Industrial robots are useful in performing various automated tasks in numerous industrial operations with high accuracy and efficiency. They aid in tasks like welding, painting, assembly, pick and place, packaging, palletizing, and others. Industrial robots help in improving production speed and quality along with reducing operational costs and errors. The global Industrial Robotics Market is estimated to be valued at US$ 69.33 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased adoption of industrial automation has been a key trend boosting the industrial robotics market. Industrial automation uses equipment such as industrial robots, control valves, transistors, and microprocessors to handle industrial processes. Automation helps industries enhance productivity and quality, reduce costs, improve flexibility and consistency of production processes. For instance, many automotive companies have heavily automated their assembly lines using industrial robots to weld and assemble vehicles. In addition, food and beverage companies are also increasingly adopting industrial robots for packaging and palletizing applications. This rising adoption of automation technologies by various industries is expected to drive the demand for industrial robots, thereby propelling the industrial robotics market growth over the forecast period.
Segment Analysis
The global industrial robotics market is dominated by the automotive sub-segment. The automotive industry relies heavily on industrial robots for various manufacturing processes such as welding, painting, assembly and packaging. Industrial robots help improve productivity and quality in automotive manufacturing. They can work faster and more accurately compared to humans. With rising automotive production worldwide, the demand for industrial robots from automotive companies is increasing rapidly.
Key Takeaways
The global industrial robotics market is expected to witness high growth.
The Asia Pacific region currently dominates the global industrial robotics market and is expected to continue its dominance during the forecast period. China, Japan and South Korea are major markets for industrial robots in the region owing to developed automotive and electronics industries. Growing manufacturing activities and rising labor costs are further driving the adoption of industrial robots across countries in Asia Pacific.
Europe is also a significant regional market for industrial robotics. Key industries such as automotive, electronics and machinery have been adopting industrial robots rapidly to improve productivity. Countries such as Germany, Italy and France are major European markets for industrial robots.
Key players operating in the industrial robotics market are ABB, FANUC, KUKA, Yaskawa Electric and Kawasaki Heavy Industries.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it