Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Global Industrial Robotics Market is valued at US$ 17.7 billion in 2023 and is expected to grow at a significant CAGR of 12.8% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
Industrial robots are programmable mechanical devices designed to perform tasks with a high degree of precision, accuracy, and repeatability in industrial settings. These robots are used to automate various manufacturing and production processes, reducing the need for human labor in tasks that can be repetitive, dangerous, or require extreme precision.
The primary driver for industrial robotics is the pursuit of increased automation and operational efficiency. Industrial robots can perform repetitive and labor-intensive tasks with precision and speed, reducing labor costs and human error. Furthermore, in regions with increasing labor costs, industrial robots are becoming a cost-effective alternative. They can work around the clock without fatigue or the need for benefits, reducing labor expenses.
- According to a deep-dive market assessment by RationalStat, the global industrial robotics market has been analyzed on the basis of market segments, including drive system, type, application, end user, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global industrial robotics market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global industrial robotics market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Industrial Robotics Market: Segmental and Market Share Analysis
- On the basis of application, material handling is expected to dominate the industrial robotics market.
- On the basis of region, North America is expected to take up the major portion of the industrial robotics market, primarily due to the rising labor costs, and rising industrial automation in the region.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 17.7 billion |
| Market Size Forecast | US$ 41.2 billion |
| Growth Rate | 12.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global industrial robotics market include,
- In October 2023, FANUC entered into an agreement with Volvo. The arrangement entails FANUC providing industrial robotic systems to Volvo's global manufacturing facilities.
- In October 2022, ABB introduced IRB1010. The new industrial robot is ABB’s smallest robot. The robot is intended to enhance the production of various devices including, smart watches, sensors, and health trackers, among others.
Some of the prominent players and suppliers operating and contributing significantly to the global industrial robotics market growth include ABB, Mitsubishi Electric Corporation, FANUC, NACHI-FUJIKOSHI CORP., YASKAWA ELECTRIC CORPORATION, KUKA AG, Universal Robots A/S, OMRON Corporation, DENSO, Kawasaki Heavy Industries, Ltd., Epson, COMAU, and Schneider Electric, among others.
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RationalStat has segmented the global industrial robotics market based on the drive system, type, application, end user, and region
- Global Industrial Robotics Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Drive System
- Pneumatic
- Electric
- Hydraulic
- Global Industrial Robotics Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Linear Robots
- SCARA Robots
- Articulated Robots
- Parallel Robots
- Cylindrical Robots
- Others
- Global Industrial Robotics Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Welding
- Cutting
- Painting
- Material Handling
- Machining
- Others
- Global Industrial Robotics Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Manufacturing
- Chemical
- Automotive
- Electrical and Electronics
- Food & Beverage
- Consumer Products
- Others
- Global Industrial Robotics Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Industrial Robotics Market
- US
- Canada
- Latin America Industrial Robotics Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Industrial Robotics Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Industrial Robotics Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Industrial Robotics Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Industrial Robotics Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Industrial Robotics Market
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Key Questions Answered in the Industrial Robotics Report:
- What will be the market value of the global industrial robotics market by 2030?
- What is the market size of the global industrial robotics market?
- What are the market drivers of the global industrial robotics market?
- What are the key trends in the global industrial robotics market?
- Which is the leading region in the global industrial robotics market?
- What are the major companies operating in the global industrial robotics market?
- What are the market shares by key segments in the global industrial robotics market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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