Industrial Robotics Market – Demand, Growth, and Industry
Chicago, May 21, 2024 (GLOBE NEWSWIRE) — 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.
To know about the assumptions considered for the study
Major Industrial Robotics companies include:
- ABB (Switzerland),
- FANUC CORPORATION (Japan),
- Yaskawa Electric Corporation (Japan),
- KUKA AG (Germany), and
- Mitsubishi Electric (Japan).
Industrial Robotics Market Dynamics:
Opportunity: Increasing automation in electronics industry
As profit margins shrink, the electronics industry is realizing the benefits of customizability, which has been a norm in the automotive industry. Robots can be used throughout the entire production cycle, from assembly to palletizing, and advancements in end effectors and vision systems are pushing the demand for robots. Investing in robotics will change the demands placed on factory workers, allowing them to focus on high-criticality tasks such as final inspection and quality control. Collaborative robots can work alongside humans and provide flexibility and reusability.
Challenge: Workforce skills and interoperability
The industrial robotics market faces two major challenges: workforce skills and interoperability. Integrating robots into the workplace requires the existing workforce to acquire new skills in programming, maintenance, and troubleshooting specific to industrial robots. It is crucial to adapt to the changing work environment and ensure that employees have the necessary knowledge to collaborate with robots effectively, in order to maximize the benefits of automation. Real-world examples highlight the importance of developing workforce skills in this area.
Driving Market Growth:
The industrial robotics market is experiencing exponential growth, fueled by advancements in technology, expanding applications, and rising adoption across diverse sectors. With innovations such as collaborative robots (cobots), artificial intelligence (AI), and Internet of Things (IoT) integration, industrial robots are becoming more versatile, intelligent, and capable than ever before. This versatility allows them to perform a wide range of tasks, from assembly and welding to packaging and material handling, driving further market expansion.
Analyzing Industry Dynamics:
A comprehensive analysis of the industrial robotics industry reveals a dynamic landscape characterized by rapid innovation, strategic partnerships, and evolving regulations. Key players in the market are continuously investing in research and development to enhance robot performance, improve safety features, and reduce costs, driving market competitiveness and innovation.
