The Industrial Robotics Market is expected 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 robots 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 are expected to create significant opportunities for players operating in industrial robotics market.
However, the need for highly skilled operators and the safety issues of industrial robots in industries pose challenges for the growth of industrial robotics market.
The Impact of COVID-19 on the Global Industrial Robotics Market
The COVID-19 pandemic has drastically impacted several manufacturing and processing industries across the globe. The industries severely affected include oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries were severely impacted due to changes in consumer behavior, low production, and dependency on end-use markets and are expected to recover slowly. Some moderately impacted industries include mining, robotics, building technology, electronics, paper & pulp, and processing equipment. These industries are expected to make a speedy recovery due to the broad range of applications they cater to. The least hit industries include agricultural machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally.
The top players in the industrial robotics market are headquartered in Japan and witnessed a major decline in their 2019 revenue. For instance, in March 2020, FANUC (Japan) announced that its ROBOT division revenue was down 6.9% in 2019 compared to 2018. The COVID-19 pandemic led to a disruption of the global supply chain and reduced the installation of industrial robots in various key industries, such as automotive, electrical, electronics, and metals and machinery.
The pandemic severely impacted the industrial sector due to the reduced consumption of high-cost products and the consumers’ inclination to spend on only the most essential goods & services. During the nationwide lockdowns, consumers restricted their spending on consumer goods, high-cost electronics, textiles, automobiles, and machinery, which impacted the major application sectors for the industrial automation market. With countries resuming trade and economic activity and stability in consumer lifestyles, the spending on these products and services is expected to increase, boosting the demand for automation solutions over the coming years. The industrial robotics marketis expected to recover in 2022 due to restrictions on the volume of human labor allowed at manufacturing facilities.
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Increasing Adoption of Robots in the Manufacturing Sector to Support Market Growth
Robots are used in manufacturing to take on repetitive tasks, which streamlines the overall assembly workflow. Robots also collaborate with humans for product production. Many jobs are dangerous or include high volumes of materials, which can be harmful to human workers. The annual installation of industrial robots has witnessed exponential growth from 2010 to 2019. Industrial robot installation reached up to 381 thousand units globally due to high productivity, consistent speed & quality, improved workplace safety, and better floor space utilization.
According to the International Monetary Fund, around USD 1 million robots are currently installed in Asia, which is around 67% of global industrial robot usage. The top ten automated countries globally are Singapore, South Korea, Japan, Germany, Sweden, Denmark, Hong Kong, Chinese Taipei, the U.S., Belgium, and Luxemburg. Singapore has the highest density of robots, with 918 units per 10,000 employees in the electronics industry in the field of semiconductors and computers.
In recent years, robots have been used in the healthcare, agriculture, food preparation, manufacturing, and military sectors. Medical robots are a growing category of robots in the healthcare industry. Advanced surgical robotics offers several benefits to patients, such as shorter hospitalization duration, less pain and discomfort, and minimal scarring. The automobile industry uses industrial robots throughout its assembly line. Robot applications include welding, painting, assembly, pick & place, packaging & labeling, and product inspection.
Key Findings in the Global Industrial Robotics Market Study:
The Robot Accessories Segment Expected to Grow at Highest CAGR During Forecast Period
Based on component, the robots accessories segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to its capability to enhance productivity and overcome common obstacles in manufacturing. Technological innovation has brought about significant advancements in end-effectors. These advancements in end-effectors have been partially fueled by the need to attain dexterous manipulation in industrial robots for their enhanced functioning, particularly in pick-and-place operations.
In the future, end-effectors are expected to achieve a higher level of technological sophistication as machine learning software and other safety features are increasingly being integrated into the End of Arm Tools (EOAT) coupled with the ability to adapt to its environment using machine vision.
The Upto 60 Kg Segment Expected to Grow at the Highest CAGR During Forecast Period
Based on payload, 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 the upto 60 kg 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. SCARA robots can operate at a higher speed and with optional cleanroom specifications.
The Assembling & Disassembling Segment Expected to Grow at the Highest CAGR During Forecast Period
Based on application, the assembling & disassembling segment is expected to grow at the highest CAGR during the forecast period. Assembling & disassembling robots are used to increase production speed and consistency. They also save workers from tedious and dull assembly line jobs. Assembling & disassembling by robots increases efficiency, quality, work environment, and profitability.
The Automotive Segment Expected to Hold the Largest Market Share in 2022
Based on end-use industry, in 2022, the automotive segment is expected to account for the largest share of the global industrial robotics market. The growth 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 ensure workers' safety.
Asia-Pacific to be the Fastest-growing Regional Market
In 2022, Asia-Pacific is expected to account for the largest share of the global industrial robotics market. This regional market is expected to grow at the highest CAGR during the forecast period. The high market growth in Asia-Pacific is driven by the increasing labor costs, driving manufacturers to automate the manufacturing processes to maintain their cost advantage.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the global industrial robotics market over the last four years. The key players profiled in the global industrial robotics market are 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).
Scope of the Report
Industrial Robots Market, by Component
- Robots
- Cartesian Robots
- SCARA Robots
- Articulated Robots
- Cylindrical Robots
- Delta Robots
- Polar Robots
- Collaborative Robots
- Robot Accessories
- End of Arm Tooling (EOAT)
- Vision Systems
- Sensors
- Software
- Controllers
Industrial Robots Market, by Payload
- Up to 60 kg
- 60–100 kg
- 100–225 kg
- Above 225 kg
Industrial Robots Market, by Application
- Material Handling
- Palletizing & Depalletizing
- Stacker
- Bucket elevator
- Grain elevator
- Assembling & Disassembling
- Welding & Soldering
- Resistance Spot Welding
- Arc Welding
- Laser Welding
- Plasma Welding
- Ultrasonic Welding
- Other Welding (Laser Hybrid Welding)
- Dispensing
- Processing
- Machine Tending
- Grinding
- Milling and Turning
- Injection Molding
- Other Applications
- Inspection
- Laser Inspection
- Leak Tests
- Flow Tests
- Dimensional Checks
- Vision Systems
- Other Applications (Casting, Molding)
Industrial Robots Market, by End-use Industry
- Automotive
- Electrical & Electronics
- Metal & Machinery
- Plastic & Chemicals
- Food & Beverage
- Healthcare
- Biotechnology
- Oil & Gas
- Aerospace & Defense
- Paper & Pulp
- Other End-use Industries
Industrial Robots Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia & New Zealand
- South Korea
- Taiwan
- Singapore
- Thailand
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- Italy
- Spain
- France
- Netherlands
- Sweden
- Denmark
- Norway
- Austria
- Rest of Europe (RoE)
- North America
- Latin America
- Middle East & Africa
Key Questions Answered in the Report:
