USD 14.7 Billion
Industrial Robotics Market Size, Share, Growth Analysis, By Component(Robot Arm, Robot Accessories, Additional Robotic Hardware, System Engineering), By Payload(16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and more than 225.00 kg), By Application(Handling, Assembling & Disassembling, Welding & Soldering, Cleaning), By End Use(Automotive, Electrical & Electronics, Metals & Machinery, Plastics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2180 |
Region:
Global |
Published Date: July, 2024
Pages:
202
|Tables:
163
|Figures:
80
Industrial Robotics Market Insights
Industrial Robotics Market size was valued at USD 14.7 Billion in 2022 and is poised to grow from USD 16.6 Billion in 2023 to USD 44.87 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).
Rapid industrialization on a global level has set the tone for high industrial robotics demand. The growing use of automation and other advanced technologies to improve the efficiency of industrial settings will also promote sales of industrial robotics over the coming years. High adoption of smart and additive manufacturing practices around the world will also create an opportune setting for industrial robotics companies in the future. Advancements in robotic technologies, rising labor costs, and labor shortages are other factors that are estimated to stimulate industrial robotics market development in the future. On the contrary, resistance to change and requirement of maintenance are slated to impede industrial robotics market growth potential across the forecast period and beyond.
US Industrial Robotics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Handlings
Fastest Growth
Processing
Growth Rate
13.2% CAGR
Global Industrial Robotics Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Industrial Robotics Market Segmental Analysis
Market is segmented by type, payload, component, application, end use and region. Based on type, the market is segmented into traditional robots and collaborative robots. Based on payload, the market is segmented into up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and more than 225.00 kg. Based on components, the market is segmented into robot arms, robot accessories, additional robotic hardware, system engineering, and software & programming. Based on the application, the market is segmented into handling, assembling & disassembling, welding & soldering, cleaning, dispensing, processing, and others. Based on end use, the market is segmented into automotive, electrical & electronics, metals & machinery, plastics, rubbers, & chemicals, food & beverages, precision engineering & optics, pharmaceuticals & cosmetics, oil & gas, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Traditional industrial robots are projected to account for a substantial share of the global industrial robotics market going forward. These robots have been around for a long time and can be easily integrated into existing industrial infrastructure, which helps them maintain their dominant stance. SCARA robots, articulated robots, cartesian robots, and many other types of robots are included in this segment. The growing availability and affordability of traditional robots will also help this segment’s high market share.
On the other hand, the demand for collaborative industrial robots is projected to surge at an impressive pace across the forecast period. Growing investments in the development of collaborative robots and high demand for better human-machine collaboration will also benefit market growth via this segment. Rising emphasis on worker safety and maximization of productivity will also promote the adoption of collaborative industrial robots in the long run.
Analysis by Payload
Industrial robots with 60.01 to 225 kg payload capacity are projected to account for a dominant market share. Most industrial operations deal with heavy materials and machinery, which is why the demand for robots with higher payload capacity remains higher. From handling large raw material packages to loading heavily packaged goods, industrial robots with a high payload capacity find a large scope of applications.
Meanwhile, the demand for industrial robots with a payload capacity of 16.01 to 60 kg is projected to surge at an impressive pace over the coming years. The rising deployment of industrial robots for small applications that require more precision than payload capacity is projected to help market growth via this segment in the future.
Global Industrial Robotics Market By Type
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Industrial Robotics Market Regional Insights
Asia Pacific is expected to emerge as the dominant market for industrial robotics companies. The presence of key robot manufacturers in this region and a strong industrial infrastructure are contributing to the high demand for industrial robotics in this region. India, China, and Japan remain at the forefront in terms of industrial robotics adoption in the Asia Pacific region. Rising labor costs and growing acceptance of robotics are also expected to help this region maintain its dominance over the coming years.
Meanwhile, the demand for industrial robotics is estimated to increase at an impressive pace in the North American region owing to the high demand for automation. Growing emphasis on industries in this region to maximize their productivity and efficiency is slated to help promote industrial robotics demand. High investments in the development of smart factories in this region and supportive government initiatives to promote the use of robots are also helping this region contribute to global market growth. The United States is the most important market for industrial robotics companies in this region.
Global Industrial Robotics Market By Region
- Largest
- Fastest
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Industrial Robotics Market Dynamics
Drivers
Investments in Industrial Automation
- Almost all industrial establishments are investing heavily in the development and adoption of novel automation solutions to maximize their efficiency and productivity in the future. This is slated to majorly boost industrial robotics demand outlook going forward.
Competitive Pressure
- Leading industries are already using robots extensively to improve their product quality, and this is putting competitive pressure on other companies to do the same thereby driving sales of industrial robotics around the world.
Restraints
Resistance to Change
- Industrial workers are still not ready to accept robots as concerns regarding workforce displacement arise. This resistance to change is also expected to impede industrial robotics adoption on a global level.
Maintenance and Support Requirements
- The dearth of skilled professionals required to maintain and support industrial robotics is projected to lead to high costs of maintenance. These higher costs add up to the initial costs and slow down market growth potential.
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Industrial Robotics Market Competitive Landscape
Industrial robotics market analysis players can target the development of novel and advanced robots with better functionalities. Integration of artificial intelligence and other technologies will also help in creating more advanced and autonomous robots. Industrial robotics companies can also target the development of collaborative robots to improve their business scope in the long run as demand for Cobots matures in the industrial landscape.
Top Player’s Company Profiles
- KUKA Robotics
- ABB Robotics
- Fanuc Robotics
- Yaskawa Electric Corporation
- Kawasaki Robotics
- Universal Robots
- Rethink Robotics
- Fetch Robotics
- Clearpath Robotics
- GreyOrange
- Swisslog Holding AG
- Honeywell Intelligrated
- Dematic Corporation
- IAM Robotics
- Locus Robotics
- 6 River Systems
- Geek+ Robotics
- Balyo
- Magazino GmbH
- SSI Schaefer AG
Recent Developments
- Pudu Robotics, a renowned Chinese manufacturer of robots announced the launch of its new robots for industrial application in April 2024. PUDU T300 mobile robot is ISO 3691-4 compliant and features multimodal interaction capabilities.
- Back in November 2023, ABB, a renowned provider of industrial robotics announced the extension of scope for its new programming software for industrial robots. Wizard Easy Programming software is available for free and is extremely easy to use to help beginners program their robot in a matter of minutes.
Industrial Robotics Key Market Trends
- Customization: Industrial requirements are always evolving as per changing standards and regulations, which is why the demand for customizable industrial robots is projected to surge in the future. Industrial robotics companies can jump on the bandwagon early to make the most of this trend in the long run.
Industrial Robotics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapidly increasing industrialization and growing investments in the adoption of automation are projected to primarily drive industrial robotics market growth. On the contrary, the high costs of industrial robots, need for maintenance, and are projected to slow down the demand for industrial robotics over the coming years. The Asia Pacific region holds sway over global industrial robotics market growth owing to the presence of key robot manufacturers in countries such as Japan and China. Development of customized robots and integration of AI will provide lucrative opportunities for industrial robotics providers across the forecast period and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 14.7 Billion |
| Market size value in 2031 | USD 44.87 Billion |
| Growth Rate | 13.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Robotics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Robotics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Robotics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Robotics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Robotics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Robotics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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