The global Industrial robot market is around $17,925m in 2023 and is expected to grow at a CAGR of 12.1% during the forecast years of 2023-2033. The robot market is expected to witness greater growth over the forecast year to increase the efficiency of work and replace human labour.
The industrial robot can be used in various tasks such as for performing precise surgeries, industrial operations, and fun toys for learning experiences. The robot arms are capable of picking and placing objects in different locations and are equipped with CNC work, laser engraving, and 3D printing technology. The DIY robot arms come with customisable features and maintain cost-effectiveness due to their low manufacturing costs.
Key takeaways from the market study:
- The global industrial robot market is projected to grow 12.1% and reach $56,171.4m by 2033
- The market witnessed an 8.9% CAGR between 2018 and 2022
- The industrial robot dominated the market with $15,755.5m valuations in 2022
- Automotive under the end-use segment is expected to have a market share of 20.3% by the end of 2023
- East Asia will dominate the market with a 23.4% market share in 2023
All industry leaders in robotics are making their own strategies to stand out from other competitors in the industrial robots market. Brands such as Mitsubishi Electric Corporation, ABB, Fanuc, Kuka AG, Yaskawa, Comau, Epson, Kawasaki Robotics, Staubli International AG, Universal Robots, and other leading players have rolled up their sleeves to enter the market and make their brand presence in the segment.
The global industrial robot market is differentiated, with many large and small market players. Therefore, in order to survive and thrive in such a competitive environment, manufacturers must differentiate their products by making technologically advanced and unique products. This competitive environment can also lead to lower product prices to maintain market positions, which can adversely affect manufacturers’ profit margins.
ABB for example has launched five axes delta robots for lightweight and fastest product picking, packing and re-orientation with a payload capacity of 1.5kg. The robot arm will specifically be used for lightweight products such as cookies, chocolates, peppers, small bottles, and parcels. The product has the capability to move 1kg of products from one place to another with a rate of 120 picks per minute.
In order to create better technological architecture that allows for more flexibility and efficiency, the major market participants have been heavily investing in R&D. Throughout the medium-to-long-term forecast period, these developments will fuel the industrial robot market’s expansion.
For instance, Google is planning to launch Google worker robots where engineers will be able to download personalities through Cloud-based systems. The robot will be capable of storing multiple personalities while interacting with humans. Another development is found within multi-tasking robots which will be used in restaurant chains developed by using momentum machines on a multi-tasking bot. These advancements in the robot industry are pacing up the installation of robots across end-use verticals.
There’s also plenty of other robotics editorial at IoT Insider’s sister publication, Electronic Specifier. And you can always add to the discussion at our comments section below or on our LinkedIn page here.