Northbrook, IL 60062 -- (SBWire) -- 12/14/2023 --The Industrial Robotics Market is valued at USD 17.0 billion in 2023 and is projected to reach USD 32.5 billion by 2028, growing at a CAGR of 13.8% from 2023 to 2028. The growing demand of collaborative robots in various industries, and rising adoption of Industry 4.0 are among factors that contribute to the growth of the Industrial Robotics market.
Industry 4.0 has fostered the development of new technologies, such as AI-enabled robots and collaborative robots, allowing industries to use robots to streamline various processes, boost productivity, and minimize errors.
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Robot arms segment in component to account for highest market share of the industrial robotics market during forecast period
A robotic arm generally consists of a mounting base, an arm, and a wrist. It is typically mounted on the ground or a workbench. It can also be mounted on the wall or in an inverted position on the ceiling. A few manufacturers design robots for alternate mounting, such as the IRB 910INV SCARA robot by ABB (Switzerland), which is specifically designed to be mounted on a ceiling. A robotic arm consists of different joints, which allow linear and circular motion. The number of axes in a robot generally depends on the type of robot. SCARA robots have a 4-axis design, and articulated robots generally have a 6-axis design.
Food & Beverages segment to hold highest CAGR of the industrial robotics market during forecast period
Food & Beverages sector operate under stringent regulations and standards to ensure optimal hygiene, safety, and product quality. Consequently, there is a substantial market demand for robots specifically engineered to operate in these environments while complying with the required standards. In the food and beverage industry, where the preservation of cleanliness and product safety is of utmost importance, the utilization of food-grade robots is indispensable. These robots are constructed using materials and components that are certified as safe for direct contact with food. They are meticulously designed to endure rigorous washdowns, sanitation procedures, and exposure to chemicals without compromising their performance or posing any risk of contamination.
Industrial Robotics market in Asia Pacific estimated to grow at a higher CAGR during the forecast period
The Asia Pacific region holds a prominent position in the industrial robotics market, serving both local and international demand. Leading countries like Japan, China, South Korea, and Taiwan are at the forefront of robotics adoption, particularly in the automotive, electronics, and machinery industries. Governments in the region recognize the importance of industrial robotics and have implemented initiatives to support its growth. These include financial incentives, tax benefits, and collaborations with research institutions and universities.
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Key Market Players
Major vendors in the Industrial Robotics companies include ABB (Switzerland), FANUC CORPORATION (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), and Mitsubishi Electric (Japan). FANUC (Japan) and ABB (Switzerland) have consistently dominated the market due to their strong global presence customer support capabilities, and brand name.
Industrial Robotics Market Growth Report & Forecast - 2028