Industrial robots are programmable, mechanized robots that are commonly used in manufacturing and warehousing industries to perform various tasks that involve lifting, welding, assembly, material handling and inspection among others. The key advantages of industrial robots are higher productivity, consistent quality, ability to work in hazardous environments and increased precision and accuracy. With rising labor costs and need for operational efficiency, industries are increasingly adopting industrial robots for various factory automation applications. The global Industrial Robotics Market is estimated to be valued at US$ 69.33 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increasing automation in manufacturing industries has been a key driver for the growth of industrial robotics market. With need to improve productivity and meet quality standards, manufacturers are increasingly investing in robots for diverse assembly line applications. Robots help improve throughput, reduce errors and wastage and allow 24×7 operations. progressive industries like automotive, electronics and food & beverages have been pioneers in implementing automated production lines using robots. It is estimated that over 70% of the new industrial robots being installed globally are concentrated in these industries. Further, ongoing trend towards industry 4.0 and smart automation promises higher growth opportunities for collaborative robots market in coming years as these robots can work closely with humans without safety enclosures.
SWOT Analysis
Strength: Industrial robots have high efficiency and accuracy in performing repetitive tasks. They can work 24/7 without fatigue and reduce human errors.
Weakness: High initial investment requirements and costs involved in procurement, installation and maintenance of industrial robots. Lack of skilled workforce to operate these robots.
Opportunity: Growing adoption of industrial robots across industries like automotive, electronics and food & beverages due to automation and ability to handle complex applications. Rapid technology advancement leading to emergence of collaborative robots.
Threats: Economic slowdowns can reduce capital expenditure of companies on automation equipment. Trade wars and geopolitical instability impact investments.
Key Takeaways
The global industrial robotics market is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global industrial robotics market owing to robust economic growth and rising labor costs in countries like China, Japan and South Korea. These countries are also major manufacturing hubs which is driving demands for industrial robotics for factory automation.
Key players operating in the industrial robotics market are Universal Robots, KUKA AG, ABB Ltd., Mitsubishi Electric Corporation, FANUC Corporation. Industrial robotics help improve productivity and quality while optimizing costs for key players. The increasing complexity of applications is prompting manufacturers to rely more on robotic solutions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
