Industrial Robotics Market: Driven by the Growing Demand for Automation and Rising Labor Costs

5 min read
05 September 2023

Market Overview

The market for industrial robotics has been classified by kind, application, industry, and location. According to kind, the market is classified into articulated robotics, SCARA robots Cartesian robotics, cylindrical machines as well as parallel robotics. The articulated robot is the most popular kind of industrial robots and will have the market's share of nearly 40% by 2022. SCARA robots are utilized for pick-and-place purposes, while Cartesian robots are employed in applications that require a high level of precision. Cylindrical robots are utilized for tasks that need a large range of motion. parallel robots are employed to perform applications that require a high capacity for payloads.

In 2022, the Global Industrial Robotics Market was valued at USD 48.5 billion. Between 2023 and 2032, this market is estimated to register the highest CAGR of 11.4%. It is expected to reach USD 142.8 billion in the forecast period.

Industrial Robotics Market: Driven by the Growing Demand for Automation and Rising Labor Costs

According to the industry of the end-user The market is divided into electronics, automotive machinery and metal food and beverage as well as healthcare. Automotive is by far the biggest end-user industry with more than 30% by 2022. Electronics is the second biggest industry that is used by end-users, following food and beverages and healthcare.

Market Trends

  • There is a growing demand for automation for manufacturing. Automation is utilized in the manufacturing industry to boost effectiveness and efficiency. Industrial robots are an essential element of automation systems, as well as the need for industrial robotics is anticipated to increase as the use of automation grows.
  • The increasing acceptance of Industrial 4.0 technology: Industry 4.0 is an expression that refers to the 4th industrial revolution that is defined by the application of cutting-edge technologies like artificial intelligence (AI) machine learning and the Internet of Things (IoT). These technologies are being utilized to enhance manufacturing robots' capabilities and the widespread adoption of Industry 4.0 technologies is expected to propel the development of the market for industrial robots.
  • A growing demand for safety and efficiency at work Industrial robots could help in enhancing safety and efficiency at work. Robots can carry out dangerous or repetitive work which could help decrease the chance of injuries and accidents. Robots can also be utilized to boost the efficiency of manufacturing processes which helps to cut expenses.

Market Restraints 

  • Costs of initial investment: Industrial robots require capital investment with high initial costs could make it difficult to adopt for some companies.
  • The lack of skilled workers: There is a shortage skilled workers who have the skills and experience to manage as well as maintain robots in industrial production. The shortage of skilled workers can hinder the development in industrial robots.
  • Challenges to regulatory compliance There are a myriad of regulatory issues that have to be resolved prior to industrial robots being widely used. These include safety rules as well as data privacy regulations and intellectual property rules.

Marketing Opportunities

  • The increasing use of automation in manufacturing Automatization is becoming more common in manufacturing as companies seek to increase the efficiency of their operations and increase productivity. Robots can be used to complete a variety of manufacturing tasks like welding, painting and assembly.
  • The demand for greater accuracy and repeatability: Robots are capable of performing tasks with high levels of precision and repeatability which is crucial for a variety of industrial processes. For instance, robots are employed in semiconductor manufacturing to put together tiny parts with incredible precision.
  • Costs of labor rising: The rising labor costs in a variety of regions of the world have made robots an appealing alternatives to human laborers. Robots are able to work all day without fatigue or mistakes, which could make businesses more cash in the long run.
  • Technology advancements in robotics: The advances in robotics technology, including AI (AI) as well as machine-learning is making robots more efficient and intelligent. This is opening new possibilities for robots across various industries.

Marketing Challenges

  • Costs of initial investment: The upfront costs of robots could be very costly, making them unattainable for certain businesses.
  • Insufficient skilled labor It is apparent that there's a lack of skilled workers who have the experience and knowledge to manage or maintain machines.
  • Security concerns: There are some security concerns that robots pose including the potential of injuries and accidents.
  • Rules: There are a variety of rules and regulations that govern the use of robots which could increase the cost and complexity the deployment of robots.

Key Market Segments

Based on Robot Type:

  • Articulated
  • Cylindrical
  • Parallel
  • Others

Based on Application:

  • Material Handling
  • Welding & Soldering
  • Assembling & Disassembling
  • Palletizing, Packaging
  • Painting & Dispensing
  • Milling
  • Others

Based on End-Use Industry:

  • Automotive
  • Electrical & Electronics
  • Aerospace & Defense
  • Chemicals
  • Food & Beverages
  • Healthcare & Pharmaceuticals
  • Others

Top Key Players in The Market

Listed below are some of the most prominent industrial robotics market players.

  • YASKAWA Electric Corporation
  • Mitsubishi Electric Corporation
  • Comau SpA
  • KUKA Robotics Corporation
  • FANUC American Corporation
  • Kawasaki Heavy Industries Ltd.
  • Omron Corporation
  • DAIHEN Corporation
  • Seiko Epson Corporation
  • Panasonic Corporation
  • Epson America, Inc.
  • Other key Players

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Mary J.Bliss 0
Joined: 6 months ago
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