INDUSTRIAL ROBOTICS MARKET ANALYSIS

Industrial Robotics Market Size and Trends

The industrial robotics market is estimated to be valued at USD 33.78 billion in 2024 and is expected to reach USD 82.39 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031.

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The industrial robotics market is expected to witness substantial growth over the next few years. With the rising adoption of industrial automation across industries globally, including automotive, electronics, and food & beverages, there has been an increase in the demand for industrial robotics. Advanced technologies like machine learning and artificial intelligence are driving innovations in robotics that are making robots smarter, safer, and more collaborative to work with humans. This is increasing their applicability in warehouses and manufacturing facilities. Further, the demand for industrial robotics is expected to gain momentum with rising labor costs making automation economically viable particularly in developed markets. Key players are continuously focusing on the development of new products with advanced capabilities to strengthen their position in the industrial robotics market.

Rising Factory Automation Needs

With growing demand for faster and higher quality production, factories are under increasing pressure to automate their manufacturing processes. Labor costs have also been rising steadily over the years, giving businesses more incentive to reduce their reliance on human workers for repetitive and hazardous tasks. Industrial robots offer a solution to both these challenges by performing routine industrial jobs with high accuracy and precision, allowing 24/7 operations. They can work in hazardous environments without safety concerns and give consistent results time after time, thereby improving product quality. Furthermore, robotic systems take up little space on the factory floor and require low maintenance compared to human workers. All these advantages have been fuelling the automation of various manufacturing verticals such as automotive, electronics, pharmaceuticals, and food & beverage processing. Industry leaders are aggressively integrating more robotic applications to refine production workflows and meet customer expectations of customized, high-quality products at competitive prices.

For Instance, In July 2022, NACHI-FUJIKOSHI CORPORATION launched two new robots, MZ07F and MZ07LF, known for their high efficiency and speed. These robots are designed to enhance the productivity and precision of manufacturing miniature electronic and electrical components.

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Industrial robots were initially used mostly in automotive plants and electronics for tasks such as welding, assembly and packaging. However, their usage is expanding to newer application areas as technology advances make robots more collaborative, intelligent, and affordable. Some emerging sectors adopting robotics include logistics & warehousing for order fulfilment centers, e-commerce warehouses and distribution centers. Robots are aiding the materials handling, sorting, packaging, and delivery functions in these industries. Healthcare is another growing application area wherein robots assist in surgeries, rehabilitation, sample analysis and medical device production. Even food & beverage manufacturers are increasingly automating processes such as sorting, palletizing and packaging of products with robotics. Service robots for tasks like vacuum cleaning, lawn mowing and drone-based inspections are also gaining popularity in consumer applications. The diversifying demand across industries will be a major factor supporting the robotics market growth in the coming years.

For instance, in October 2022, ABB Robotic launched the smallest-ever industrial robot, IRB1010, catering to the demand in the smart device manufacturing industry. The robot is specifically designed for electronic gadgets manufacturing, including earphones, health trackers, smartwatches, and other devices.