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Global Industrial Robotics Market Report 2024: Trends Shaping the Future of Automation
Global Industrial Robotics Market Report
According to The Business Research Company's, The industrial robotics market size has grown rapidly in recent years. It will grow from $40.39 billion in 2023 to $46.40 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to automation in manufacturing, labor cost reduction, increased productivity, improving quality and precision, rising demand for mass production.
The industrial robotics market size is expected to see rapid growth in the next few years. It will grow to $81.80 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to expanding applications in non-industrial sectors, miniaturization of robotic components, demand for customized robotics solutions, sustainability initiatives, remote operation capabilities. Major trends in the forecast period include predictive maintenance solutions, cloud-based robotics platforms, robotics as a service (RaaS), human-robot collaboration, integration of blockchain for supply chain transparency.
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Market Drivers and Trends:
The increasing demand for industrial automation is expected to drive industrial robotics going forward. Industrial automation refers to the use of control systems, machinery, and technology to automate processes and tasks within industrial settings. It involves the integration of various technologies such as sensors, actuators, programmable logic controllers (PLCs), robotics, and computer software to monitor and control manufacturing processes. The demand for industrial automation is due to efficiency improvements, cost reduction, labor shortages, and technological advancements. Industrial robotics enhances industrial automation by providing advanced capabilities, flexibility, efficiency, and safety, ultimately driving productivity and competitiveness in manufacturing industries. For instance, in October 2022, according to the World Robotics 2022 report published by the International Federation of Robotics (IFR), a Germany-based non-profit global robotics industry association, the global industrial robot installations reached 517,000 units in 2021, reflecting a 31% increase from 2020's 394,000 units, with collaborative and traditional industrial robots accounting for 39,000 and 478,000 installations respectively in 2021, compared to 26,000 and 368,000 in 2020. Therefore, the increasing demand for automation is driving the industrial robotics market.
Major companies operating in the industrial robotics market are increasing their focus on developing advanced solutions, such as human collaboration robots. A human collaboration robot is a robotic system designed to work alongside humans in shared workspaces, facilitating cooperation and interaction between human workers and machines. For instance, in August 2022, Yasaka Electric Corporation, a Japan-based company operating in drive technology, industrial automation, and robotics, launched the MOTOMAN-HC30PL Robot. The MOTOMAN-HC30PL is a collaborative robot designed for high-payload tasks, featuring advanced safety functions, adaptable programming capabilities, and a sturdy construction specifically suited for palletizing and similar industrial tasks that necessitate cooperation between humans and robots. It includes a human collaboration robot with a 30 kg payload capacity, enhancing palletizing applications with safety, flexibility, and increased efficiency in various industries. This represents advancements in collaborative robotics, addressing the demand for increased payload capacity, automation, and efficiency in the industrial robotics market, catering to evolving industry needs, and driving innovation.
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Major Key Players of the Market:
Panasonic Corporation, Denso Corporation, Mitsubishi Electric Corporation, ABB Group, Yamaha Motor Pvt. Ltd, Kawasaki Heavy Industries Ltd., Seiko Epson Corporation, Dover Corporation, Bosch Rexroth AG, Omron Corporation, FANUC CORPORATION, SMC Corporation, Dürr Group, YASKAWA Electric Corporation, KUKA AG, Nachi-Fujikoshi Corporation, Comau SpA, Stäubli International AG, Daihen Corporation, Shibaura Machine Co. Ltd., Siasun Robot & Automation Co. Ltd., Estun Automation, Hirata Corporation, Hyundai Robotics, Universal Robots A/S, Aurotek Corporation, Techman Robot Inc., Doosan Robotics, ICR Services, b+m surface systems GmbH, Rethink Robotics GmbH
Industrial Robotics Market 2024 Key Insights:
• The industrial robotics market size is expected to see rapid growth in the next few years. It will grow to $81.80 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• The Increasing Demand For Automation Fuelling The Industrial Robotics Market
• Human Collaboration Robot Launch In The Industrial Robotics Market
• Asia-Pacific was the largest region in the industrial robotics market in 2023
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