Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Robotics Market by Component (Robots, Robot Accessories), Payload (Up to 60 kg, 60–100 kg, 100–225 kg, and Above 225 kg), Application, End-use Industry, and Geography - Global Forecast to 2029.’
The global industrial robotics market is projected to reach $32.7 billion by 2029, at a CAGR of 6.2% from 2022 to 2029. By volume, this market is expected to grow at a CAGR of 11.2% from 2022 to 2029 to reach 950.1 thousand units by 2029. The growth of the industrial robotics market is attributed to the increasing adoption of robots in the manufacturing sector, government support and policies for the adoption of industrial robots, high labor cost in North America and Europe, and the increasing number of SMEs globally. Furthermore, rising automation across the automotive and electronics sectors and increased focus on reducing human labor in industries are expected to create significant opportunities for players operating in this market.
However, the need for highly skilled operators and the safety issues of industrial robots pose challenges for the growth of this market.
The global industrial robotics market is segmented based on component, payload, application, end-use industry, and geography. The study also evaluates industry competitors and analyses the regional and country-level market.
Based on component, the global industrial robotics market is segmented into robots, robot accessories, software, and controllers. In 2022, the robots segment is expected to account for the largest share of the industrial robotics market. The demand for robots has been increasing among consumers to cater to a wide application area as they can be programmed to perform repetitive and hazardous tasks with consistent precision, accuracy, and quality. The technology used in robots allows them to operate round the clock, even in harsh environments, increasing productivity and profitability and reducing the human labor required for performing activities that might cause physical injury, thereby increasing workplace safety and reducing labor costs.
Based on payload, the global industrial robotics market is segmented into upto 60 kg, 60–100 kg, 100–225 kg, and above 225 kg. The upto 60 kg segment is expected to grow at the highest CAGR during the forecast period. This category includes SCARA, articulated, and collaborative robots. The rapid growth of this segment is attributed to the increasing need for automation in the electrical and electronics industry for assembly and handling applications where SCARA robots are extensively used. Generally, a SCARA robot can operate at a higher speed and with optional cleanroom specifications. By design, these robots suit applications with a smaller field of operation with limited floor space. In addition, the compact layout makes them relocatable in temporary or remote applications. SCARA robots can be particularly used in industrial applications which require a clean and hygienic environment, such as the food and beverage industry.
Based on application, the global industrial robotics market is segmented into material handling, assembling & disassembling, welding & soldering, dispensing, processing, machine tending, inspection, and other applications. In 2022, the material handling segment is expected to account for the largest share of the market. Material handling robots are used to automate some of the most tedious, dull, and unsafe tasks in a production line. These robots enhance the efficiency of production lines and increase customer satisfaction by promptly providing quality products.
Based on end-use industry, the global industrial robotics market is segmented into automotive, electrical & electronics, metal & machinery, plastics & chemicals, food & beverage, healthcare & pharma, and other end-use industries. In 2022, the automotive segment is expected to account for the largest share of the industrial robots market. The large share of this segment is attributed to the benefits offered by industrial robots in the automotive industry, such as cost-effectiveness, higher efficiency, safety, and speed & precision. Using robots allows car and automotive component makers to accelerate production, reduce costs, improve quality, and enable the safety of workers.
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Geographic Review :
Based on geography, the global industrial robotics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the industrial robots market. The large share of this regional market is driven by the increasing labor costs in Asia-Pacific, driving manufacturers to automate the manufacturing processes to maintain their cost advantage.
The key players profiled in the global industrial robotics market study include ABB Ltd (Sweden), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Denso Corporation (Japan), Seiko Epson Corporation (Japan), Dürr Group (Germany), Universal Robots A/S (Denmark), Stäubli International AG (Switzerland), Comau S.p.A. (Italy), Hyundai Robotics (South Korea), SIASUN Robot & Automation CO., Ltd (China), OMRON Corporation (Japan), Techman Robot Inc. (Taiwan), FRANKA EMIKA GmbH (Germany), and F&P Robotics AG (Switzerland).
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