Industrial robotics include robotic arms, automated guided vehicles, and other robotic tools that assist humans in various industrial activities such as material handling, assembly, welding, packaging, inspection, machine tending, and others. Industrial robotics help in improving production efficiency and quality while reducing production costs and workplace hazards for humans. Robots are increasingly being adopted across manufacturing industries such as automotive, electronics, metals and machinery, food and beverages, and plastics and rubber, among others. Particularly, the automotive industry has been witnessing high adoption of industrial robots for critical welding, material handling, and painting processes.
The global industrial robotics Market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of industrial robots in the automotive industry is one of the major drivers of the industrial robotics market growth. Various automotive manufacturers are increasingly installing industrial robots to enhance production efficiency. For instance, according to the International Federation of Robotics, an estimated 308,000 industrial robots were shipped for use in automotive plants globally in 2021. Meanwhile, the growing labor costs and shortage of workers is also propelling the automotive industry to rely more on industrial robotics to minimize production costs. Additionally, industrial robots help improve production consistency and quality while ensuring workplace safety for human workers. Government regulations in various countries mandating safety standards at production facilities are further supporting the adoption of industrial robots across industries.
Segment Analysis
There are four major segments in the industrial robotics market – articulated robots, SCARA robots, parallel robots and collaborative robots. Among these, the articulated robots segment accounts for the largest market share of over 50% currently. Articulated robots are highly flexible and have more degrees of freedom which allows them to perform a wide range of tasks involving material handling, packaging, palletizing, assembling, and other complex tasks involving more dexterity. This makes articulated robots the most popular and widely used type of robots across industries such as automotive, metals and machinery manufacturing.
PEST Analysis
Political: Governments across countries are promoting industrial robotics adoption through tax incentives and subsidies to boost manufacturing competitiveness. Most countries have also released regulatory guidelines to ensure safe human-robot collaboration in industrial settings.
Economic: Industrial robotics helps improve productivity and quality while reducing costs for manufacturers. With rising labor costs, robotics is enabling industries to automate labor-intensive and repetitive tasks.
Social: Industrial robots are relieving humans from hazardous, heavy and highly repetitive jobs, improving workplace ergonomics and safety.
Technological: Advancements in robotics technologies such as path planning algorithms, machine vision, force sensors and collaborative robot designs are promoting further automation while ensuring safe human-robot collaboration.
Key Takeaways
The Global Industrial Robotics Market Growth is expected to witness high over the forecast period driven by rising labor costs, increasing automation across industries and technological advancements. The global industrial robotics Market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region currently dominates the global industrial robotics market holding over half of the total market share. This is led by strong demand from countries like China, Japan and South Korea which are also the leading robotics manufacturing hubs globally. The APAC region benefits from low manufacturing costs and increasing labor wages which is fueling automation adoption across industries.
Key players: Key players operating in the industrial robotics market include ABB Ltd., Fanuc Corporation, KUKA AG, Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd. and others. These players are focusing on expanding their product portfolios and capabilities through strategic collaborations and new product launches to capitalize on growing opportunities in this market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it