Industrial Robotics Market to Cross USD 81 Billion by 2028
Published | 08 March 2022
The growth in the industrial robotics market is primarily attributed to the increasing awareness about industrial robots that have resulted due to their deployment ranging from manufacturing to the healthcare industry…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Industrial Robotics Market was worth USD 43 billion in 2021 and is projected to reach up to USD 81.9 billion by the year 2028, exhibiting a CAGR of around 10% during 2022-2028. Rising adoption of smart manufacturing systems, in which robots play an important part in the industrial setups, is driving the market. Furthermore, higher investments across different industries such as automotive, pharmaceutical and packaging are the main factors that are boosting the growth of the global industrial robotics market. Apart from the above factors, the rise in the demand from the logistics sector due to the growing e-commerce industry is also augmenting the growth of the global industrial robotics market.
Rising Demand for Automation across Different Industries is Propelling the Growth of Industrial Robotics Market
Demand for robotics is emanating from different industrial sectors, including automotive, chemical, pharmaceutical, e-commerce, and packaging industries. Demand for robots mainly depends upon the type of requirement in the industries, such as reducing labor costs and producing high-quality production. For instance, many pharmaceuticals industries during COVID-19 adopted automated, integrated robotics systems to manufacture respiratory and immune-building drugs to fulfill the demand of the consumers. Furthermore, many automotive industries are adopting automotive techniques like the robotic arm to reduce labor costs, providing growth opportunities for the global industrial robotics market. Therefore, there are heavy investments in the market of industrial robots, which is fuelling the market growth during the forecast period.
Increased Demand Across E-commerce Industry Opened Up Global Industrial Robotics Market Growth Opportunities
With economic growth in different regions across the globe, there has been a remarkable growth of e-commerce in the past few years. With the increase in the demand for various products across different economies, the product manufacturers have adopted automated robots to function some of the repetitive processes. According to the Robotic Industries Association, more than 2,50,000 industrial robots have been installed in the United States, which gives rise to an estimate of the penetration of industrial robots. Furthermore, the industrial robotics market has been witnessing a huge demand from past years, which gives rise to the adoption of smart factory systems wherein the robots play an important role in carrying out various functions.
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Impact Of COVID-19 On The Global Industrial Robotics Market
The global industrial robotics market is positively affected by the COVID-19 pandemic. As a result of the COVID-19 pandemic, most of the organizations faced a decline in terms of their revenue. In contrast, the industrial robotics market has been slowly rising in most of the manufacturing industries, especially in pharmaceuticals and medical devices manufacturing plants. There was a sudden rise in CAGR, which attributed to the growth of industrial robots during a pandemic as there is a shortage of labor in most of the manufacturing plants due to lockdown in different regions of the world during the COVID-19 pandemic. So, the manufacturing sector shifted its manufacturing base to automated robotics solutions to fulfill consumers' demand during the global pandemic.
Asia-Pacific Region to Account for Largest Market Share in Global Industrial Robotics Market
In terms of the regional analysis, the global industrial robotics market is classified into North America, Europe, the Asia-Pacific, Latin America and The Middle East, and Africa. North America leads the global market; the Asia-Pacific region is anticipated to cater the highest CAGR during the forecast period due to the rising automation in countries like India, Japan, and China. Apart from that, due to the rising population in the Asia Pacific region, there is an increase in the consumption of goods. Production capacity is enhancing and requires a high automated technique to produce these goods. Europe is also expecting exponential growth due to the smart factories and demand for customized and automated robots in the different countries of Europe.
Competitive Landscape
The global industrial robotics market is characterized by the presence of many local, regional, and global vendors. The industrial robotics market is highly competitive, with all the players continually competing to gain a larger market share. The key players operating in the global industrial robotics market are ABB, FANUC, YASKAWA, KUKA, Mitsubishi Electric, Kawasaki Heavy Industries, Denso Corporation, NACHI-FUJIKOSHI, Seiko Epson, DÜrr, Rethink Robotics, Franka Emika, F&P Robotics, Omron Adept Technology, Staubli, Siasun Robot and Automation, ComauSpaItaly, Universal Robots, YAMAHA, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global industrial robotics market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global industrial robotics market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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