reduce dependency on human workforce for business continuity.

Key Takeaways

Key players: Major players operating in the industrial robotics market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. These key players are focusing on new product launches and enhancing their production capabilities through mergers & acquisitions to gain a competitive edge in the market.

Key opportunities: Rapid automation across industry verticals, development of collaborative robots, and investments in R&D present key growth opportunities. Collaborative robots are gaining traction owing to their ability to work alongside humans without any safety barriers.

Global expansion: Leading players are expanding their global footprint through new facilities, partnerships, and distribution networks especially in emerging economies of Asia Pacific and Latin America. Regional presence helps better address local requirements and strengthen aftersales support.

Market drivers: Growing industrial automation and advanced robotics adoption across automotive, electronics, and food & beverage industries are the key growth drivers. Robotics help improve productivity, mitigate labor issues, reduce costs, and ensure quality and food safety.

Market restraints: High initial investment cost of industrial robots, vulnerability to cyber threats, and lack of standardized regulations are some challenges that need to be addressed. However, falling robotics costs and increasing ROI is diminishing the effect of cost restraint over time.

Segment Analysis

The articulated robots sub segment currently dominates the Industrial Robotics Market owing to its versatility and ability to perform a wide range of tasks. Articulated robots account for over 40% of overall industrial robots sales currently due to their ability to handle delicate and complex tasks in industries such as automotive, electronics and food & beverages. SCARA robots represent the second largest sub segment currently due to their relatively lower cost and use across industries like packaging and pick and place applications.

Global Analysis

Regionally, Asia Pacific currently accounts for over 50% of the global industrial robotics market revenue led by countries like China, Japan and South Korea. This is due to large scale adoption of industrial robots across industries such as automotive, electronics and food & beverages in these countries. The region is expected to continue its dominance during the forecast period given rising labor costs, ongoing industrial automation initiatives and expansion of manufacturing industries in the region. Europe is another major market for industrial robots owing to presence of major automotive OEMs and supportive government policies for factory automation in countries like Germany, Italy and France.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it