Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global industrial robotics market in North America has been growing steadily, driven by the presence of a strong manufacturing sector and the adoption of advanced automation technologies. Intelligent automation technologies enable automakers to remain profitable and competitive for the long term, especially in an increasingly competitive and difficult-to-maintain market environment. Incorporating industrial robots in automobile production processes provides extremely high repeatability and precision, optimizing processes and increasing productivity; hence, meeting the demands of industry standards. Robots are extensively utilized in the automotive industry or spot welding and painting, and other applications. The robust automotive industry in Europe is a major driver of adopting industrial robotics, with other sectors such as electronics, healthcare, and food & beverages also showing increased demand. The increasing demand from emerging countries propels the global industrial robotics market growth.
Industrial Robotics Market in terms of revenue was estimated to be worth $14.86 billion in 2022 and is poised to reach $30.47 billion by 2030, growing at a CAGR of 9.39% from 2022 to 2030 according to a new report published by The Insight Partners.
The market is growing from past decade due to the rise in global automation and the acceptance of industry 4.0 work models. The increasing demand from emerging countries propels the global industrial robotics market growth.
Browse Comprehensive TOC on "Industrial Robotics Market Projection to 2030 - COVID-19 Impact and Global Analysis by Type (Articulated, Cartesian, SCARA, Collaborative, Parallel, and Others), Function (Soldering and Welding, Material Handling, Assembling and Disassembling, Painting and Dispensing, Milling, and Cutting and Processing), and Industry (Automotive, Medical & Pharmaceuticals, Electrical & Electronics, Rubber & Plastics, Metal & Machinery, and Food & Agriculture)"
List of Tables - 156
List of Figures - 100
No. of Pages - 249
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Global Industrial Robotics Market Scope:
| Report Coverage | Details |
| Market Size Value in | $14.86 billion in 2022 |
| Market Size Value by | $30.47 billion by 2030 |
| Growth rate | CAGR of 9.39% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Function, and Industry |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
A typical industrial robot has a service life of up to thirty years; however, new technology provides an excellent opportunity to give outdated robots a "second life." Industrial robot manufacturers such as ABB, Fanuc, KUKA, Stäubli, and Yaskawa have specialist repair shops near their clients to refurbish or improve used units in an environmentally friendly manner. This prepare-to-repair technique saves both robot makers and consumers money and resources. Offering clients long-term repair is a significant contribution to the circular economy.
ABB claims that it recycles and "remanufactures" thousands of outdated robots to make the industrial industry more sustainable by reducing maintenance costs and maximizing return on investment. ABB obtains unused and discontinued robots for remanufacturing in order to prevent older robots from being scrapped when their lifetime could be extended. As the importance of sustainability grows globally, ABB is committed to assisting in creating more environmentally friendly manufacturing facilities worldwide. ABB's remanufacturing facility network includes centers in Ostrava in the Czech Republic, Auburn Hills in Michigan, and Shanghai in China, and local remanufacturing service facilities in Brazil, Mexico, Germany, and Vietnam. Thus, with the surge in remanufacturing and repairing facilities of old or scrapped robots, the end users are expected to get their return on investment. The world is moving toward implementing industrial robotics as a sustainable and feasible choice, bringing lucrative opportunities for the industrial robotics market growth in the coming years.
According to the President of the International Federation of Robotics (IFR), industrial robot installations recovered strongly worldwide after the onset of the COVID-19 pandemic, making 2021 the most successful year for the robotics industry. The demand for industrial robots rapidly increased across various industries due to advancements in automation technology and the increasing need for efficient and cost-effective manufacturing processes. In 2018, there were 422,000 installations, which increased by 22% to reach 47,182 units in 2021. The majority of industrial robotic units worldwide are deployed in the five leading industrial nations: the US, Germany, Japan, China, and South Korea. The robot sector in China is one of the most rapidly expanding industries. Despite recent economic setbacks due to the COVID-19 pandemic, China continues to record significant increase in the industrial robotics market share.
Global Industrial Robotics Market: Industry Overview
The North America industrial robotics market share is segmented into the US, Canada, and Mexico. The US holds the largest share of the North America industrial robotics market. The industrial robotics market in North America is expected to grow owing to the factors such as the wide availability of competitors, rising product approvals, and growing automotive industry, coupled with an increasing number of industrial procedures and well-established industrial infrastructure.
In North America, both unit and revenue order volumes recorded the highest values in 2022. According to the International Federation of Robotics (IFR), the North America industrial robotics market grew strongly in 2022. In the manufacturing sector, the number of robot installations increased by 12%, reaching 41,624 units. For the automotive industry, various organizations in the US, Canada, and Mexico deployed 20,391 industrial robots in 2022; registering a growth of 30% as compared to 2021. This growth helped North America become the world's second-largest inventory of industrial robots after China. According to the President of IFR, the US, Canada, and Mexico are key markets for robotic automation, with the automotive sector being the primary user of industrial robots. Thus, the above-mentioned statistical information shows that the industrial robotics market is anticipating huge opportunities over the forecast period.
North America is focused on developing various products related to industrial robotics. Automate, North America's largest robotics and industrial automation trade expo organized by the Association for Advancing Automation, will return by 2024; this is expected to develop into an annual event. The event will be held on May 6–9, 2024, at McCormick Place in Chicago, and it will return to Detroit by 2025.
The US is one of the largest markets for industrial robotics. The industrial robotics market has experienced significant growth driven by factors such as a rise in automation, increased productivity, and technological advancements. In 2021, the US accounted for 7% of total robot installations. Various international players, including OMRON, ABB, FANUC, Yaskawa Electric Corporation, KUKA AG, and Universal Robots, have established their manufacturing facilities across the country which is driving the industrial robotics market growth.
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Global Industrial Robotics Market: Competitive Landscape and Key Developments
ABB Ltd, Yaskawa Electric Corporation, Nachi-Fujikoshi Corp, Fuji Robotics, KUKA AG, Universal Robotics AS, Honeybee Robotics, COMAU SPA, and Clearpath Robotics Inc, which are profiled in this study. Several other essential industrial robotics market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed industrial robotics market insights, which can help major players strategize their growth.
Global Industrial Robotics Market - Key Industry Dynamics:
Drivers:
- Advancements in Automation and Industry 4.0
- Increase in Demand in Emerging Markets
- Government Initiatives and Incentives
Restraints:
- Lack of Skilled Workforce
Opportunities:
- Second Life for Industrial Robots and ROI
Future Trends:
- Sustainability and Green Economy
Recent Developments:
In 2023, ABB reaffirmed its commitment to one of its most important client markets, the US, by beginning construction on expanding its current robotics headquarters and production plant in Auburn Hills, Michigan. The project will be completed by November 2023; and is expected to cost US$ 20 million. The expansion will create 72 new highly skilled jobs in the area, backed by a US$ 450,000 performance-based grant from the Michigan Business Development Program.
In 2023, Yaskawa Europe, the European subsidiary of the Yaskawa Electric, had officially moved into its new corporate headquarters in Hattersheim near Frankfurt/Main. Yaskawa invested about 23 million euros in the new building at its new location in the Hattersheim industrial park.
Report Spotlights:
- Progressive industry trends in the industrial robotics market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the industrial robotics market from 2022 to 2030
- Estimation of global demand for industrial robotics
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the industrial robotics market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the industrial robotics market size at various nodes
- Detailed overview and segmentation of the market, as well as the industrial robotics industry dynamics
- Size of the industrial robotics market in various regions with promising growth opportunities
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