The global industrial robotics market size is predicted to reach USD 19.31 billion in 2024 and USD 36.54 billion by 2029, growing at a CAGR of 13.6% during the forecast period.
An industrial robot is a mechanical equipment that is programmed to execute activities connected to industry production automatically. These robots can be reprogrammed, and the program may be altered as many times as needed, depending on the application. Industrial robots aid in improving productivity while lowering costs and generating high-quality goods in automation applications. Drive, end-effector, robotic manipulators, sensors, and controls make up the majority of industrial robots. The robotic controller is the robot's brain that assists in issuing commands. Microphones and cameras in robot sensors keep the robot aware of the industrial surroundings. The robotic manipulator is the robot's arm that assists it in moving and positioning, while the end effectors assist in interacting with the workpieces. Collaborative, cartesian, SCARA, cylindrical, and articulated robots are five types of robots used in 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. These features further increases the Industrial Robotics Market growth.
It is funded by the US Department of Defense. The institution has requested speedy and high-impact robotics projects to provide the quick response required for the COVID-19 pandemic. The Indian government has granted a Rs 1.45 trillion incentive package by extending the production-linked incentive (PLI) plan to eleven industrial sectors, with a particular focus on the car and vehicle component industries. As part of its China exit program, the Japanese government has set aside USD 221 million in subsidies for Japanese enterprises to relocate to India and other locations. The French government has provided financial assistance to businesses by guaranteeing the repayment of certain qualifying loans up to USD 358 billion under its State Guarantee scheme. To combat the consequences of the COVID-19 outbreak, Indonesia launched two stimulus packages. The first package, worth $725 million, was announced in February 2020, while the second, at $8 billion, was announced in March 2020. The second stimulus package was introduced to safeguard the economy and small and medium-sized businesses (SMEs), notably in the manufacturing sector. The increased use of automation in the automobile production process, as well as the integration of AI and digitalization, are driving up demand for industrial robots in the industry.
A robotic automation project can be challenging, particularly for companies that have never completed one before. Not only is a large financial investment necessary for the robot itself, but also for its integration, programming, and maintenance. A bespoke integration may be necessary for some circumstances, which will increase the total expenses. Due to a shortage of space and infrastructure, robot deployment may not always be practicable. Because SMEs are often involved in low-volume production, obtaining a return on investment (ROI) can be challenging.
The difficulty is demonstrated by the presence of enterprises with seasonal or variable production schedules. Fast-changing consumer tastes will necessitate regular robot retraining since items are changed on average once a year. Over-automation can sometimes be problematic. Compared to its Japanese competitors, the US automobile industry began with a higher level of mechanization. Cost overruns arose when product lines and consumer demand altered over time, and many robots became obsolete or obsolete. A company's operating costs may not always be reduced by replacing human personnel.
A collaborative robot system can range in price from $3,000 to $100,000. A commercial robotic system might cost anything from $15,000 to $150,000. Automation is an expensive investment for SMEs, especially when they are involved in low-volume manufacturing, due to the cost of industrial robots, integration fees, and peripherals such as end-effectors and vision systems. Therefore, these factors further decrease the global Industrial Robotics Market size.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
13.6% |
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Segments Covered |
By Type, End-user Industry and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Ericsson, Kuka AG, Kawasaki Heavy Industries Ltd, Fanuc Corporation, ABB Ltd, Denso Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc, Bosch GmbH, Yaskawa Electric Corporation, Toshiba Corporation |
The articulated segment led the Industrial Robotics Market in terms of revenue in 2020. However, the cylindrical segment is predicted to develop at the fastest CAGR throughout the forecast period. The electrical and electronics category led the market in 2020, according to the industry, while the food and drinks segment is predicted to grow at the fastest rate in the near future. In terms of revenue, the materials handling category dominated the market in 2020; however, the painting & dispensing sector is expected to grow at the fastest rate during the forecast period. Asia-Pacific generated the most revenue in 2020, while LAMEA is expected to grow at the fastest rate over the projection period.
The fastest-growing category is electrical and electronics, with growth expected to accelerate throughout the evaluation period in the Industrial Robotics Market. Furthermore, the automobile sector has been vying to become the largest end-user of Industrial Robots. The hardware sector has embraced the use of mechanical robots since quality and accuracy are two of the most important aspects of an electronic production facility. The rising range of activities that robots can accomplish, notably in the assembly of electronic equipment and components, is one of the main reasons why electrical and electronic is the largest market for Industrial Robots.
The Industrial Robotics market was dominated by Asia Pacific, followed by Europe and North America. Market development is likely to be fueled by high and early adoption of breakthrough technologies in countries like India and China. Because of its strong financial position, it can make major expenditures in cutting-edge equipment and technology to maintain smooth company operations. The Chinese government's "Made in China 2025" plan aims to increase the competitiveness of Chinese businesses through automation.
North America is anticipated to hold a steady CAGR in the global industrial robotics market during the forecast period because of the introduction of industry 4.0. On the other hand, Europe is trying to exhibit significant growth in the global industrial robotics market owing to the manufacturers, who are working on the collaborative robots.
Major Key Players in the Global Industrial Robotics Market are Kuka AG, Kawasaki Heavy Industries Ltd, Fanuc Corporation, ABB Ltd, Denso Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Bosch GmbH, Yaskawa Electric Corporation, Toshiba Corporation, and others.
By Type
By End-user Industry
By Region
Frequently Asked Questions
Key drivers include the increasing adoption of automation in manufacturing, technological advancements in robotics, rising demand for precision manufacturing, and the need to address labor shortages in developed and emerging economies.
The largest users are the automotive, electronics, metal & machinery, plastics & chemicals, and food & beverage industries. The automotive sector has traditionally led, but electronics and e-commerce warehousing are rapidly increasing their usage of robots.
Major trends include the rise of collaborative robots (cobots), AI integration in robotics for smarter automation, cloud robotics, and the expansion of robot-as-a-service (RaaS) business models. Robots are also increasingly being integrated with IoT systems for greater operational efficiency.
Challenges include the high initial cost of robots, the need for skilled labor to program and maintain robots, concerns about job displacement, and regulatory hurdles in certain regions. Additionally, small and medium-sized enterprises (SMEs) may struggle to afford the cost of automation.
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