The global industrial robotics market is predicted to register a CAGR of 18.9% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 39 billion in 2023 to US$ 220 billion by 2033 end.
The industrial robotics industry is projected to augur well over the stipulated time-frame on account of increasing demand for collaborative robots (cobots) across industries. Take for instance, Universal Robots (Denmark), which offers a UR+ platform to empower growing number of users to easily program robots. Additionally, the platform enables efficient deployment of diverse vision systems, robot end effectors, and add-on software.
Enterprises of varying sizes are adopting cobots for new as well as existing applications. For instance, BMW AG (Germany) has employed Universal Robots’ UR10 robot for gluing and dispensing applications. The market is further expected to benefit from the emergence of Industry 5.0. As per European Commission, Industry 5.0 aims to go beyond productivity and efficiency as the sole purpose, and reinstates the contribution of industry in the society.
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The emergent technology places more importance to the wellbeing of the worker, and uses new technologies for further expansion. It does all of this while respecting the planet’s production limits. Industry 5.0 aims to bring back the human touch into production and development. The technology is predicted to optimally deploy creative intellectual capacity of human beings. Hence, the advent of Industry 5.0 is projected to generate lucrative opportunity for cobots.
Key Takeaways from the Industrial Robotics Market:
- The United States is projected to assume leading disposition in the global industrial robotics market. The market is projected to be valued at US$ 77.9 billion by 2033, exhibiting a CAGR of 18.7% for the forecast period. The expanding demand for industrial robots from the high-tech electronics sector is supporting the market expansion.
- China is expected to be a significant market for industrial robotics in the forthcoming years. The market is anticipated to be valued at US$ 15.8 billion by 2033. The growth rate assumed by the country is estimated to be 18.2% CAGR in the next 10 years. The remarkable progress of the Chinese market can be attributed to the expansive growth of automotive industry.
- The Japan market is assessed to reach US$ 12.9 billion by 2033, registering a CAGR of 17.2% from 2023 to 2033. The long-term drivers for the market include increasing need for elderly care and yet-to-be retired baby boomers’ population.
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News Featuring Market Developments by Key Players of Industrial Robotics:
- In March 2022, Mitsubishi Electric Corporation unveiled the latest industrial robotics system that allows robots to execute industrial tasks in complex environments like food-processing plants. This new system integrates Mitsubishi Electric’s Maisart AI technologies, such as high-precision speech recognition, to commence work tasks. The operators can then fine-tune the movements of robots as per necessary requirements. The company plans to commercialize the innovation in 2023.
- In October 2022, YASKAWA ELECTRIC CORPORATION. opened its Robotics Technology Center in Istanbul, Türkiye. The center is situated in a major industrial park in the city, and it plans to exhibit demonstration machines and operate a system. The company is anticipated to keep on investing in Türkiye to ensure participation of customers in products, technologies, and solutions being developed in Europe.
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Industrial Robotics Market by Category
By Product Type:
- SCARA Robots
- Delta Robots
- Cartesian Robots/ Gantry Robots
- Articulated Robots
- Collaborative Robots
- Dual-arm Robots
By Application:
- Assembly/Disassembly
- Clean Room
- Dispensing
- Handling Operations
- Processing/Cutting
- Welding
- Painting & Coating
- General Applications
By End Use:
- Automotive Industry
- Electrical/Electronics Industry
- Rubber & Plastics Industry
- Metal & Machinery
- Food & Beverages
- Plastic & Auxiliary Chemical Products
- Auxiliary Industries
- Bulk Commodities & Materials
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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