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The global industrial robots market size was valued at USD 15.60 billion in 2021 and is projected to grow from USD 16.78 billion in 2022 to USD 35.68 billion by 2029, exhibiting a CAGR of 11.4% during the forecast period. Based on our analysis, the global market exhibited a growth of 5.9% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.
An industrial robot is a sort of mechanical equipment that is fed data and is programmed to execute activities linked to industry production automatically. These robots can be programmed, and the program may be modified as many times as required, depending on the application. This type of robots aid in improving productivity while lowering costs and generating high-quality goods in automation applications. Drives, end-effectors, robotic manipulators, sensors, and controls make up the majority of robots. The robotic controller is the robot's brain that aids in the delivery of commands. Microphones and cameras are used as robot sensors to keep the robot aware of the industrial surroundings.
The robotic manipulator is the robot's arm that assists the robot in moving and positioning, while the end effectors assist the robot in engaging with the workpieces. Cartesian, Collaborative, SCARA, Articulated, Cylindrical robots are types of robots utilized in the industry. The degree of freedom of movement, size requirements, and payload capacity all influence the type of robot chosen. Industrial robots aid in the optimization of production processes for a healthy and efficient outcome.
Positive Surge in Demand for Industrial Robots During COVID-19
The continuing shift from manual to automated operations is driving up demand for these robots. The synchronization of management, production, and control is critical to the seamless operation of an industry's workflow. During the manufacturing of robots, however, interruption and inefficiency in any of these roles might impede operations and product quality. In such a situation, robotic technology is gaining traction since it streamlines procedures and improves workflow efficiency. Due to the growth of small and medium-sized businesses, increased expenditures on automation across sectors, and strict regulatory rules governing the handling of dangerous chemicals and goods, the need for robots is speeding up.
Similarly, these robots aid in high-payload lifting during vehicle production and machinery customization. The rise of smart factories will expand market opportunities. Furthermore, factors such as increased public awareness of industrial accidents, expanding consumer goods demand, and employee safety are all contributing to the industrial robots market growth. Manufacturers are concentrating their efforts on research & development to incorporate artificial intelligence and build advanced sensors, which will boost the market growth. Venture investors are taking notice of market changes and are eager to invest in companies that develop, test, and produce robots.
Furthermore, manufacturers are pursuing different business strategies such as mergers, acquisitions, and cooperation to broaden their global reach and meet market capitalization. For example, Teradyne, Inc. purchased Mobile Industrial Robots (MiR) for USD 147 million in April 2018. Teradyne's existing range of industrial type of robots and sophisticated intelligent automation technologies will be expanded as a result of this strategic decision.
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Rise in the Logistics Sector is Expected to Aid the Market
Consumers' increasing preference for purchasing online is helping the e-commerce business. The integration of automated robotic systems is becoming a priority for distribution centers, merchants, warehouses, and facility owners. The goal is to deliver on time, save money on labor, and improve efficiency and production in every step. This is one of the most important considerations for the deployment of these robots. Many firms are also creating interesting solutions throughout the whole logistics value chain, such as self-driving trucks, intelligent warehouses, and service robots.
Increase in Investment across Industries is Driving the Growth of the Market
In general, industrial robots are in high demand in industries such as automotive, pharmaceuticals, consumer electronics, packaging, and equipment. This need, however, is predicated on the sort of robot that they need to place throughout their locations to harness industrial activity and cut costs. Players in the consumer electronics industry, for example, could deploy collaborative robots at a faster rate to increase production flexibility.
As a result, there are significant investments being made in the business, which is increasing the need for these robots. For example, Nissan Motor purchased two lines of UR10 collaborative robots i.e. arms for its Yokohama facility from Universal Robots in order to cut labor costs while maintaining the efficiency of manufacturing procedures such as Takt Time. Similarly, pharmaceuticals, consumer electronics, & industrial companies all have a stake in the market which has contributed to the market growth.
High Costs of Investments at Initial Stage and Maintenance Hinder the Market Growt
For organizations with little or no relevant expertise, the initial investment necessary might be difficult. Procurement, integration, programming, accessories, and maintenance, among other things, necessitate a large capital investment. This might stifle market expansion. Due to low-volume manufacturing and a poor return on investment, small and medium businesses also find it difficult to park large sums of money (ROI).
Moreover, the recent collapse of the COVID-19 pandemic is having a significant influence on the market. The quick shutdown of different industrial units and businesses has impacted overall production and supply networks significantly. Industrial robot makers, on the other hand, are projected to see a boost in sales and overcome the obstacles following the pandemic.
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Articulated Robots Segment is Predicted to Show a Higher Growth Rate Due to Growing Penetration
Based on robot type, the market is divided into SCARA, articulated, cartesian/linear, cylindrical, parallel, and others.
Articulated robot has the largest industrial robots market share due to its ability to conduct exact motions repeatedly, which is used in applications such as material handling, assembly, and others. The employment of articulated robots in food and beverage, pharmaceuticals, and autos is propelling the market's growth.
Due to its construction built to accomplish duties in a hostile environment, SCARA and cylindrical robots are predicted to expand significantly throughout the projection period. Furthermore, they conduct a variety of selective and repetitive tasks, such as pick and place, sorting, prescription medicine dispensing, and tiny part assembly, all with a short cycle time. Robots of this type are frequently used in the food and beverage, automotive, and industrial industries.
Cartesian/linear and parallel robots are expected to see significant expansion in the future years as warehouses, distribution centers, and manufacturing facilities become more automated.
Material Handling Segment to Grow Rapidly during the Forecast Period
Based on application, the market is classified into welding & soldering, pick & place, assembling, material handling, cutting & processing, and others
Material handling is likely to see progress during the forecast period due to demand from the food and beverage, pharmaceutical, and electrical and electronics industries. Furthermore, as certain chemicals are concentrated and transport hazardous compounds, material handling is a key role in the chemical and pharmaceutical industries. In such a situation, robots are frequently used to decrease accidents and maintain staff safety.
During the forecast period, assembly, welding & soldering and pick and place applications are likely to have a significant increase. A surge in the automotive, metal industrial, electrical, and electronic industries, where bespoke spare parts are built and placed in the completed product, is expected to boost growth.
With the rising trend of automotive personalization and the increased focus on precision cutting across many applications, the cutting and processing industry is likely to rise significantly in the future years.
Healthcare & Pharmaceutical to Develop Rapidly During Forecast Period Owing to Increasing Usage in Medical Operations
Based on industry, the market is segregated into electrical & electronics, automotive, food & beverages, healthcare & pharmaceutical, metals & machinery, rubber & plastic, and others
The healthcare & pharmaceutical market is predicted to develop rapidly. The expanding trend of combining robots and humans to conduct diverse medical tasks is expected to fuel growth. This involves supporting surgeons with surgeries, which are usually less invasive. These robots use powerful 3DHD technology to provide the operator with the spatial references needed for very intricate operations. Furthermore, speed and precision are important attributes for rising industrial robot deployments. At testing labs and production companies, these robots can handle liquids, powder & even viscous materials.
Due to the huge growing move from manual to electric vehicles, the automotive industry is predicted to develop quickly. Furthermore, regulatory authorities' growing worries about reducing emissions compel manufacturers to lower vehicle weight in order to meet emission regulations. In addition, major countries such as Germany, the U.K., the U.S., and China are focusing on extending their manufacturing units across borders to fulfill increased demand.
With increasing integration of robotics for handling delicate semiconductors, uncertain chemicals in research & development centers, and other applications, the metals & machinery, electrical & electronics, and food & beverage segments are expected to grow significantly in the future. In addition, with the increased need for specialized and modified machinery, industrialization has picked up speed in recent years. To withstand the enormous strain in the operational operations, these machines require precise soldering & welding.
Asia Pacific Industrial Robots Market Size, 2021 (USD billion)
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The report's scope comprises five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America
Asia Pacific is expected to dominate the worldwide market during the forecast period. Rising automation, particularly in Japan, China, and India, is expected to fuel growth in the area. Furthermore, as the population and disposable income of people rise, so does the demand for consumer goods and other items, resulting in increased production capacity, which adds to the growth of this industry. Similarly, there is a growing need for bespoke machinery and autos, which necessitates high accuracy and rapid manufacturing capacity. The use of robots in industrial applications is increasing in order to keep up with demand, further increasing the global market share.
In terms of both value and volume, China is predicted to have the greatest share of the market for these robots in 2021. This is due to rising labor costs in APAC, which are prompting firms to automate their production processes in order to preserve their cost advantage. By 2021, China is likely to recover from its industrial slump, while Taiwan and Thailand strive for even more automation. Due to factors, such as cheap manufacturing costs, easy availability of inexpensive labor, lax pollution and safety standards, and government’s push for foreign direct investments (FDIs), APAC is positioned to retain a strong market position in the conventional robotics industry in the foreseeable future.
North America is predicted to rise significantly as the worldwide market is driven by the advent of smart factories and industry 4.0, resulting in increased demand for customized and small robotic systems. Furthermore, as the manufacturing process is hastened and production capacity is increased, producers get an early return on investment (ROI).
Manufacturers are working on creating and adopting collaborative robots in Europe, which is likely to exhibit significant growth in the future years as the up-gradation of industrial operations is at an all-time high in this area. These robots are particularly built to operate with people and are equipped with advanced sensors that allow them to recognize and interact with them. This sort of robot is employed to do heavy-duty tasks.
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The Middle East & Africa and Latin America are expected to show substantial growth in the near future. The growth is attributed to the supply of the bulk of these robots from the automotive industry. This has prompted businesses in the electronics, food and beverage, and aerospace industries to use robots for a variety of tasks. In recent years, corporations, such as Philips, Ford, GM, and Nestle, have introduced robotic work cells. In April 2021, Accenture purchased Pollux, a Brazilian firm that specializes in industrial robots and automation solutions, to strengthen its digital manufacturing, operations, and supply chain capabilities. Furthermore, the increased utilization of the robots is fueling the growth of this market in Brazil.
Key Players are Focusing on Upgrading the Existing Technology and Geographical Expansion Strategies
Key suppliers are concentrating on introducing its product streamlined with innovative technologies to gain recognition in the global market. For instance, in February 2021, ABB is planning to expand its existing cobot portfolio by introducing the new GoFa and SWIFT cobot families to offer higher payloads and speeds. Also, owing to the growing need for robotics technology, the players are emphasizing reaching out to the various industries across the potential geographies to uplift their customer base and presence. Apparently, Fanuc Corporation invested USD 240 million to expand its business presence in Shanghai (China) with the expectation to maintain its high edge competition in the China market.
An Infographic Representation of Industrial Robots Market
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The global industrial robots market report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2022 to 2029 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
2018 - 2029
Value (USD billion)
By Robot Type, Application, Industry, and Region
As per Fortune Business Insights, the market was worth USD 15.60 billion in 2021.
By 2029, the market size is expected to reach USD 35.68 billion.
The market is projected to grow at a CAGR of 11.4% during the forecast period (2022-2029).
Asia Pacific is expected to hold a dominant market share, with its value standing at 7.69 billion in 2021.
Within robot type, the articulated segment is expected to lead the market share during the forecast period.
Increase in investments across industries is driving the growth of the market.
ABB, FANUC CORPORATION, and KUKA AG are the top companies in the global market.
The major players in the market constitute 59% - 63% of the market, which is majorly owed to their brand name and presence in multiple regions.
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