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Articulated Robot Market Size, Industry Share, Analysis 2024-2033
Articulated Robot Market Size
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According to The Business Research Company's, The articulated robot market size has grown rapidly in recent years. It will grow from $15.69 billion in 2023 to $18.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to manufacturing sector growth, automotive industry adoption, rise of electronics and semiconductors, focus on efficiency, medical and healthcare applications.
The articulated robot market size is expected to see rapid growth in the next few years. It will grow to $31.89 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to regulatory support and safety standards, smart factory growth , automotive industry evolution , energy efficiency and sustainability, smes embracing robotics. Major trends in the forecast period include industry 4.0 and automation, collaborative robotics, healthcare applications , food and beverage industry, artificial intelligence integration.
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Market Drivers and Trends:
The increasing automotive industry is expected to propel the growth of the articulated robots market. The automotive industry refers to the collective set of companies, organizations, and activities involved in the design, development, manufacturing, marketing, and sale of motor vehicles. Articulated robots are extensively used in automotive assembly lines for tasks such as welding, painting, and assembly. The demand for increased automation in manufacturing plants boosts the adoption of articulated robots. For instance, in 2022, according to the European Automobile Manufacturers' Association, a Belgium-based automobile industry, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to the previous year, 2021. Therefore, the increasing automotive industry will drive the growth of the articulated robots market.
Rapid technological changes are the key trend gaining popularity in the articulated robot market. Key players are focusing on advancements such as collaborative robots, commercial drones, AI-enabled robots, self-healing robots, cloud robots, and customized robots to gain a competitive edge in the market. For example, in September 2021, Honeywell, a US-based company that diversified manufacturing and technology company, introduced new robotic technology designed to help warehouses and distribution centers automate the manual process of unloading pallets, to reduce the operational risks of potential injuries and labor shortages. The Smart Flexible Depalletizer, driven by sophisticated machine learning and advances in perception and gripping technologies, minimizes the need for manual labor to break down pallet loads, roles that carry the risk of injury to labor, experience high turnover, and are challenging to staff.
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Major Key Players of the Market:
ABB Ltd., FANUC Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Omron Adept Technology Inc., Mitsubishi Electric Corporation, Seiko Epson Corporation, Denso Wave Incorporated, Nachi-Fujikoshi Corp., Yaskawa Electric Corporation, Aurotek Corporation, Stubli International, ST Robotics, Toshiba Machine Co. Ltd., Yamaha Motor Co. Ltd., Cassioli Group, DAIHEN Corporation, Comau, Universal Robots, Epson Robots, Midea Group, B+M Surface Systems GmbH, Wittmann Battenfeld Group, Hanwha Corporation/Momentum, Gudel AG, Hyundai Robotics, Techman Robot, Franka Emika, AUBO Robotics, F&P Robotics AG
Articulated Robot Market 2024 Key Insights:
• The articulated robot market size is expected to see rapid growth in the next few years. It will grow to $31.89 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• Articulated Robots Market Thrives On The Rise Of Industrial Robot Adoption
• Tech Advancements Drive Articulated Robot Market
• Asia-Pacific was the largest region in the articulated robots market share in 2023
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