The global industrial robotics market is projected to reach a value of US$ 116,848.7 million by 2030, with a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2022 to 2030, according to a market research report published by Report Ocean. The report analyzes the industry in over 150 countries and utilizes various analytical approaches to forecast market growth.
Industrial robots are mechanical machines that operate automatically to carry out production tasks. They can be reprogrammed multiple times according to industrial requirements. These robots have sensors, controllers, and end-effectors that allow them to interact with the industrial environment. The versatility of industrial robots makes them suitable for both small and medium-sized enterprises (SMEs) and large organizations, driving the growth of the market.
The automation applications of industrial robots result in increased productivity and cost reduction. This is particularly beneficial for electronics companies, as it allows them to innovate with smaller capital and time investments. However, the high capital expenditure required for the purchase, integration, programming, and maintenance of industrial robots may hinder the overall market growth.
The COVID-19 pandemic had a significant impact on the industrial robotics market. The outbreak led to a global recession and halted or restricted operations in various industries. This resulted in a decline in the manufacturing of industrial robots and reduced demand in the market. However, as economies recover, the market is expected to rebound.
Asia-Pacific is anticipated to hold a dominant position in the global industrial robotics market, with a rise in demand for automation and reduced duties on refurbished goods. The region is also expected to witness significant growth in cylindrical robots and other types of robots.
The leading companies in the global industrial robotics market include ABB Limited, DAIHEN Corporation, Denso Corporation, Epson America Incorporated, Fanuc Corporation, Kawasaki Heavy Industries Limited, Kobe Steel, Limited, Kuka AG, Mitsubishi Electric Corporation, and Yaskawa Electric Corporation.
The report provides a comprehensive analysis of the industrial robotics market based on type, industry, function, and region. It also offers market share assessments, strategic recommendations, and profiles of key players.
Sources: Report Ocean (No URLs provided)