Industrial Robotic Arm Market Trends

Growth Drivers

• Digital technologies transforming robot arm performance:  The integration of smart technologies such as artificial intelligence, machine learning, the Internet of Things, cloud computing, and big data analytics are driving the sales of advanced industrial robotic arms. These technologies enhance the capabilities of robot arms such as their ability to perform complex tasks autonomously and seamless adoption into various environments. Digital technologies such as AI and ML algorithms and IoT connectivity also boost productivity, real-time monitoring, predictive maintenance, and performance analysis, reducing downtime and enhancing operation workflows.
  
  The increasing demand for AI-powered industrial robotic arms is necessitating key market players to focus on continuous innovations and production to meet consumer demands. For instance, in September 2024, Inbolt announced that it successfully secured around USD 15 million in series A funding. The company is set to use this fund to make industrial robots smarter with artificial intelligence (AI). Such hefty investments are anticipated to transform the look of modern industrial robotic arms in the coming years.
• Use of robot arms in logistics & warehousing: Industrial robotic arms are finding high applications in logistics and warehousing facilities owing to their ability to perform multiple and repetitive tasks. Industrial robotic arms can work for longer durations without breaks, which aids in lowering cycle times and boosting productivity gains. For instance, according to a study by the Association for Advancing Automation Robotics, the demand for logistics robots increased by 18% in 2021. Also, the Information Technology & Innovation Foundation (ITIF) reveals that advancements in robots are efficiently automating various processes in logistic and warehousing facilities. The same source also states that the use of robots in quick sorting and upstream picking increases productivity by 30%.

Challenges

• High installation & maintenance costs: The cost of technologically advanced industrial robotic arms is significant compared to manual counterparts. The high upfront purchasing and installing costs are challenging its adoption in price-sensitive markets. Also, the integration of these advanced technologies with existing infrastructure can be complex leading to the need for expert technicians, driving up the operational costs. Furthermore, high repair and maintenance charges deter budget constraint end use industries from adopting advanced robot arms.
• Flexibility issues in some robotic arms: The limited flexibility of industrial robotic arms challenges their versatility in some operations and leads to human intervention. This not only increases the labor costs, but also limits the potential application of industrial robotic arms. Such factors are expected to hinder the overall industrial robotic arm market growth to some extent.