Yahoo Finance [Latest] Global Industrial Robots Market Size/Share Worth USD 40.03 Billion by 2030 at an 14.10% CAGR: Markets N Research (Analysis, Drivers, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
The global industrial robots market size was valued at USD 15.9 billion in 2022. The market is projected to grow from USD 15.9 billion in 2022 to USD 40.03 billion by 2030, exhibiting a CAGR of 14.10% during the forecast period.
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The global industrial robots market is expected to exhibit strong growth, reaching USD 40.03 billion by 2030. As per the report titled "Industrial robots Market Size, Share & COVID-19 Impact Analysis, By Type (Traditional Robots and Collaborative Robots), By Payload (Up to 16.00 kg, 16.01-60.00 kg, 60.01-225.00 KG and More than 225.00 kg), By Component (Robot Arm, Robot Accessories (End Effectors, Controllers, etc.), Additional Robotic Hardware (Safety Fencing, Fixtures, Conveyors)), By Application (Handling, Welding & Soldering, Assembling & Disassembling, Dispensing, Processing and Others), By End Use Industry (Automotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubbers, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceutical & Cosmetics and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 15.9 billion and USD 40.03 billion in 2030. The market is expected to exhibit a CAGR of 14.10% during the forecast period.
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Industrial Robots Market Analysis:
Industrial robots provide many advantages, including lower costs, faster production rates, smaller, higher-quality products, and more flexible and efficient manufacturing processes. A growing understanding of their advantages is predicted to have a favorable impact on the market. Robotic technology installation enables businesses to gain financially in several ways, including decreased overhead expenses, increased productivity, decreased waste, and flexibility. Throughout the forecast period, the market is expected to be driven by developments in artificial intelligence, including deep learning and the creation of self-programming robots.
Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2030 |
Forecast Period 2023 to 2030 CAGR | 14.10 % |
2030 Value Projection | 40.03 billion |
Base Year | 2022 |
Market Size in 2022 | 15.9 billion |
Historical Data for | 2016 - 2021 |
Segments covered | By Type, By Payload, By Component, By Application, By End Use Industry and By Geography |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
ABB LTD. (ABB ROBOTICS)
DAIHEN CORPORATION
DENSO CORPORATION (DENSO ROBOTICS)
FANUC CORPORATION
KAWASAKI HEAVY INDUSTRIES LTD
KUKA ROBOTICS CORPORATION
MITSUBISHI ELECTRIC CORPORATION
NACHI-FUJIKOSHI CORPORATION (NACHI ROBOTIC SYSTEMS, INC.)
PANASONIC CORPORATION
SEIKO EPSON CORPORATION
UNIVERSAL ROBOTS A/S
YASKAWA ELECTRIC CORPORATION
FANUC And BMW AG Reached A Framework Agreement To Provide 3,500 Robots
In February 2020, following a framework agreement agreed upon by FANUC and BMW AG, 3,500 robots will be provided by FANUC for new manufacturing facilities and lines. These robots will be used to create both current and upcoming BMW cars.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the industrial robots market plan acquisitions to improve their brand recognition globally. For instance, in February 2022, wearable robotics solutions are being introduced by Comau and IUVO to increase operator productivity when transferring goods manually. The goal is to improve health by reducing lower back fatigue.
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MNR research methodology
Driving Factors:
Shortage Of Skilled Workers To Propel Market Expansion
The market for industrial robots is expanding as a result of the labor crisis. Due to a lack of trained workers, firms cannot meet the demand given the rise in production requirements and the increasing demand. The existence of unskilled workers and the availability of skilled workers who aren't looking for work are the two main causes of the shortage of skilled labor. According to the Department of Labor, the US economy had 7 million job opportunities as of January 2020, but only 5.6 million people were looking for work. Thus, in order to ensure a high supply, producers choose to deploy robots. The company has become more productive, efficient, and effective thanks to industrial robots. Because of this, there are more opportunities to integrate robots into the workforce as a result of the labor shortage.
Growing Investment Across Industries is Fueling Market Growth
In general, industries including automotive, pharmaceuticals, consumer electronics, packaging, and equipment have a significant demand for industrial robots. But in order to harness industrial activity and reduce expenses, they must decide what kind of robot to install throughout their locations. Players in the consumer electronics sector, for instance, may speed up the deployment of collaborative robots to improve production flexibility. As a result, the company is receiving substantial investments, driving demand for these robots. For instance, Nissan Motor bought two lines of UR10 collaborative robots—arms—from Universal Robots for its Yokohama factory to reduce labor costs while preserving the effectiveness of manufacturing processes like Takt Time. Similar to how consumer electronics, medicines, and industrial firms all have a stake in the industry, this has helped the business expand.
Restraining Factors:
High Industrial Robot Installation And Purchasing Costs Are Anticipated To Restrain Market Expansion
The market for industrial robots is predicted to grow slowly due to high purchase and installation costs. A robot installation is quite expensive because it involves not only the robot's purchase but also its integration, programming, and upkeep. Small and medium-sized businesses (SMEs) will face significant challenges as a result of their low production volumes and difficult returns on investment. Additionally, rapidly shifting consumer tastes will necessitate machine customization, which will be challenging for SMEs. According to RobotWorx, the average cost of a new industrial robot from a manufacturer is between $50,000 and $80,000, if application-specific features are added, the cost might increase to between $100,000 and $150,000.
Challenging Factors:
System Safety Issues With Industrial Robotics To Limit Market Growth
Several safety concerns accompany industrial robots. Some robots are quick and strong, especially those used in typical industrial settings. This raises the risk of danger since, for example, one swing from a robotic arm could result in catastrophic physical trauma. When a robot breaks down or needs maintenance, there are additional risks. A malfunctioning robot may hurt workers because these devices are frequently unreliable. If a robotic arm in a vehicle assembly line develops a jammed motor, the worker repairing the jam can be struck by the arm when it becomes unjammed. Similarly to this, other moving machinery could injure a person standing in an area where robotic arms are present.
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Global Industrial Robots Market Segmentations:
Global Industrial Robots Market By Type:
Traditional Robots
Collaborative Robots
Global Industrial Robots Market By Payload:
Up to 16.00 kg
16.01-60.00 kg
60.01-225.00 KG
More than 225.00 kg
Global Industrial Robots Market By Component:
Robot Arm
Robot Accessories (End Effectors, Controllers, etc.)
Additional Robotic Hardware (Safety Fencing, Fixtures, Conveyors)
Global Industrial Robots Market By Application:
Handling
Welding & Soldering
Assembling & Disassembling
Dispensing
Processing
Others
Global Industrial Robots Market By End Use Industry:
Automotive
Electrical & Electronics
Metals & Machinery
Plastics, Rubbers, & Chemicals
Food & Beverages
Precision Engineering & Optics
Pharmaceutical & Cosmetics
Others
Global Industrial Robots Market Regional Insights:
The Asia Pacific is projected to hold the largest share of the industrial robots market over the forecast period. Growing automation, especially in Japan, China, and India, is anticipated to expand the sector. Additionally, as the population and average household income expand, so does the demand for goods for consumption and other items, leading to an expansion of the industry's production capacity. Similarly, there is an increasing need for customized vehicles and machinery, which calls for high accuracy and quick manufacturing capabilities.
Further Report Findings:
The market in the Asia Pacific is expected to gain a huge portion of the global industrial robots market share in the coming years. Rising automation, particularly in Japan, China, and India, is projected to fuel the sector's growth.
The demand for goods for consumption and other commodities also increases along with the population and average family income, which increases the industry's production capacity.
In North America, the growth in this region is primarily driven by the introduction of "smart factories," "industry 4.0," and rising demand for specialized, small-footprint robotic equipment.
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Key questions answered in this report:
What is the size of the Industrial Robots market and what is its expected growth rate?
What are the primary driving factors that push the Industrial Robots market forward?
What are the Industrial Robots Industry's top companies?
What are the different categories that the Industrial Robots Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Industrial Robots market sample report and company profiles?
Key Offerings:
Market Share, Size & Forecast by Revenue | 2023−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis By Type, By Payload, By Component, By Application, By End Use Industry and By Geography
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Industrial Robots Market, By Type Segment Analysis
Chapter 5: Global Industrial Robots Market, By Payload Segment Analysis
Chapter 6: Global Industrial Robots Market, By Component Segment Analysis
Chapter 7: Global Industrial Robots Market, By Application Segment Analysis
Chapter 8: Global Industrial Robots Market, By End Use Industry Segment Analysis
Chapter 9: Industrial Robots Market – Regional Analysis, 2023 – 2030
Chapter 10: Industrial Robots Market – Industry Analysis
Chapter 12: Competitive Landscape
Chapter 13: Company Profiles
Chapter 14: Research Methodology
Chapter 15: Questionnaire
Chapter 16: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
As per the analysis shared by our primary respondents, the Industrial Robots market is expected to grow annually at a CAGR of around 14.10%.
Through primary research, it was established that the Industrial Robots market was valued at around USD 15.9 billion in 2022.
The Industrial Robots market is segmented based on product: traditional robots and collaborative robots. The traditional robots category was predicted to show maximum market share in the year 2021.
The key factor driving the market is Shortage Of Skilled Workers
The “Asia Pacific” region will lead the global Industrial Robots market during the forecast period 2022 to 2030.
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