Press release
Industrial Robots Global Market Report 2024 - By Demand, Size, Share, Report, Outlook By 2033
Industrial Robots Market
Industrial Robots Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $89.12 billion In 2028 At A CAGR Of 10.8% :
The industrial robots market size has grown rapidly in recent years. It will grow from $52.97 billion in 2023 to $59.07 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to rise in economic growth, labor shortage, and government support.
The industrial robots market size is expected to see rapid growth in the next few years. It will grow to $89.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to covid-19 pandemic, rise in healthcare expenditure, growth in the industrial sector, mergers and acquisitions to drive innovations, and increasing investments. Major trends in the forecast period include companies should focus on manufacturing collaborative robots to be a leader in the market, invest in the latest artificial intelligence technology to achieve higher sales and profitability, focus on cloud robots to increase the demand for industrial robots by various end-user industries, invest in the latest customized robots using machine learning and other technologies, and should consider adopting robotics and automation technology to increase productivity and improve process efficiencies.
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Industrial Robots Market Major Segments
The industrial robots market covered in this report is segmented -
1) By Product Type: Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, Scara Robots, and Others
2) By Application: Pick And Plane, Wielding And Soldering, Material Handling, Assembling, Cutting And Processing, and Others
3) By End-User Industry: Automotive, Electrical And Electronics, Healthcare & Pharmaceuticals, Food & Beverages, Rubber & Plastics, Metals & Machinery, and Others
Key Driver - Shortage Of Skilled Workers Drives Growth In The Industrial Robots Market
The shortage of skilled workers is contributing to the growth of the industrial robot's market. There is an increase in production requirements, and due to high demand manufacturers are not able to fulfill the supply due to a shortage of skilled labor. A shortage of skilled labor exists due to two main reasons, the presence of unskilled workers and skilled workers not available for work. According to the Bureau of Labor Statistics, as of August 2023, the US economy had a shortage of almost 600,000 stable manufacturing jobs waiting to be filled in manufacturing businesses nationwide. Producers to maintain a high supply, are thus opting for the installation of robots. Industrial robots increase the overall productivity, efficiency, and effectiveness of the company. Therefore, the shortage of labor gives rise to other opportunities for the addition of robots to the workforce.
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Prominent Trend - Automated Mobile Robots (AMR) Revolutionizing The Industrial Robotics Market
Automated mobile robots (AMR) are one of the recent trends in the industrial robots market. AMR is a robot that is designed to move materials across a plant floor or through a warehouse without the aid and direction of a human worker. Floor cleaners, forklifts, and pallet movers are examples of types of AMRs. For instance, Fetch Robotics, a California-based firm handles heavy loads in its warehouse by using AMR. Fetch Robotics cloud computing program enables an operator to scale and control all operations with the click of a button. It eliminates employee risk for injury and increases the efficiency of their overall operations.
Industrial Robots Market Players
Major companies operating in the industrial robots market report are ABB Ltd, Fanuc Corporation, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., KUKA AG, Qjar - Evs, Denso Corporation, Proviti, Siasun, Rinf.tech, Wandelbots, Estun, Effort, JAKA, MIP robotics, Epson India, Omron Corp, Zipline, Enviropro, Mabru, Nachi Fujikoshin, Servnews, Agile Robots, Youibot, Multivac UK, Fruitcore Robotics, Arus Defence, Campetella Robotic Centre, Seiko Epson, Codian Robotics B.V, Mech-Mind Robotics, Bluewrist Inc, Yuanda Robotics, I robots, Mecademic, Simplex Robotics, Schubert UK Ltd, Waypoint Robotics, Caionix, Boston Dynamics, Reliable Robotics LLC
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the industrial robots in 2023. Western Europe was the second largest region in the global industrial robots market. The regions covered in the industrial robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Robots Market Report Structure
3. Industrial Robots Market Trends And Strategies
4. Industrial Robots Market - Macro Economic Scenario
5. Industrial Robots Market Size And Growth
…..
27. Industrial Robots Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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