New Delhi, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global industrial robotics market is anticipated to reach the valuation of US$ 192.91 billion by 2032, up from US$ 22.13 billion in 2023 at a CAGR of 27.2% over the course of forecast period, 2024–2032.
In 2023, the industrial robotics market has experienced significant growth, with global shipments surpassing 500,000 units. This growth is primarily fueled by the increasing demand for automation to tackle labor shortages and improve productivity. The Asia Pacific region, especially China and Japan, leads this growth, with China setting a record by installing 290,258 units in 2022. While the global outlook is positive, the market in the Americas faced challenges in 2023, witnessing a 17.3% decline. This drop is largely due to economic issues and reduced automation investments in the automotive industry. Nonetheless, recovery is expected, driven by advancements in AI and machine learning, which are enhancing the capabilities of industrial robots. These technological integrations are leading to the development of more sophisticated robots, thus boosting their adoption.
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The main applications for industrial robots in 2023 are material handling, welding, and assembly, which together comprise over 70% of market revenues. Prices for industrial robots are decreasing, making them more accessible to small and medium enterprises (SMEs), with an expected annual price drop of about 3% from 2024 to 2028. Additionally, there's an increasing use of collaborative robots (cobots) that work alongside humans, enhancing both productivity and safety. The global market is anticipated to reach 600,000 units installed annually by 2024, reflecting the ongoing demand for automation solutions.
Key Findings in Industrial Robotics Market
| Market Forecast (2032) | US$ 192.91 billion |
| CAGR | 27.2% |
| Largest Region (2023) | Asia Pacific (69.0%) |
| By Type | Cartesian (30.6%) |
| By Function | Material Handling (43.3%) |
| By Industry | Automotive (25.4%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Material Handling is Reshaping Societal and Economic Landscapes of Industrial robotics Market
The increasing demand for industrial robotics in material handling is reshaping societal and economic landscapes, offering solutions to longstanding challenges in labor and operational efficiency. Material handling is a critical component of industrial operations, involving the movement, protection, storage, and control of materials throughout manufacturing, warehousing, distribution, consumption, and disposal. The magnitude of this need is illustrated by the fact that manual handling contributes to over 500,000 cases of musculoskeletal disorders annually in the United States, leading to significant medical costs and lost productivity. Addressing these issues, industries have turned to robotics, with over 125,000 industrial robots deployed specifically for material handling tasks worldwide in the past year, reducing the risk of workplace injuries and associated costs.
Economically, the global material handling equipment market is projected to reach a valuation of $190 billion by 2025, driven by the increasing adoption of automation technologies. This growth highlights the industrial robotics market's critical role in enhancing operational efficiency and reducing costs. Inefficient material handling has been known to cause financial losses, with industries like construction experiencing cost overruns amounting to billions annually due to poor material management. Robotics in material handling not only addresses these inefficiencies but also supports the growing demands of e-commerce, where robots handle approximately 20 million parcels daily to ensure timely deliveries. The rise of robotics is further supported by the integration of advanced technologies such as AI and IoT, with over 200 robotics startups receiving funding in the past year alone, driving innovation and creating new opportunities. As a result, the job market is evolving, with 97 million new roles in robotics and AI anticipated by 2025, prompting educational institutions worldwide to introduce over 1,000 new courses in these fields, preparing the next generation for the evolving job market. This technological evolution is not only transforming how businesses operate but also enhancing societal welfare by improving safety, efficiency, and economic resilience.
Industrial Robotics Market is Witnessing A Significant Shift Towards Articulated robots, Set to Capture Over 28.8% by 2032
Articulated robots are becoming one of the most preferred type in the market due to their versatility and efficiency. Articulated robots, characterized by their rotary joints and human-arm-like movement, are extensively used in industries such as automotive, handling heavy payloads and performing precise assembly tasks. In 2022, the articulated segment installed 180,000 units globally, showcasing the strong demand for these robots. This growth is driven by the transition from manual to automated production, which is crucial for reducing operational and manufacturing costs. Globally, there are around 3 million industrial robots in operation as of 2023, with articulated robots accounting for a substantial proportion of these installations. The automotive industry, a major adopter of articulated robots, reported that 70% of its robotic applications utilize articulated systems for their flexibility and precision.
The dominance of articulated robots in the industrial robotics market is further bolstered by their adaptability across various sectors, including food and beverages, plastics, and chemicals, where they automate processing tasks. In 2023, the average robot density in manufacturing reached 150 robots per 10,000 employees, with articulated robots significantly contributing to this figure. The Asia Pacific region, particularly China, has installed over 100,000 articulated robots, making it a significant contributor to the market. The rapid development of Industry 4.0 and the demand for large-scale product customization are also fueling the adoption of collaborative robots, which are often articulated, equipped with smart sensors for enhanced coordination. Despite the articulated segment's dominance, Cartesian robots installed 120,000 units in 2022, indicating a diverse market landscape. The articulated robot segment in Germany saw a 15% increase in installations in 2023, reflecting the growing trend towards automation in Europe. As industries continue to innovate, articulated robots are set to remain at the forefront, with over 400,000 units projected to be installed annually worldwide by 2030.
China, Japan, South Korea, the United States, and Germany are Most Prominent Industrial Robotics Market
The industrial robotics market is dominated by China, Japan, South Korea, the United States, and Germany. These countries have made significant investments in automation technologies, driven by various economic and demographic needs. China is the largest and fastest-growing market for industrial robots. In 2022, it recorded 290,258 robot installations, marking a 5% increase from the previous year. This growth is fueled by substantial government investments aimed at enhancing automation. With strong support for research and development, coupled with advancements in artificial intelligence and machine learning, China continues to lead in robot density and adoption across its robust manufacturing sector. Japan and South Korea are at the forefront due to their high robot density and technological prowess. South Korea boasts the highest robot density globally, with 1,000 robots per 10,000 manufacturing workers. Japan follows with a density of 399 robots per 10,000 employees, driven by the need to address aging populations and labor costs. In 2022, Japan saw a 9% increase in robot installations, underscoring its commitment to maintaining a competitive manufacturing edge through technological innovation.
The United States and Germany are key players in the industrial robotics market due to their advanced industrial bases and regulatory frameworks that prioritize safety and innovation. The U.S. saw a 10% increase in robot installations in 2022, reaching 39,576 units, reflecting a focus on productivity and competition. Germany, with a robot density of 415 per 10,000 employees, leads Europe in robot adoption, driven by its highly developed industrial sector and commitment to worker safety. Both countries continue to invest in research to sustain their market positions.
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Moderately Consolidated Market: Top 4 Players Control Over 36.3% Share of Industrial Robotics Market
ABB Limited, Fanuc Corporation, Mitsubishi Electric Corporation, and Yaskawa Electric Corporation collectively dominate the industrial robotics market, holding over 36.3% of the market share. These companies are renowned for their continuous innovation and strategic positioning. ABB has enhanced its collaborative robots like the GoFa and SWIFTI models, focusing on safety and efficiency in tasks shared with humans. Fanuc has marked the production of its one-millionth robot, emphasizing its strong foothold in sectors such as automotive and consumer goods. Yaskawa has launched the MOTOMAN NEXT series, introducing the first adaptive robots, showcasing its commitment to technological progress. Wherein, The industrial robotics market is on a strong growth trajectory, driven by the increasing demand for automation in manufacturing to enhance efficiency and product quality. The automotive sector remains a primary user of robotics for processes like welding and assembly, while the Asia Pacific region is seeing rapid adoption due to technological advancements and industrialization.
Facing competition from both new entrants and established players, these leading companies are heavily investing in research and development to maintain their edge. ABB is broadening its global operations and enhancing its technologies. Fanuc is expanding its network in Europe and investing in new facilities. Mitsubishi Electric is launching new high-speed, precision robots under its MELFA series. These strategic initiatives are vital for leveraging market opportunities and sustaining leadership in the evolving industrial robotics landscape.
Key Companies:
- ABB Limited
- DAIHEN Corporation
- Denso Corporation
- Epson America Incorporated
- Fanuc Corporation
- Kawasaki Heavy Industries Limited
- Kobe Steel, Limited
- Kuka AG
- Mitsubishi Electric Corporation
- Yaskawa Electric Corporation
- Other Prominent Players
Key Segmentation:
By Type
- Articulated
- Cartesian
- SCARA
- Cylindrical
- Others
By Industry
- Automotive
- Electrical & Electronics
- Chemical Rubber & Plastics
- Machinery
- Food & Beverages
- Others
By Function
- Soldering & Welding
- Materials Handling
- Assembling & Disassembling
- Painting & Dispensing
- Milling, Cutting, & Processing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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