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Industrial Robotics Market Size

Report ID: GMI1729
Published Date: Sep 2023
Report Format: PDF

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Industrial Robotics Market Size

Industrial Robotics Market size was valued at over USD 14.5 billion in 2022 and is anticipated to grow at a CAGR of over 12% up to 2032 Owing to the growing adoption of collaborative robots, often referred to as cobots. Cobots are designed to work alongside human operators in a shared workspace, enabling human-robot collaboration in tasks that require close interaction & coordination. Cobots are built with advanced safety features that allow them to operate safely while being in proximity with humans. This eliminates the need for traditional safety barriers, enabling enhanced efficiency in the use of workspaces and reducing the need for dedicated robot zones.

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An industrial robot is a mobile or fixed multifunctional manipulator that can be autonomously controlled or reprogrammed in three or more axes and used in industrial automation applications. The industrial robot consists of a manipulator with actuators, a controller with a teach pendant, and any communication interface (hardware & software).

Industrial Robotics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Industrial Robotics Market Size in 2022:	USD 14.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	12%
2032 Value Projection:	USD 45 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	434
Segments covered:	Type, End-use Industry
Growth Drivers:	Growing adoption of collaborative robots (Cobots) Rapid transition towards industry 4.0 and smart manufacturing Increasing demand of industrial robot across various sectors Increasing government initiatives and investments in robot manufacturing companies
Pitfalls & Challenges:	High initial investment costs Lack of skilled workforce

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The operation & maintenance of industrial robots requires a skilled workforce, with expertise in robotics, automation, and troubleshooting. The shortage of qualified personnel will pose challenges for the industries seeking to adopt robotic solutions. Companies may need to invest in trainings or compete to attract skilled technicians. The integration of industrial robots into existing production workflows can be a complex process. Specialized skills & expertise is required to ensure that robots work seamlessly with other machinery along with coordinating tasks and following the desired sequence.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Global market for industrial robotics was valued at over USD 14.5 billion in 2022 and is anticipated to grow at a CAGR of over 12% between 2023 and 2032, owing to the growing adoption of collaborative robots or cobots.

The automotive segment held a market share of over 30% and was valued at USD 4 billion in 2022. It is expected to grow at a lucrative pace through 2032, favored by the shift toward Electric Vehicles (EVs) and Autonomous Vehicles (AVs) that require advanced manufacturing processes.

Asia Pacific industry is estimated to grow tremendously through 2032, attributable to the development of smart cities in China, South Korea, and Singapore with advanced IoT applications, along with the wider deployment of 5G networks.

ABB Group, Comau SpA, Denso Corporation, Epson America, Inc., Fanuc Corporation, HD HYUNDAI ROBOTICS, Kawasaki Heavy Industries, Ltd, KUKA AG, Mitsubishi Electric Corporation, Nachi Fujikoshi Corp, and OTC Daihen, Inc.