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Robotic Arm Market Opportunities, Analysis, Top Trends And Report 2024-2033
Robotic Arm Market Analysis
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According to The Business Research Company's, The robotic arm market size has grown rapidly in recent years. It will grow from $31.66 billion in 2023 to $36.93 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to industrial automation increasing the demand for robotic arms, rising demand for robotics, warehouses to streamline processes, and demand for advanced robots.
The robotic arm market size is expected to see rapid growth in the next few years. It will grow to $69.16 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to robotic arms used in manufacturing, enhanced efficiency, precision, and speed in production processes, increasing productivity and cost-effectiveness, automation in various sectors, including automotive, and growth in e-commerce. Major trends in the forecast period include the growing complexity of manufacturing processes, technological advancements in robotics, advanced technological infrastructure, advancement of robotic arms in healthcare, and increasing technological integration.
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Market Drivers and Trends:
The expansion of the e-commerce industry is expected to propel the growth of the robotic arm market going forward. The e-commerce industry refers to the buying and selling goods and services over the internet. It has transformed how businesses and consumers interact, offering convenience, accessibility, and a global reach. The growth of e-commerce is driven by the widespread use of smartphones, internet access, and a broad selection of online products. Robotic arms are crucial in optimizing supply chain and logistics operations within the e-commerce industry, enabling businesses to manage inventory more efficiently, reduce operational costs, and enhance overall productivity. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, e-commerce sales were projected to reach $1,118.7 billion, marking a 7.6% (±1.2%) increase from 2022, while total retail sales saw a 2.1% (±0.4%) rise over the same period. In 2023, e-commerce sales constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the expansion of the e-commerce industry is driving growth in the robotic arm market.
Major companies operating in the robotic arm market are focusing on developing innovative products such as collaborative robots (cobots) to gain a competitive advantage. Cobots are designed to work alongside human operators, enhancing productivity and efficiency in various industrial settings. For instance, in 2021, Universal Robots, a Denmark-based industrial automation company, launched the UR20 cobot, featuring a 20kg payload capacity and a reach of 1.75m. The UR20 boasts advanced safety features, including force-sensing technology and intuitive programming, making it suitable for various applications, from material handling to machine tending. The UR20 is designed to provide up to 30% more speed and torque, advanced motion control capabilities, and a first-class user experience. Its 20kg payload and 1.75m reach make it an ideal match for applications ranging from palletizing to part handling and assembly.
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Major Key Players of the Market:
LG Electronics Inc., Panasonic Corporation, Mitsubishi Electric Corporation, ABB Ltd., Kawasaki Heavy Industries Ltd., Seiko Epson Corporation, Omron Corporation, FANUC America Corporation, Yaskawa Electric Corporation, Kuka AG, Nachi-Fujikoshi Corp., Stäubli International AG, Comau, Universal Robots A/S, Boston Dynamics, SoftBank Robotics America Inc., Flexiv Robotics Inc., Franka Robotics GmbH, Dobot, Gridbots Technologies Private Limited, DENSO WAVE INCORPORATED, EVS Tech Co. LTD.
Robotic Arm Market 2024 Key Insights:
• The robotic arm market size is expected to see rapid growth in the next few years. It will grow to $69.16 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.
• Robotic Arm Market Growth Driven By E-Commerce Demand For Material Handling Efficiency
• Innovative Products In The Robotic Arm Market Focus On Collaborative Robots (Cobots)
• North America was the largest region in the robotic arm market in 2023
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