Industrial Robots Market Size, Share, Growth Analysis, By Application(Handling [Pick & Place, Material Handling, And Packaging & Palletizing], Assembling & Disassembling), By Component(Robot Arm, Robot Accessories [End Effector {Welding Gun, And Grippers (Mechanical, Electric), By Payload(Up to 16kg, 16.01-60 kg, 60.1-225 kg, More than 225 kg), By Type(Traditional robots [Articulated Robots, Cartesian Robots, SCARA Robots, Parallel Robots), By End Use(Automotive, Electrical, Metal/Heavy Machinery, Chemical), By Region - Industry Forecast 2024-2031

Global Industrial Robots Market size was valued at USD 23.97 billion in 2022 and is poised to grow from USD 26.66 billion in 2023 to USD 62.42 billion by 2031, growing at a CAGR of 11.22% during the forecast period (2024-2031). 

The usage of robotics and smart manufacturing in the industrial sector is being driven by the emerging trend of Industry 4.0. To meet the rising demand for industrial robotics, producers are increasing their facilities. For instance, ABB Ltd. established a new, massive robotics complex for production and research in Shanghai, China, in December 2022. Launching the 67,000 square metre factories required an investment from the corporation of over USD 150 million. Given the cost-benefit ratio, the growing trend towards electric cars among new car owners is nevertheless encouraging. The use of automated robotic systems by automakers for the high-volume production of vehicles is anticipated to have a substantial impact on the industrial robotics sector. For instance, Tesla Inc. received Kuka AG's industrial arm robots in December 2022 to assist with the company's mass production of electric vehicles. The use of automated robotic systems by other significant automakers is similar, fuelling the demand for industrial robots.