Industrial Robotics Market is Slated to Transcend USD 44.87 Billion Valuation by 2031-end, Automation of Industrial Operations to Promote Market Expansion | SkyQuest Technology
WESTFORD, Mass., July 12, 2024 /PRNewswire/ -- According to SkyQuest, the global Industrial Robotics Market size was valued at USD 14.7 Billion in 2022 and is poised to grow from USD 16.6 Billion in 2023 to USD 44.87 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).
Increasing use of advanced digital technologies in industries to improve the productivity of industrial operations is slated to bolster the demand for industrial robotics. The development of novel industrial robots and the rising acceptance of the same in different industry verticals will also favor industrial robotics market development in the future. The global industrial robotics market is segmented into type, payload, component, application, end use, and region.
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Industrial Robotics Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 16.6 billion |
Estimated Value by 2031 | $ 44.87 billion |
Growth Rate | Poised to grow at a CAGR of 13.2% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Payload, Component, Application and End Use, |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rising adoption of automation in industrial applications |
Key Market Drivers | Advancements in robotics technologies and increasing acceptance of robots in industrial settings |
Segments covered in Industrial Robotics Market are as follows:
- Type
- Traditional Robots (Articulated Robots, Cartesian Robots, SCARA Robots, Parallel Robots, Cylindrical Robots, Others), and Collaborative Robots
- Payload
- Up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and More than 225.00 kg
- Component
- Robot Arm, Robot Accessories, Additional Robotic Hardware, System Engineering, and Software & Programming
- Application
- Handlings, Assembling & Disassembling, Welding & Soldering, Clean Room, Dispensing, Processing, and Others
- End-Use
- Automotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubbers, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Oil & Gas, and Others
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Efficient Material Handling Demands are Estimated to Govern the Global Sales of Industrial Robotics
Increasing demand for better productivity and operational efficiency in industries has resulted in the adoption of better material handling technologies. Industrial robots are highly efficient and adaptable to multiple handling operations, which is why they are being extensively used for this application. Any company investing in this segment is projected to get lucrative returns on their investments in the long run.
Demand for Better Human-Machine Interactions to Drive Use of Collaborative Industrial Robots
Collaborative robots have been gaining massive popularity around the world owing to their better human-machine interaction capabilities. Industrial robotics providers should focus on utilizing artificial intelligence and machine learning technologies to maximize the efficiency of their offerings. Growing emphasis on worker safety is also a key factor that is projected to bolster the demand for collaborative industrial robotics across the forecast period.
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Industrial Robots are Highly Popular Among Electronics and Electrical Industry for Multiple Operations
Rapidly surging demand for electronics and electrical components around the world owing to the adoption of digital technologies is driving the demand for industrial robotics. Almost all aspects of electronics manufacturing are being automated, which is why industrial robotics is projected to shine bright in the electronics and electrical industry.
Industries dealing with plastics, chemicals, and rubber are also projected to witness a robust hike in demand for industrial robotics. The automotive industry is also a key end user of industrial robotics and will be a key segment that most companies target in the future. The use of industrial robots to perform hazardous and dangerous tasks is projected to increase as emphasis on worker safety rises.
Increasing digital transformation of multiple industry verticals will also create a highly opportune setting for industrial robotics companies no matter what industry they choose to target. Industry 4.0 trend and growing preference for automation are also estimated to uplift the sales of industrial robotics over the coming years.
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