Press release
Industrial Robotics Market At a CAGR of 12.6% Growth with Industry Study, Detailed Analysis by 2032
Industrial Robotics Market
The industrial robotics market size was valued at $38 billion in 2020, and is estimated to reach $163 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.
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The key factor accelerating the market for industrial robotics is a sudden surge in global industrial output. Industrialization in different developing countries such as India, China, Africa, and others is expected to boost the industrial robotics market growth.
Moreover, key market players are focused on business expansion as a growth strategy. For instance, in February 2023, Mitsubishi Electric Corporation announced an investment of approximately $223 million to build a new factory in India.
Furthermore, industrial robotics is expected to be used in alternative application areas in growing markets. Electronics is a key area for penetration of the industrial robotics market and is witnessing growth at an increasing rate. Another key application of industrial robotics may be in the healthcare industry.
Nanorobotics, a part of industrial robotics, is gaining momentum in healthcare and other niche markets. Nanorobots help in mixing the right compound as per instructions and result in decreasing lead time, which in turn helps the company to meet the demand for the medicines they are manufacturing from the consumer in the market.
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Furthermore, the industrial robotics market is divided on the basis of industries served, which include automotive; electrical & electronics; chemical, rubber & plastics; manufacturing industry; metals; food & beverages; and precision & optics.
The electrical & electronics industry segment dominated the market in 2020 with $ 12,503.3 million; however, it is expected to witness high growth owing to increasing demand for electronics goods over the past years with a CAGR of 13.2%.
The food & beverages segment is expected to witness the highest growth rate of 13.6%, owing to growth in this sector. Moreover, the increase in need and customized solutions to make the process faster, especially in unexplored regions such as Brazil, Argentina, and South Africa, is expected to drive the industrial robotics industry growth in the food & beverages industry.
Rapid growth in automation demands coupled with the reduction of duties on refurbished goods also boosts market growth. Similarly, North America and Europe collectively accounted for over one-third of the market share, as these regions have been continually focusing on R&D activities and have been using industrial robotics for the same.
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Major Players:
The major players profiled in the industrial robotics market ABB Ltd. (ABB Robotics), include Daihen Corporation, Denso Corporation (Denso Robotics), Fanuc Corporation, Kawasaki Heavy Industries Ltd., Kuka Robotics Corporation, Mitsubishi, Electric Corporation, Nachi-Fujikoshi Corporation (Nachi Robotic Systems), Panasonic Corporation, Seiko Epson Corporation, Universal Robots A/S, and Yaskawa Electric Corporation
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