Meticulous Research®, a top global market research firm, has published a new report titled “Industrial Robotics Market by Component (Robots, Robot Accessories), Payload (Up to 60 kg, 60–100 kg, 100–225 kg, and Above 225 kg), Application, End-use Industry, and Geography – Global Forecast to 2029.”
The report forecasts that the global industrial robotics market will grow substantially, reaching $32.7 billion by 2029, with a compound annual growth rate (CAGR) of 6.2% between 2022 and 2029. In terms of volume, the market is expected to grow even faster, with a CAGR of 11.2%, culminating in 950.1 thousand units by 2029. This growth is primarily attributed to the expanding adoption of robotics in the manufacturing industry, government initiatives supporting industrial automation, rising labor costs in developed regions like North America and Europe, and an increasing number of small and medium-sized enterprises (SMEs) across the globe. Automation trends in the automotive and electronics sectors, along with a push to reduce human labor in various industries, are expected to create ample growth opportunities in the coming years.
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Despite this positive outlook, the market faces challenges such as the need for skilled operators to manage complex robotics systems and concerns about safety in industrial settings.
The report segments the global industrial robotics market by component, payload, application, end-use industry, and geography. It also examines the competitive landscape of the industry, providing insights into market trends and developments at the regional and country levels.
The component segmentation includes robots, robot accessories, software, and controllers, with robots expected to hold the largest market share in 2022. This is driven by the increasing use of robots for tasks requiring precision, consistency, and the ability to operate in hazardous environments, reducing human labor costs and improving workplace safety.
In terms of payload, the market is segmented into up to 60 kg, 60–100 kg, 100–225 kg, and above 225 kg. The up to 60 kg segment is expected to witness the highest growth rate, fueled by the widespread use of SCARA, articulated, and collaborative robots in industries like electronics and healthcare. SCARA robots, known for their speed and compact design, are ideal for tasks in cleanroom environments and in industries with limited floor space.
The application-based segmentation includes material handling, assembling & disassembling, welding & soldering, dispensing, processing, machine tending, inspection, and others. Material handling is expected to be the dominant application segment in 2022, with these robots enhancing the efficiency of production lines by automating repetitive and dangerous tasks.
By end-use industry, the market is segmented into automotive, electrical & electronics, metal & machinery, plastics & chemicals, food & beverage, healthcare & pharmaceuticals, and others. The automotive industry is projected to account for the largest share of the market, thanks to the widespread use of robots for enhancing production speed, safety, and cost-efficiency.
Geographic Overview:
The global industrial robotics market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to lead the market due to the increasing cost of labor and the growing need for automation to maintain competitive manufacturing processes.
Key Players:
The key players profiled in the global industrial robotics market study include ABB Ltd (Sweden), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Denso Corporation (Japan), Seiko Epson Corporation (Japan), Dürr Group (Germany), Universal Robots A/S (Denmark), Stäubli International AG (Switzerland), Comau S.p.A. (Italy), Hyundai Robotics (South Korea), SIASUN Robot & Automation CO., Ltd (China), OMRON Corporation (Japan), Techman Robot Inc. (Taiwan), FRANKA EMIKA GmbH (Germany), and F&P Robotics AG (Switzerland).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of component, payload, application, end-use industry, and geography?
- What is the historical market size for industrial robots across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, and challenges in the global industrial robots market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape for the global industrial robots market?
- What are the recent developments in the global industrial robots market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global industrial robots market, and how do they compete with other players?
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