Global Industrial Robot Market Skyrockets to $42.90 Billion in 2023, with a Stellar CAGR of 12.50% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Industrial Robot Market (by Industry, Type, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global industrial robot market is poised for impressive growth, with forecasts projecting an increase from USD 11.7 billion in 2023 to a substantial USD 42.90 billion by the same year, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 12.50% during the forecast period.

Industry 4.0 Accelerates Automation:

Industrial robots, mechanical devices capable of mimicking human movements, are becoming indispensable across various sectors. These robots excel in performing a wide array of tasks more efficiently than humans and are designed to withstand environmental conditions unsuitable for humans. The advent of Industry 4.0 has expedited the development of new technologies, including collaborative robots and AI-enabled robots, revolutionizing industries.

These advancements facilitate streamlined processes, heightened productivity, and reduced errors. Industries are investing in robotic systems to enhance worker safety and manufacturing capabilities. Moreover, as the next generation of industrial robots becomes more affordable, autonomous, mobile, cooperative, and adaptive, demand is set to soar across multiple industries.

Rapid Growth in Demand:

In recent years, there has been a noticeable acceleration in the demand for industrial robots, deviating from long-term trends. It is projected that the global industrial robot market volume will reach 636.71 thousand units in 2023.

Segment Analysis:

• By Industry: The market is segmented into Automotive, Electrical/Electronics, Chemical, Rubber & Plastics, Food and Beverages, and Other Applications. The Automotive segment leads the industrial robot market due to the increasing adoption of automation in automotive manufacturing, coupled with AI and digitalization.
• By Type: The market is divided into Articulated, Cartesian, SCARA, Cylindrical, and Other Types. The Cylindrical segment experiences the fastest growth, driven by government incentives in key nations, including India, China, Japan, France, Indonesia, and Singapore, aimed at helping industrial sectors cope with pandemic challenges.

Geographic Coverage:

The global market spans Asia-Pacific, North America, Europe, and the Rest of the World. Asia Pacific holds a dominant share in the industrial robot market, particularly due to the growing use of cylindrical and other robots, including customized and refurbished models, in the industrial sector. Among regional markets, China's industrial robot market by volume holds the highest share and is the fastest growing, thanks to government initiatives like the Made in China 2026 initiative.

Market Dynamics:

Growth Drivers:

• Growing Electronics Industry.
• Rapid Installations of Industrial Robots.
• Increasing Role of Artificial Intelligence in Robotics.
• High Wages in Manufacturing.

Challenges:

• Large Upfront Investment.
• Safety Issues.

Trends:

• Use of Microelectromechanical Systems (MEMS).
• Rising Use of Collaborative Robots (Cobot).
• Cloud Robotics.
• Robotic Advancements.

Driver:

Rapid Installations of Industrial Robots:

Industrial robots are increasingly accessible and are enhancing overall factory or warehouse efficiency. They help prevent workplace accidents and offer flexibility and agility in manufacturing, enabling quick adjustments to production schedules. Compact and portable robots are finding applications in confined spaces, contributing to the rising annual installation of industrial robots. This trend is reshaping manufacturing facilities.

Challenge:

Large Upfront Investment:

Despite declining robot prices, the initial investment for incorporating industrial robots into production processes remains substantial. This upfront cost may deter small manufacturers from automating their production, particularly in developing nations. High capital investment is needed for robot purchase and installation, and it may take years for the benefits to exceed the initial expenditure.

Trend: Cloud Robotics:

Cloud robotics is emerging as a crucial trend in industrial automation. Connecting robots to the cloud offers advantages like increased computational power, storage, and communications. Robotics as a Service (RaaS) is becoming popular, allowing data collected by robots to be stored in the cloud. RaaS also provides the option of renting robots to manufacturers that cannot afford to purchase them. The growth of cloud robotics reflects the integration of cloud computing technology in the industrial robot market.

Key Players:

The global industrial robot market is characterized by consolidation, with key players including Mitsubishi Electric Corporation, ABB Group, Yaskawa Electric Corporation, Fanuc Corporation, KUKA Group, Nachi-Fujikoshi Corporation, Kawasaki Heavy Industries, Denso Corporation (DENSO Robotics), Seiko Epson Corporation (EPSON Robots), and Hon Hai Precision Industry Co. Ltd

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