Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Industrial Robotics Market by Component, Payload, Application, End-use Industry, and Geography - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The industrial robotics market is expected to reach $32.7 billion by 2029, growing at a CAGR of 6.2% during the forecast period 2022-2029. By volume, this market is expected to reach 950.1 thousand units by 2029, at a CAGR of 11.2% from 2022 to 2029.
The growth of this market is driven by the increasing adoption of robots in the manufacturing sector, government support and policies for the adoption of industrial robots, high labor cost in North America and Europe, and the increasing number of SMEs globally.
Furthermore, the rising automation across the automotive and electronics sectors and the increasing focus on reducing human labor in industries are expected to create significant opportunities for the players operating in the industrial robots market.
Based on component, the robots accessories segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to its capability to enhance productivity and overcome common obstacles in manufacturing.
Technological innovation has brought about significant advancements in end-effectors, which have been partially fueled by the need to attain dexterous manipulation in industrial robots for their enhanced functioning, particularly in pick-and-place operations.
In the future, end-effectors are expected to achieve a higher level of technological sophistication as machine learning software and other safety features are increasingly being integrated into the End of Arm Tools (EOAT), coupled with the ability to adapt to its environment using machine vision.
Based on payload, in 2022, the up to 60 kg segment is expected to account for the largest share of the industrial robots market. This category includes SCARA robots, articulated robots, and collaborative robots. The rapid growth of the up to 60 kg segment is attributed to the increasing need for automation in the electrical and electronics industry for assembly and handling applications where SCARA robots are extensively used. Generally, a SCARA robot can operate at a higher speed and with optional cleanroom specifications.
By design, the SCARA robot suits applications with a smaller field of operation, where floor space is limited. In addition, the compact layout makes them relocatable in temporary or remote applications. SCARA robots can be particularly used in industrial applications which require a clean and hygienic environment, such as the food and beverage industries.
Based on application, the material handling segment is expected to grow at the highest CAGR during the forecast period. Material handling robots automate some of the most tedious, dull, and unsafe tasks in a production line. These robots enhance the efficiency of production lines and increase customer satisfaction by promptly providing quality products. These benefits are expected to drive the growth of this segment.
Based on end-use industry, in 2022, the automotive segment is expected to account for the largest share of the industrial robots market. The factors attributing to the growth of this segment include cost-effectiveness, higher efficiency, safety, speed & precision. Using robots allows car and automotive component makers to speed up production, reduce costs, improve quality and ensure workers' safety.
In 2022, Asia-Pacific is expected to account for the largest share of the industrial robots market. This regional market is also expected to grow at the highest CAGR during the forecast period. The high growth of the Asia-Pacific industrial robotics market is driven by the increasing labor costs, driving manufacturers to automate the manufacturing processes to maintain their cost advantage.
Additionally, Asia-Pacific is poised to retain a strong market position in the industrial robotics market due to cheap manufacturing costs and labor, safety standards, and government initiatives to accelerate foreign direct investments (FDIs).
Key questions answered in the report:
- Which are the high-growth market segments in terms of product component, payload, application, end-use industry, and country?
- What is the historical market size of the global industrial robotics market?
- What are the market forecasts and estimates for the period 2022-2029?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global industrial robotics market?
- Who are the major players in the global industrial robotics market, and what are their market shares?
- How is the competitive landscape?
- What are the recent developments in the global industrial robotics market?
- What are the different strategies adopted by the major players in the global industrial robotics market?
- What are the geographical trends in high-growth countries?
- Who are the local emerging players in the global industrial robotics market and how do they compete with other players?
Market Dynamics
Drivers
- Increasing Adoption of Robots in the Manufacturing Sector
- Government Support to Encourage the Adoption of Industrial Robots
- High Labor Costs in North America and Europe
Restraints
- High Initial Investment Requirements
- Performance Issues with Robots
Opportunities
- Increasing Automation across the Automotive and Electronics Sectors
- Rising Focus on Reducing human Labor across Industries
Challenges
- Lack of Skilled Professionals
- Safety Issues with Robots while Working with Other Industrial Systems
Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- ABB Ltd
- Fanuc Corporation
- Yaskawa Electric Corporation
- KUKA AG
- Mitsubishi Electric Corporation
- Kawasaki Heavy Industries Ltd.
- Denso Corporation
- Seiko Epson Corporation
- Durr Group
- Universal Robots A/S
- Staubli International AG
- Comau S.p.A.
- Hyundai Robotics
- SIASUN Robot & Automation CO.
- Ltd
- OMRON Corporation
- Techman Robot Inc.
- FRANKA EMIKA GmbH
- F&P Robotics AG
Scope of the Report:
Industrial Robotics Market, by Component
- Robots
- Articulated Robots
- Collaborative Robots
- Scara Robots
- Cartesian Robots
- Delta Robots
- Polar Robots
- Cylindrical Robots
- Robot Accessories
- End of Arm Tooling (EOAT)
- Vision Systems
- Sensors
- Controllers
- Software
Industrial Robotics Market, by Payload
- Up to 60 kg
- 60-100 kg
- 100-225 kg
- Above 225 kg
Industrial Robotics Market, by Application
- Material Handling
- Palletizing & Depalletizing
- Stacker
- Bucket elevator
- Grain elevator
- Assembling & Disassembling
- Welding & Soldering
- Resistance Spot Welding
- Arc Welding
- Laser Welding
- Plasma Welding
- Ultrasonic Welding
- Other Welding Applications
- Dispensing
- Processing
- Machine Tending
- Grinding
- Milling and Turning
- Injection Molding
- Other Applications
- Inspection
- Laser Inspection
- Leak Tests
- Flow Tests
- Dimensional Checks
- Vision Systems
- Other Applications
Industrial Robotics Market, by End-use Industry
- Automotive
- Electrical/Electronics
- Metal & Machinery
- Plastic & Chemicals
- Food & Beverage
- Healthcare
- Biotechnology
- Oil & Gas
- Aerospace & Defense
- Other End-use Industry
Industrial Robotics Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- India
- South Korea
- Taiwan
- Singapore
- Thailand
- Rest of Asia-Pacific
- Europe
- Germany
- Germany
- Italy
- Sweden
- France
- Austria
- Denmark
- Spain
- Netherlands
- Norway
- U.K.
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/bi7l6t
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