Industrial robots play a vital role in automating manufacturing processes across different industries. They can perform different industrial tasks such as loading, packaging, labelling, product inspection, and shifting among others. Industrial robot increases productivity and profitability of organizations by eliminating labour-intensive activities with high degree of accuracy and efficiency. Moreover, they can work in hazardous environment such as high-pressure or vacuum chambers, and areas where there are explosions, infections, and radiation among others. They are widely used in automobiles and heavy engineering industries.
The Global Industrial Robotics Market size was valued at USD 32.32 billion in 2021 and is predicted to reach USD 88.55 billion by 2030 with a CAGR of 12.1% from 2022-2030.
The growth in the manufacturing and electronics industries is one of the major factors fuelling the industrial robotics market growth. Also, product manufacturers are adopting robots to automate some of the repetitive processes. According to data released in Oct, 2019, by the Robot Industry Association, more than 250,000 industrial robots had been adopted in the United States alone, giving an evaluation of the penetration rate of industrial robotics.
North America holds the lion share of the industrial robotics market at present. This is attributed to the factors such as increasing wages of workers and large-scale adoption of robots in various industries, such as entertainment, education and healthcare. Also, the U.S. has the largest defence budget globally. A large portion of this budget goes into military modernization and hardware upgrades. In recent times, there has been a substantial adoption of robots in the country’s military and defence industry, which in turn boosts the industrial robotic market demand.
Some of the major players in the market are ABB, Fanuc, Omron, Denso Corporation, Kawasaki Heavy Industries, Brenton, LLC, Krones AG, Mitsubishi Electric Corporation, YASKAWA Electric Corporation, KUKA AG and Fanuc Corporation. Strategic alliances, acquisitions and innovations along with R&D are key strategies adopted by market players to maintain their market dominance.