August 24, 2022 06:32 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The global industrial robots market size is anticipated to reach USD 35.68 billion by 2029 and register a striking CAGR of 11.4% during the forecast period. Increasing investments across various industries, coupled with the rising small and medium-sized factories are projected to stimulate the growth of the market. Fortune Business Insights has presented this information in its report titled, “Industrial Robots Market, 2022-2029”. The market size stood at USD 15.60 billion in 2021 and USD 16.78 billion in 2022. Additionally, the expanding logistics industry and the growing automation adoption across the industry are expected to create lucrative growth opportunities for the market.
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Positive Surge in Demand for Industrial Robots During COVID-19
The coronavirus pandemic gave a major boost to the product demand across various industries. Various initiatives and regulations for workplace safety and avoiding industrial accidents have potentially accelerated the industrial robots market growth. The incorporation of advanced sensors and technologies such as Artificial Intelligence (AI) has aided the market’s expansion. The major players operating in the market are adopting various strategies to amplify their global presence, which is likely to further escalate the market expansion in the coming years.
Report Scope & Segmentation:
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On the basis of robot type, the market is divided into parallel, cartesian/Linear, cylindrical, SCARA, articulated, and others. On the basis of application, the market is segmented into cutting & processing, assembling, material handling, welding & soldering, pick & place, and others. On the basis of industry, the market is categorized into metals & machinery, rubber & plastic, food & beverages, healthcare & pharmaceutical, electrical & electronics, automotive, and others. Geographically, the market is classified into Latin America, Europe, the Middle East & Africa, North America, and Asia Pacific.
High Demand from Various Industries to Fuel Growth in Asia Pacific
Asia Pacific is predicted to bestride the global industrial robots market share. The increasing automation demand across India, China, and Japan is the major growth propellant for the market in Asia Pacific. Additionally, the improving disposable income levels, coupled with the expanding populace require production capacity expansions. This escalating need for higher and swift production capacity is estimated to flourish in the market growth in the Asia Pacific.
North America is expected to witness substantial development in the coming years due to the emergence of Industry 4.0 and smart factories. Europe is anticipated to exhibit significant growth due to rising industrial robots’ up-gradation across aerospace, food & beverage, electronics, and other industries. Latin America and the Middle East & Africa are projected to gain immense growth due to increasing industrialization and automation adoption.
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Expansion of E-commerce & Logistics Industries to Bolster Market Growth
Industrial robots are highly demanded across various industries such as equipment, packaging, consumer electronics, automotive, pharmaceuticals, and others. They aid heavy lifting operations and also help in cutting costs. Industrial robots’ deployment aids in production and efficiency improvement, which is a crucial factor boosting the market’s growth.
The expanding e-commerce industry due to rising online purchases by consumers has led to an uptick in the logistics sector. The demand for faster and more efficient delivery has grown prominently, and the incorporation of advanced industrial robots streamlines the process.
However, high maintenance and initial investment costs may impede the growth of the market during the forecast period.
Companies Operating in Industrial Robots Market:
Major Players Launch New Products to Acquire Growth The major market players emphasize technological innovations through extensive research and development activities to launch highly efficient and modern industrial robots. They adopt various strategies, including mergers, acquisitions, collaborations, and others to amplify their global outreach. For instance, Omron Corporation expanded its mobile robot series by launching a new mobile robot in November 2019. The new robot has the capacity of moving a payload of up to 250 kg.
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