Industrial Robotics Market size was over USD 17.39 billion in 2023 and is expected to exceed USD 96.61 billion by the end of 2036, growing at over 14.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial robotics is evaluated at USD 19.35 billion. The growth of the market can be attributed to factors such as high cost of employing labor and inconvenience associated with providing benefits to laborers. Furthermore, human limitations to perform a certain task as well as higher productivity from service robots will ultimately lead to expansion of market in the upcoming years. In addition, increasing acceptance of collaborative robotics in several industries, rapid rate of industrialization, rising demand for automotive and growing need to improve safety in workplaces are also expected to drive market growth in the near future. The total sales of automobiles in the world are calculated to be more than 68 million units by the end of 2021. Out of these, passenger cars accounted for the largest category of motor vehicle production.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
14.1% |
|
Base Year Market Size (2023) |
USD 17.39 billion |
|
Forecast Year Market Size (2036) |
USD 96.61 billion |
|
Regional Scope |
|
The market is segmented by type into SCARA, articulated, parallel, cylindrical, Cartesian and others, out of which, the articulated robot segment is anticipated to hold the largest market share on the basis of its ability to perform consistent precise movements specially including applications such as assembling, material handling and others. Furthermore, articulated robots are widely used in pharmaceutical, food & beverages, automotive and others which will ultimately fuel the growth of the segment during the forecast period. The pharmaceutical robots market size grew significantly from 2019 to 2021. The value was estimated to be USD 125 million in and USD 140 million in the former and later years, respectively. Additionally, on the basis of end user, the automotive segment is expected to grab the largest market share owing to the increasing number of electric vehicles worldwide, rising use of automation in automotive manufacturing processes, and escalating application of digitization and AI in vehicles.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
Application |
|
|
End User |
|
On the basis of regional analysis, the global industrial robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific industry is likely to dominate majority revenue share by 2036, impelled by presence of nations such as China, Japan and India, where the output of automation and manufacturing industries is the highest in the world. Moreover, increasing international investments coupled with low cost of production in the region is also projected to boost market growth in the region. Additionally, with a notable surge in the population as well as disposable income, there is an increase in the consumption of consumer goods, which in turn is evaluated to lead to the increase in the production capacity of industrial robots in the region. According to the World Bank, the total population of South Asia has only increased since 1960. The value was recorded to be 1.836 billion in 2019.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?