[Research Report] The industrial robotics market size is expected to grow from US$ 14.86 billion in 2022 to US$ 30.47 billion by 2030; it is estimated to record a CAGR of 9.39% from 2022 to 2030.

Analyst Perspective:

Emerging markets in APAC and the MEA are witnessing significant growth in the industrial robotics market. Rise in industrialization, economic development, and the need for efficient manufacturing processes are driving the demand for industrial robots in these regions. As per the IFR report, Asia Pacific remains a center of industrial robot installations, with India breaking into the top ten list for the first time. According to the latest International Federation of Robotics (IFR) report, industrial robot sales in 2021 increased by 54% compared to 2020. The number of robots is increasing rapidly in China and other developing economies. In 2021, Brazil, India, and Thailand had equivalent industrial robots compared to developed economies. Further, as the cost of manufacturing labor rises in developed countries (e.g., a 24% increase in manufacturing labor expenses in the US since 1990), as well as traditional low-cost countries such as China or India, the industrial robotics market share is expanding in recent years.

Market Overview:

Industrial robots are programmable, automated equipment that can move along three or more axes, which can be either fixed in place or to a mobile platform for use in automation and load-shedding applications in an industrial setup. They are used in welding, painting, waterjet cutting, construction/destruction, pick-and-place procedures, material handling, palletizing and depalletizing, packing, and other production tasks that require high endurance, speed, and precision. The rising need for such adaptable systems has attracted many industrial robot manufacturers to contribute to the manufacturing industry by providing diverse solutions. Robots boost the efficiency of operations and competitiveness of businesses in the industrial robotics market, especially for small and medium-sized enterprises (SMEs).

The trend of outsourcing manufacturing or contract manufacturing to low-cost countries has attracted an increasing number of manufacturing firms to Asia Pacific. According to The IFR World Robotics study, many foreign robotics businesses prefer Asia Pacific countries such as China and Japan for investment opportunities. In 2021, Asia accounted for 74% of all newly deployed robots, primarily driven by China, which has controlled the world market for industrial robots since 2013 and accounted for 52% of all installations. Japan is the second-largest market for industrial robots.

The global industrial robotics market is segmented based on type, function, industry, and geography. Based on type, the global industrial robotics market is segmented into articulated robots, Cartesian robots, SCARA robots, collaborative robots, parallel robots, and others. Based on function, the global industrial robotics market is segmented into soldering & welding, material handling, assembling & disassembling, painting & dispensing, milling, and cutting & processing. Based on industry, the global industrial robotics market is segmented into automotive, medical & pharmaceuticals, electrical & electronics, rubber & plastics, metal & machinery, and food & agriculture. Based on region, the industrial robotics market is segmented into North America, Europe, APAC, the Middle East & Africa, and South & Central America.

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Industrial Robotics Market: Strategic Insights

Industrial Robotics Market

• 
  CAGR (2022 - 2030)

  9.39%
• Market Size 2022
  US$ 14.86 Billion
• Market Size 2030
  US$ 30.47 Billion

Market Dynamics

GROWTH DRIVERS

• Advancement in automation in industry 4.0
• Increase in demand in emerging market
• Government initiatoves and incentives

FUTURE TRENDS

• Sustainability and Green economy

OPPORTUNITIES

• Second life of industrial robot and ROI

Key Players

• ABB Ltd
• Yaskawa Electric Corporation
• Nachi-Fujikoshi Corp
• Fuji Robotics
• KUKA AG
• Universal Robotics AS
• Honeybee Robotics
• COMAU SPA
• Clearpath Robotics Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Articulated
• Cartesian
• SCARA
• Collaborative
• Parallel
• Others

Function

• Soldering and Welding
• Material Handling
• Assembling and Disassembling
• Painting and Dispensing
• Milling
• Cutting and Processing

Industry

• Automotive
• Medical & Pharmaceuticals
• Electrical & Electronics
• Rubber & Plastics
• Metal & Machinery
• Food & Agriculture

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Market Driver:

Several governments worldwide have enacted strict automotive emission and fuel economy legislation standards. These standards aim to improve the overall efficiency of vehicles and reduce their carbon footprint. In order to meet the standards in a limited time, companies are adopting automation in their production lines. Owing to this, the number of active industrial robots worldwide is increasing by ~14% year on year, and automation is creating new types of robots with increased utility and function. Future factories will certainly have machines and humans working side by side to meet consumer demand—a new reality for which business owners should be prepared. This leads to increased production and less human fatigue and reduce overtime hours.

Industry 4.0 refers to the present industrial revolution, driven by advancements in robotics, automation, and the Internet of Things (IoT). The growth of industrial IoT and artificial intelligence is likely to significantly impact robots. New maintenance tactics,  and artificial intelligence is likely to significantly impact robots. New maintenance tactics, more autonomous robots, and new collaborative robotics technologies are made possible by Industry 4.0 technology. Industrial robots and Industry 4.0 technologies can help revolutionize companies over the next few years by streamlining machine management and automating operations that were previously done by human hands which is expected to drive the growth of the industrial robotics market.

Segmental Analysis:

Based on types, the industrial robotics market is segmented into articulated, cartesian, SCARA, collaborative, parallel, and others. The articulated segment accounted for the largest share of the industrial robotics market in 2022.

Articulated industrial robots or joint arm robots are advanced robotic systems specially designed for handling manufacturing and assembly line applications. They have three axes of rotating arm motion and six degrees of freedom (DOF), allowing them to be more flexible and reachable, thus, making them advantageous over other robotic types. They are designed to look like human arms and are utilized for various functions and purposes. An articulated robot's applications include assembling, metal casting, palletizing, welding, painting, and packaging. Articulated robots have the capability of moving simultaneously along their axes. Owing to their movement capability, articulated industrial robots provide automation and precision in industrial environments, improving productivity, efficiency, and safety while performing repetitive or hazardous tasks. Such benefits of articulated industrial robots is expected to increase the industrial robotics market size.

Regional Analysis:

The Asia Pacific industrial robotics market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia has the world's largest industrial robot market due to the region's high demand for industrial robots. The installation of industrial robots increased by 33% in 2021 compared to 2020. In 2021, the adoption of industrial robots in the electronics industry increased by 22%, the automotive industry by 57%, and the metal & machinery industry by 29%, compared to 2020. According to IFR, in January 2023, China, Japan, and South Korea were among the top five most advanced countries in terms of annual installations of industrial robots especially China industrial robotics market witnessed higher growth.

In addition, governments of various countries in Asia Pacific are coming up with plans and initiatives to boost the industrial robotics market growth. For instance, in December 2021, China unveiled a sharpened version of the Made in China 2025 industrial policy blueprint. Under this, the government released a five-year smart manufacturing development plan to digitize 70% of the country's large enterprises. In addition, New Robot Strategy by the Japanese government, through investments in manufacturing, healthcare, infrastructure, and agriculture sectors to integrate automated solutions, is fueling the adoption of automated solutions. Such initiatives by the government will further boost the industrial robotics market share in the region.

Market players operating in the industrial robotics market in Asia Pacific include Mitsubishi Electric Corporation, Omron Corporation, and Hitachi Ltd. These companies use various organic and inorganic growth strategies to fuel their business growth. For instance, in April 2021, Hitachi Ltd acquired Kyoto Robotics, an intelligent robotics solution provider, due to the increasing need for automation during the pandemic.

Key Player Analysis:

The key players operating the global industrial robotics market include ABB Ltd, Yaskawa Electric Corporation, Nachi-Fujikoshi Corp, Fuji Robotics, KUKA AG, Universal Robotics AS, Honeybee Robotics, COMAU SPA, and Clearpath Robotics Inc, which are profiled in this study. In addition, several other major global and regional industrial robotics market players were studied and analyzed during this study to get a holistic view of the entire value chain.

Industrial Robotics Market Report Scope

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Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global industrial robotics market. A few recent developments by key industrial robotics market players are listed below: 

• In March 2023, ABB reaffirmed its commitment to one of its most important client markets, the US, by beginning construction on expanding its current robotics headquarters and production plant in Auburn Hills, Michigan. The project will be completed by November 2023 and is expected to cost US$ 20 million. The expansion will create 72 new highly skilled jobs in the area, backed by a US$ 450,000 performance-based grant from the Michigan Business Development Program.
• In February 2022, Yaskawa Motoman, one of the world's top producers of industrial robots, introduced two new six-axis collaborative robots, the HC10DTP and HC20DTP. The HC10DTP and HC20DTP enable people to operate securely with robots in various collaborative applications such as assembly, dispensing, machine tending, material handling, packing, and welding.