Industrial Robots Market is projected to reach the value of $35.4 billion by 2030

According to the report published by Virtue Market Research, the Global Industrial Robots Market was valued at $14.2 billion in 2022, and is projected to reach a market capitalization of $35.4 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 12.1% due to the rapidly expanding logistics industry, and the surging adoption of automation across several industry verticals creating lucrative growth opportunities for the market.

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The global industrial robot market growth can be majorly attributed to the rising adoption of robots in the manufacturing industry and the government policies supporting the motion for the adoption of robots for industrial purposes. Industrial robots are hugely in demand across several industries such as equipment devices, packaging, consumer electronic devices, automotive, pharmaceuticals, and others. They simplify heavy-lifting operations and also aid in cost-cutting. It aids in overall production and efficiency improvement, which is a critical factor boosting the market's growth. Moreover, the increasing automation process across the automotive and electronics sectors and the rising focus on minimizing human labor are estimated to create significant new opportunities for major players operating in the market to expand their business.

The global coronavirus pandemic severely affected the industrial sector owing to the decrease in the consumption of high-cost products and the consumer's growing inclination to spend carefully on essential goods and services only. During the nationwide business shutdowns and lockdowns, consumers limited their spending on consumer goods, high-cost electronic products, textiles, automobiles, and machinery greatly, which affected the major application industries for the industrial automation sector. However, with economies opening up and resuming trade and economic activities, the spending on these products and services is anticipated to increase, fueling the demand for automation solutions and services over the upcoming years. The market recovered greatly in 2022 due to limitations on the volume of human labor permitted at manufacturing facilities as a safety measure. Additionally, the major players operating in the global industrial robots market have started adopting various innovative marketing strategies to amplify their presence worldwide, which is predicted to further augment the market expansion in the forecasted years. Also, the rapidly enlarging e-commerce industry due to increasing online purchases by the changed consumer pattern has further helped to an uptick in the logistics sector due to which the demand for a faster and more performance-efficient delivery system has grown noticeably, and hence the integration of advanced industrial robots streamlines the entire process. However, the high maintenance and initial investment costs involved with the robots and their components may impede the growth of the market. In addition, to operate these advanced robots and devices organizations need highly skilled operators and the safety issues concerned with the robots may pose challenged for the market growth during the forecast period.

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Segmentation Analysis: 

The global Industrial Robots Market segmentation includes: 

By Type:
• Traditional Industrial Robots
• Collaborative Robots

According to the type, collaborative robots hold a sizeable portion of the global market. Collaborative robots popularly known as cobots are becoming increasingly affordable due to the drop in the cost of technology and easier-to-program features. They are stronger, faster, and more efficient in terms of performance and maintenance which makes them highly capable robots to accelerate and expand the organization's growth.

By Industry:
• Automotive
• Electrical and Electronics
• Plastic, Rubber and Chemicals
• Metals and Machinery
• Food and Beverages
• Others.

According to the industry type, the automotive segment is anticipated to hold the highest share of the global industrial robot market revenue in the forthcoming years. This exponential growth of the segment can be attributed to the features offered by industrial robots in the industry, such as higher performance efficiency, safety, cost-effectiveness, and speed and precision. Deploying robots in the industry allows automotive manufacturers to escalate their production capabilities along with improving the product quality.

Regional Analysis:

Asia-Pacific is anticipated to hold the highest share of the global industrial robot market. The regional market is estimated to expand at the largest CAGR during the outlook period due to the high market growth rate in Asia-Pacific majorly driven by the surging labor costs, compelling manufacturers to automate the entire manufacturing processes to balance out their cost advantage and maximize the return profits. Therefore, the growing automation demand across the major Asia-Pacific economies such as India, China, and Japan are the major growth propellant for the market. In addition, the rising disposable income levels among the middle-class population, along with the expanding population requiring production capacity expansions are together escalating the need for greater and swift production capacity bestriding the global industrial robots market share.
North America is also estimated to witness substantial development and hold a major share of the global market in the forthcoming years owing to the emergence of Industry 4.0 and smart technology factories in the region.

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Latest Industry Developments: 

• In June 2022, ABB introduced the next generation of flexible automation and launched two innovative and transformative products, the OmniVance Machining Cell and Software, and the OmniVance FlexArc Compact Cell, under its brand OmniVance.

• In June 2022, Epson launched the new GX Series SCARA Robots and delivered next-level performance and flexibility.

• In January 2022, Yaskawa Electric Corporation announced the acquisition of the additional shares of Doolim-Yaskawa Co. Ltd, through Yaskawa Electric Korea Corporation.

• In April 2021, Kuka AG introduced a new operating system, the iiQkA operating system, which greatly reduces the dependency on the usage of robots in the industry. The new OS serves as a robust platform and provides a wide range of applications, devices, and services.

• In February 2021, a domestic automated PCR test system was announced to be installed by Kawasaki Heavy Industries at Fujita Medical University in Aichi Prefecture expanding their business operation.

• In January 2021, OMRON Corporation, a Japanese electronics company based in Kyoto, Japan introduced a new industrial robot, the i4 series SCARA robot. It transports high-speed automated precision assembly and is easy to install. The i4 series robots are designed specifically to be compact and lightweight.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.