Global Industrial Robots Market Size To Grow At A CAGR Of 11.4% In The Forecast Period Of 2022-2027
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Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 11.4%
Industrial robots can perform dangerous or repetitive tasks efficiently and with greater speed as compared to a human. It is witnessing a heightening application in industries such as metals and machinery, food and beverage, among others, to carry out material handling operations. The thriving automotive industry, attributable to the increasing sale of new energy vehicles, is a pivotal driving factor of the industrial robots market.
The increasing deployment of industrial robots in the electrical and electronics industry to bolster the value chain and to augment the production cycle is leading to an escalation of the market growth. Over the forecast period, the anticipated increase in sale of electrical equipment among the middle- and upper-class population is likely to generate significant demand for industrial robots.
Meanwhile, the rising requirement for industrial robots in food processing facilities is further encouraging the market dynamics. The anticipated increase in sale of clean-labelled food and beverage products is likely to accelerate the industrial robots market.
In terms of region, North America accounts for a significant share of the market due to the flourishing robotics industry in the United States of America. Industrial robots in the region are helping the manufacturers counter supply chain challenges and shortages of labour.
Industrial Robots Industry Definition and Major Segments
Industrial robots refer to a programmable mechanical equipment, which is used to carry out various operations in an industrial setting. The main aim of deployment of industrial robots is to bolster productivity and to reduce the cost of operations. Machine loading, palletising, and inspection, among others, are some of the major application sectors for the product.
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Based on robot type, the market can be segmented into:
The market can be broadly categorised based on industry into:
• Electrical and Electronics
• Healthcare and Pharmaceuticals
• Food and Beverages
• Rubber and Plastic
• Metals and Machinery
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Industrial Robots Market Trends
The key trends in the global industrial robots market include the growing expansion of the e-commerce industry, which is fuelling the packaging sector. Industrial robot is crucial for picking, assembling, and packing a product quickly and efficiently.
The online consumer base across the emerging economies, owing to the increasing disposable income and rising standard of living, is further aiding the market growth.
The rising deployment of industrial robots in industrial painting is another vital trend in the market. Industrial robots are suited for the process of painting and coating. In this regard, the robust industrialisation and urbanisation across the semi-urban areas of the world, are increasing the dependence on industrial robots.
The innovations and technological advancements in industrial robots are likely to be the pivotal trends for the industrial robots market. Major market players are enhancing their strategies to innovate and develop advanced and more capable industrial robots, which is increasing the capability of these robots to cater to a greater number of end users.
In 2022, Tencent, a Chinese technology conglomerate, announced the development of a new robot dog which exhibiting various features, such as real-time adaptability and terrain recognition.
Furthermore, the increasing demand for rubber, plastics, and adhesives in the manufacturing of consumer goods and in numerous building and construction activities, is likely to further accelerate the market growth.
Key Market Players
The major players in the Industrial Robots Market report are:
• ABB Ltd.
• Fanuc Corporation
• KUKA AG
• YASKAWA Electric Corporation
• Comau S.p.A.
• Seiko Epson Corporation
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries, Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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