Industrial Robotics Market Size

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.