Industrial Robotics Market worth $32.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 27, 2023 /PRNewswire/ -- The Industrial Robotics market is projected to grow from USD 17.0 billion in 2023 and is projected to reach USD 32.5 billion by 2028; it is expected to grow at a CAGR of 13.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growing demand for automation in manufacturing and logistics is one of the major drivers of the market.

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Industrial Robotics Market Report Scope:

Collaborative robots' segment is expected to grow at highest CAGR during the forecast period.

Continuous advancements in artificial intelligence, machine learning, and sensor tesschnologies are driving the ongoing development of collaborative robots. These advancements enable cobots to become more intelligent, adaptable, and skilled in handling complex tasks. As industries increasingly seek flexible automation solutions, cobots are set to revolutionize work environments, shaping the future of work and enhancing overall productivity and efficiency.

Upto 16.00 Kg segment in payload capacity is expected to have largest market share by 2028.

Robots with a payload-carrying capacity of up to 16.00 kg are mainly adopted in the automotive industry for arc welding and spot-welding applications, especially for 2-wheelers. In the electrical & electronics industry, these robots can be adopted for soldering and packaging electronic components. The increasing miniaturization of electronic components and chipsets has resulted in the large-scale adoption of robots with a payload-carrying capacity of up to 16.00 kg in the electrical & electronics industry. Such robots have also been widely adopted in the food & beverages industry in recent years for applications such as pick and place, sorting, and palletizing.

Processing segment is expected to grow at highest rate of CAGR during the forecast period.

Processing applications considered in this section are grinding, milling, and cutting. Grinding robots are used to quickly and efficiently process parts of objects, such as vehicle bodies and wooden planks. These robots save time and costs while machining complex designs while improving the uniformity of each workpiece. A force/torque sensor is used in conjunction with the end effector to apply the right amount of pressure needed. Automated grinding also reduces health risks associated with the metal dust affecting workers in a manual process. In automotive applications, robotic grinders are used for machining axle beams and connecting rods.

Automotive segment is expected to hold for largest share during the forecast period.

Automotive manufacturers strive for consistency and repeatability since any untoward issue can stop the workflow in a vehicle assembly line. There are two main stages in vehicle production: manufacturing and assembly. In manufacturing, spot welding and painting robots are used extensively. Assembly includes a mix of light and heavy tasks, such as screw driving, windshield installation, wheel mounting, and labeling. Articulated robots are generally used for most tasks; however, parallel robots assemble smaller components, such as pumps and motors.

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Asia Pacific region to have largest share of Industrial Robotics market during the forecast period.

Asia Pacific is considered one of the world's major manufacturing hubs and is expected to provide ample growth opportunities to the industrial robotics industry. Low production costs, easy availability of labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) are some of the major factors accelerating the market growth in APAC. The aging population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation. The increasing population is also attracting companies to invest in APAC.

Key players in the industrial robotics companies include ABB (Switzerland), FANUC CORPORATION (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), and Mitsubishi Electric (Japan). Other companies that have a significant presence in the industrial robotics market are Kawasaki Heavy Industries (Japan), DENSO Corporation (Japan), Nachi-Fujikoshi (Japan), Durr (Germany), and SEIKO EPSON (Japan).

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