Industrial Robots Market 2024

Industrial Robots Market 2024

It is anticipated that the global industrial robots market will experience a compound annual growth rate (CAGR) of 11.3% in value terms during the forecast period. This growth trajectory is expected to culminate in a projected market value of USD 58,069 million by the year 2029.

The global industrial robots market can be categorized by product type, which includes articulated robots, Cobots, cylindrical robots, delta robots, linear robots, and SCARA robots. Among these, the articulated robot segment emerged as the dominant category in the market in 2023. Articulated robots are versatile, flexible, dexterous, and relatively simple, which has led to their widespread adoption across various industries. As a result, articulated robots accounted for over one-third of industrial robotics revenue in 2023, making them the most widely used type of industrial robot.

The industrial robots market can be segmented by application into automotive, electronics, metals, pharmaceuticals, food and beverage, plastics, and others. According to Tanalyze, the automotive sector maintains its position as a primary driver of robotic installations in manufacturing plants, consistently leading in this domain. The use of robots for diverse applications such as welding, painting, assembly, machine tending, handling, and material transport is anticipated to witness sustained global growth. Notably, there is an expected rise in the demand for collaborative robots across automotive applications. The industry is forecasted to achieve a compound annual growth rate (CAGR) of 13.6% from 2024 to 2029, ultimately reaching a revenue of $18.23 billion by 2029.

The global industrial robots market has experienced substantial revenue growth, primarily driven by the Asia Pacific region. In 2023, the market was valued at USD 18.93 billion and is projected to reach USD 39.09 billion by 2029, indicating a noteworthy CAGR of 12.4% during the forecast period. The deployment of industrial robots is expected to continue its rapid expansion, with the Asia-Pacific region emerging as a significant contributor to revenue growth in the forthcoming years. Notably, China has played a pivotal role in propelling revenue growth in Asian markets, recording the highest installations due to the rapid resurgence of manufacturing activities compared to other regions. Europe stands as the second-largest market for industrial robotics in 2023, with Germany boasting the largest installation base in the region and ranking fifth globally. The adoption of Industry 4.0 and digital transformation initiatives is fueling the demand for robotics in Germany, followed by Italy and France.

In the global industrial robots market, FANUC Corporation, ABB Ltd., Yaskawa Electric Corporation, KUKA AG, and Kawasaki Heavy Industries Ltd. emerge as the top five competitors, collectively holding a 30% market share in 2023. Notably, FANUC Corporation takes the lead with a 10% market share in the same year. The competitive landscape is further influenced by prominent vendors such as Fuji Yusoki Kogyo Co., Ltd., Seiko Epson Corporation, Nachi-Fujikoshi Corporation, COMAU S.p.A., DENSO Corporation, Duerr AG, HAHN Group GmbH, Mitsubishi Electric Corporation, Omron Adept Technology, Inc., and Universal Robots A/S, among others, who contribute to shaping the dynamics of the market.

This study aims to analyze the global market for various segments of industrial robots, including:

Product Type: Articulated Robots, Cobots, Cylindrical Robots, Delta Robots, Linear Robots, and SCARA (Selective Compliance Assembly Robot Arm) Robots.

Application: Automotive, Electronics, Metals, Pharmaceuticals, Food and Beverage, Plastics, and Others.

Region: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA).