Global Industrial Robot Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global industrial robot market is expected to reach 34.71 billion in 2024, at a Vigorous CAGR of 8.9%.
Key factors attributing to the growth of the market includes; growing need for automation in non-conventional areas, increasing demand for industrial robots from small and medium enterprises in developing countries, and rising labor wages. Moreover, advancements in artificial intelligence and rapid expansion of automotive industry are further augmenting the development of industrial robots market. Additionally, business expansion initiatives and rising adoption of robotics in manufacturing sector will also provide more opportunities in the industrial robotics market during the forecast period.
The years used for the assessment are as follows:
Historical year : 2014, 2015 and 2016
Base year : 2017
Forecast period : 2018 – 2024
The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are:
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total industrial robot market and it various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global industrial robot market.
Finalizing the overall size and share for the global industrial robot market
To classify the global industrial robot market into segments on the basis of Product, wafer size, end-use, and region and analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with the global industrial robot market
Profiling key companies operating in the global industrial robot market
To study market response with respect to the mergers and acquisitions in the industry
The research scope for global industrial robot market is as follows:
Selective Complainant Assembly Robot Arm (SACRA) Robots
Milling, Cutting and Processing
Assembling and Disassembling
Painting and Polishing
Soldering and welding
Electrical and Electronics
Metal and Machinery
Pharmaceuticals & Cosmetics
Food and Beverages
Rest of Europe
Rest of Asia-Pacific
Rest of the World (RoW)
Middle East and Africa
Central and South America (CSA)
The global industrial robot market is expected to reach 34.71 billion in 2024, at a CAGR of 8.9%. Key factors attributing to the growth of the market includes growing need for automation in non-conventional areas, increasing demand for industrial robots from small and medium enterprises in developing countries, and rising labor wages. Moreover, advancements in artificial intelligence and rapid expansion of automotive industry are further augmenting the development of industrial robots. However, high installation cost for low volume production applications, and lack of skilled workforce may restrain the market growth to some extent.
Industrial robots are increasingly used in wide range of applications, and in many end-use industries such as automotive, electrical and electronics, food and beverages, manufacturing, metal and machinery, optical engineering and others. The automated functionality allows them to operate in challenging environment. In addition, these robots enhance productivity and offer high profitability while eliminating labor-intensive activities that cause physical strain. Besides keeping workers out of harm’s way, robots also can reduce risks stemming from human error. The integration of technology with automation has resulted in higher production rates, improved quality and improved safety.
Geographically, the global industrial robot market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific dominated the global industrial robot market in 2017 followed by Europe, owing to the rising adoption of industrial robots from small and medium enterprises, and increasing capital investments in R&D activities coupled with low cost of production in the region. Moreover, presence of emerging economies such as China, India, and Korea is further augmenting the market growth in the region. Also, according to international federation of robotics, the implementation of robots in developing countries has been concentrated in China, and the country is expected to maintain its frontrunner status. Robotic Density also indicates the degree to which APAC has incorporated robots into its development as a replacement for manpower. North America is expected to exhibit steady growth during the forecast period. The growth in the region is primarily due to the presence of many key players operating in the industrial robots market.
Key players operating in the global industrial robot market includes FANUC America Corporation; Yaskawa Electric Corporation; ABB; Kuka AG; Daihen Corporation; Denso Robotics Incorporated; Epson America, Inc.; Kawasaki Heavy Industries Ltd.; Rockwell Automation Inc.; Toshiba Machine Co., Ltd.; and Nachi Robotic Systems, Inc. among others.