Industrial Robotics Market Size to Reach USD 120.31 Billion in 2030| Emergen Research

Press Releases

Jan 05, 2023

VANCOUVER, BC, Jan. 5, 2023 /PRNewswire/ — The industrial robotics market size reached USD 42.35 Billion in 2021 and is expected to register a CAGR of 12.3% during the forecast period, according to latest analysis by Emergen Research. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and rapid adoption of Industry 4.0 technologies across various industry verticals are some of the key factors driving market revenue growth.

The World Robotics 2021 Industrial Robots report shows a record of 3 million industrial robots operating in factories around the world. Rapid developments by countries like China and US have led to the growing usage and adoption of industrial robots across end-user industries. According to data from the Ministry of Industry and Information Technology show that China produced 366,000 industrial robots in 2021, an increase of 67.9% from the previous year. In addition, in 2020, the use of industrial robots in 52 industries reached a ratio of 246 units per 10,000 workers, which is almost twice the global average. The Ministry unveiled a plan for the development of industrial robots to boost innovation and education in 14 important fields, including industrial software and intelligent manufacturing.

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The Internet of Things (IIoT) is a network of intelligent devices linked together to create systems that collect, exchange, and analyze data. Processes like Predictive maintenance (PdM), improved field service, energy management, and asset tracking all depend on IIoT. These intelligent assets and edge devices transfer data directly to the data communications network, where it is transformed into useful information about how a certain piece of equipment is performing. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries is thereby expected to increase the demand for industrial robots and thereby support the revenue growth of the market.

Drivers:

Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and growing demand for 3D printing in various sectors such as pharmaceutical is expected to increase demand for industrial robotics and therefore drive the revenue growth of the market. Many robotics businesses are already using 3D printing in their robot designs, and experts believe that this collaboration will grow as the benefits of additive manufacturing become more widely recognized as a smart manufacturing strategy. More flexibility, performance, and precision are still being sought after by robotics engineers. Robotics engineers can achieve their objectives due to additive manufacturing’s facilitation of prototyping, tooling, and manufacturing, which reduces costs and time to market.

Restraints:

The installation of industrial robots has various issues such as interoperability and integration with existing systems which are hampering the revenue growth of the market. Additionally, lack of skilled labor and skilled personnel is another factor that is a major restraint in the revenue growth of the market.

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Growth Projections:

The industrial robotics market is expected to register a CAGR of 12.3% over the forecast period and revenue is projected to increase from USD 42.35 Billion in 2021 to USD 120.31 Billion in 2030. Technological advancements and rapid modernization of industries to increase efficiency is driving market revenue growth.

Current Trends and Innovations:

Increasing government initiatives to promote Industrial Robotics have led to an increase in production and rapid adoption of Industrial Robotics. The EU actively supports research, innovation, and the creation of jobs through smarter and safer robotics while preserving the moral dimensions of the progress made. The European Commission is concentrating on strengthening ongoing efforts to create a solid scientific foundation for pushing the boundaries of technology and utilizing such achievements in practical applications. This has led to the growing demand for industrial robots and therefore drive the revenue growth of the market.

Strategic Initiatives:

Major companies included in the market report are ABB, FANUC Corporation, YASKAWA Electric Corporation., DAIHEN Corporation, Mitsubishi Electric Corporation, KUKA AG, DENSO Corporation, NACHI-FUJIKOSHI CORP, Seiko Epson Corporation, Panasonic Holdings Corporation.

On March 1, 2022, Mitsubishi Electric Corp. announced the launch of a new system that enables robots to perform industrial tasks in difficult environments such as food-processing plants. The new system uses Mitsubishi Electric’s Maisart AI technologies which include high-precision speech recognition for initiating work and controlling robot movements as required.

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Scope of Research

Report Details	Outcome
Market Size in 2021	USD 42.35 Billion
CAGR (2022–2030)	12.3 %
Revenue Forecast to 2030	USD 120.31 Billion
Base Year for Estimation	2021
Historical Data	2019–2020
Forecast Period	2022–2030
Quantitative Units	Revenue in USD Billion and CAGR in % from 2022 to 2030
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered	Type, application, end-user industry, and region
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope	U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled	ABB, FANUC Corporation, YASKAWA Electric Corporation., DAIHEN Corporation, Mitsubishi Electric Corporation, KUKA, DENSO Corporation, NACHI-FUJIKOSHI CORP, Seiko Epson Corporation, and Panasonic Holdings Corporation
Customization Scope	10 hours of free customization and expert consultation

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Emergen Research has segmented Industrial Robotics market on the basis of type, application, end-user industry, and region:

Type Outlook (Revenue, USD Billion; 2019-2030)

SCARA robots
Cartesian robots
Articulated robots
Cylindrical robots
Collaborative robots
Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Material handling
Welding & soldering
Assembling & disassembling
Dispensing
Processing
Others

End-User Industry Outlook (Revenue, USD Billion; 2019-2030)

Electrical & electronics
Automotive
Plastics, rubber & chemicals
Food & beverages
Precision engineering & optics
Metals & machinery
Others

Regional Outlook (Revenue, USD Billion, 2019 – 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
Japan
South Korea
India
Australia
Rest of APAC

Latin America

Brazil
Mexico
Rest of LATAM

Middle East & Africa

UAE
Saudi Arabia
Africa
Rest of Middle East

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