A recently published study by FMI expects the global industrial robots market to augment at a 12% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 55.66 Billion is expected for the market. Increasing adaption of industrial robots in end user industries such as automotive, food & beverage and pharmaceutical industry is positively influencing the growth of the market.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 9% and closing at US$ 16 Billion. Although, the COVID-19 pandemic affected the growth of industrial robots, the need for automation is driving the demand for the same. Furthermore, industrial robots are not saving time at manufacturing units but also accelerating productivity rates. This has led to the dependency on industrial robots.
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The integration of IoT devices, along with artificial intelligence and machine learning is spurring the growth of the same. With time, industrial robots are expected to become more commercialized, making the installation of the same easy. In addition, most industrial robots are able to perform various tasks at the same time. This, in turn, is helping them gain huge traction.
Key Takeaways from the Market Study
- By end use, electric and electrical industry is expected to procure 40% market share for industrial robots.
- China is expected to account for 45% of the total Industrial Robots in 2022
- U.S. is expected to hold 40% market share for industrial robots in 2022
- France is expected to possess 30% market share for industrial robots
“Industrial robots have the potential to change the functioning of end user industries. Multitasking, precision and accuracy are making industrial robots a popular option across industries. This, in turn, is gaining traction for the same.” states an FMI analyst
Key players in the industrial robot market are Denso Corporation, Kawasaki Heavy Industries, Brenton, LLC, Krones AG, Mitsubishi Electric Corporation, YASKAWA Electric Corporation, KUKA AG, Fanuc Corporation and ABB Limited.
- Denso Corporation, a key player in the industrial robots market is focusing on studying the infrastructure and requirements of end user industries and designing industrial robots for the same.
- Mitsubishi Electric Corporation, is focusing on research for designing industrial robots. The company is developing industrial robots that can carry out complex tasks easily.
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More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global industrial robots market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Product Type (Articulated Robots, SCARA Robots, Parallel Robots, Cartesian Robots, Cylindrical Robots, Others), by End Use (Automotive, Electrical & Electronics, Metals & Machinery, Chemicals, Plastic & Rubber, Food & Beverages, Healthcare, Construction, Others), by Application (Material Handling, Welding & Soldering, Assembly & Disassembly, Painting & Dispensing, Others), by technology (Automatic, Semi- Automatic, Manual) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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