Global Industrial Robotics Market Outlook to 2027

Market Overview:

A moderately consolidated market with immense growth potential Global Industrial Robotics market is being driven byrising penetration of the IoT and investments in robotics across regions. For instance, the “Made in China 2025” announcement aimed to broadly upgrade the Chinese industry by moving toward quality-focused and innovation-driven manufacturing.

The total addressable market for Industrial Robotics has been expanding globally. The developing trend of Industry 4.0 is driving the use of robotics and smart manufacturing in the industrial sector. Manufacturers are expanding their factories to cater to the growing demand for industrial robotics. For instance, in December 2022, ABB Ltd. inaugurated a new mega robotics factory for production and research in Shanghai, China. The company invested around USD 150 Mn in order to launch the 67,000-square-meter factory.

The Global Industrial Robotics Market is with major players in this market are Kuka robotics corporation, Abb ltd. (abb robotics), Oanasonic corporation, seiko epson corporation, Nachi-fujikoshi corporation (nachi robotic systems, inc.), Fanuc corporation

Global Industrial Robotics Market Analysis      

• The global industrial robotics market size is expected to grow with a CAGR of 13.4% from 2021 to 2030.
• Major companies in the market have adopted partnership, business expansion, product launch, acquisition, and agreement as their key developmental strategies to offer better products and services to customers in the market.
• The growing trend of Industry 4.0 is driving the use of robotics and smart manufacturing in the industrial sector. Manufacturers are expanding their factories to cater to the growing demand for industrial robotics.

Key Trends by Market Segment:

By Robot type: On the basis of type, in 2020, the articulated segment dominated the industrial robotics market, in terms of revenue, whereas the cylindrical segment is expected to witness growth at the highest CAGR during the forecast period.

By Region: The Asia Pacific dominated the industrial robotics industry in 2022 and contributed toward a share of over 65%. The region is expected to dominate throughout the forecast period as well. Asia Pacific region is home to a large number of industries and factories which use industrial robots for manufacturing processes. Besides, the growing inclination toward automation, artificial intelligence, and the evolution of other advanced technologies is providing significant growth potential for the regional market.

Competitive Landscape:

• To cater to the changing landscape of automotive manufacturing, many players in the industry are adopting industrial robots.
• The other major market players include, Panasonic, Mitshubi amongst others
• Mitshubi has been making progress in terms of market expansion & product innovativeness.

Recent Developments:

• In July 2022, ABB and SKF signed a Memorandum of Understanding (MoU) to investigate the prospects for collaboration in manufacturing process automation. ABB and SKF collaborated to identify and evaluate solutions to improve manufacturing and processing capabilities, including food processing, and support clients' increased production efficiency.
• Cornell University's new 6,000-pound industrial robot was introduced. It is claimed that 3D printing of large-scale buildings could alter the construction industry, making it more efficient and sustainable by eliminating waste from traditional material processing. Cornell is one of only a few colleges in the United States using such a system. The IRB 6650S Industrial Robot system arrived in February 2022, and the Bovay Lab was trained to handle the robotic system - which is effectively a long, swiveling arm - and run several medium-size test prints, including benches and planters, for the last several months.

Future Outlook:

• The market will grow at a CAGR of 13.4% during 2022-2027 due to increase in fuel cost & rising customer preference
• Asia Pacific is expected to become one of the leading regional segments in the upcoming years.
• The market is expected to reach over $ 110 Bn by 2030.
• The industrial robotics market was hampered during the outbreak of COVID-19 pandemic, owing to restrictions on manufacturing activities, which also affected sales sector. In addition, the industrial robots could not be effectively sold through OEMs during the lockdown period.