0

Industrial Robotics Market Expected to Reach $163 Billion by 2032—Allied Market Research

 
2022
Industrial Robotics Market

Report Code : A00126

quote The global industrial robotics market has witnessed significant growth over the past decade, owing to rise in demand for automation in production and manufacturing. Rise of manufacturing has led to increase in automation requirements as well as its extensive use in assembling of electronic products. The Asia-Pacific holds the largest share in the market owing to large scale production of industrial robotics such as in China, in addition to high production of electronic. Moreover, LAMEA is growing fast due to industrialization and urbanization in the developing nations such as Brazil, South Africa, and other nations in the region North America and Europe collectively accounted for more than one-third share of the industrial robotics market, as these regions have continuously focused on R&D activities using industrial robotics. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Industrial Robotics Market," The industrial robotics market size was valued at $38 billion in 2020, and is estimated to reach $163 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.

Industrial robots are advanced machines built to work in manufacturing and commercial environments, carrying out tasks that might be basic or complicated. These robots can independently carry out tasks such as welding, assembling, packaging, and material handling, owing to the combination of mechanical parts, electronic controls, and software programming used in their construction.

The key factor accelerating the market for industrial robotics is a sudden surge in global industrial output. Industrialization in different developing countries such as India, China, Africa, and others is expected to boost the industrial robotics market growth. Moreover, key market players are focused on business expansion as a growth strategy. For instance, in February 2023, Mitsubishi Electric Corporation announced an investment of approximately $223 million to build a new factory in India.

Furthermore, industrial robotics is expected to be used in alternative application areas in growing markets. Electronics is a key area for penetration of the industrial robotics market and is witnessing growth at an increasing rate. Another key application of industrial robotics may be in the healthcare industry. Nanorobotics, a part of industrial robotics, is gaining momentum in healthcare and other niche markets. Nanorobots help in mixing the right compound as per instructions and result in decreasing lead time, which in turn helps the company to meet the demand for the medicines they are manufacturing from the consumer in the market.

The types of robots considered in the industrial robotics market report include articulated robots, cylindrical robots, SCARA robots, Cartesian robots, and others. The articulated robots segment accounted for 44% in 2020, owing to an increase in their usage currently in emerging industries such as packaging and healthcare sectors.

However, cylindrical robots and other types of robots, such as customized and refurbished robots, are expected to grow at a significant pace in the future, due to their rising demand in industrial sectors in Asia-Pacific. Cylindrical and other types of robots are estimated to grow at a CAGR of 13.8% and 13.7% respectively.

Furthermore, the industrial robotics market is divided on the basis of industries served, which include automotive; electrical & electronics; chemical, rubber and plastics; manufacturing industry; metals; food & beverages; and precision and optics. The electrical and electronics industry segment dominated the market in 2020 with $ 12,503.3 million; however, it is expected to witness high growth owing to increasing demand for electronics goods over the past years with a CAGR of 13.2%. The food & beverages segment is expected to witness the highest growth rate of 13.6%, owing to growth in this sector. Moreover, the increase in need and customized solutions to make the process faster, especially in unexplored regions such as Brazil, Argentina, and South Africa, is expected to drive the industrial robotics industry growth in the food and beverages industry.

The market is further segmented on the basis of function into soldering and welding; materials handling; assembling & disassembling; painting & dispensing; milling, cutting, and processing; and others. Materials handling is the largest segment by function in the industrial robotics market. In 2020, it accounted for more than two-fifths of the global industrial robotics market forecast due to high demand in diversified industries such as packaging, electronics, and others, where the market for robots is still at an emerging stage, specifically in Asia-Pacific and Latin America. It is expected to remain the largest application segment over the forecast period. Currently, soldering & welding function is another major segment, accounting for over one-fourth of the global industrial robotics market share due to high-end usage in the machinery industry, where accuracy is an important factor.

In 2020, Asia-Pacific was the largest revenue generator, accounting for about 59% of the total market share attributed to growth in China, India, Japan, Taiwan, and Australia investing heavily in R&D infrastructure developments. For instance, in October 2022, Yaskawa Electric Corporation opened a new Robotics Technology Centre based in Turkey. Such industrial robotics market trends are expected to drive the growth of the market.

Rapid growth in automation demands coupled with the reduction of duties on refurbished goods also boosts market growth. Similarly, North America and Europe collectively accounted for over one-third of the market share, as these regions have been continually focusing on R&D activities and have been using industrial robotics for the same.

Key Findings of the Study

  • The report provides an extensive industrial robotics market analysis of the current and emerging trends and dynamics.
  • By type, the articulated segment was the largest revenue generator in 2020.
  • By end user industry, the electrical and electronics segment was the largest revenue generator in 2020.
  • On the basis of function, the materials handling segment generated the highest revenue in 2022.
  • Region wise, Asia-Pacific is anticipated to dominate the market throughout the study period.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical, Others), by End user industry (Automotive, Electrical and Electronics, Chemical Rubber and Plastics, Manufacturing, Food and Beverages, Others), by Function (Soldering and Welding, Materials handling, Assembling and Disassembling, Painting and Dispensing, Milling, Cutting, and Processing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Industrial Robotics Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers