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Global Industrial Robotics Market Soars to Unprecedented Heights: Projected to Surpass US$ 150 Billion Valuation by 2031 | More than 680 thousand Units Industrial robots Installed in 2022: Astute Analytica

Monday, April 10, 2023 01:30 PM | GlobeNewswire via QuoteMedia

Global Industrial Robotics Market Soars to Unprecedented Heights: Projected to Surpass US$ 150 Billion Valuation by 2031 | More than 680 thousand Units Industrial robots Installed in 2022: Astute Analytica

The global industrial robotics market is expected to experience strong growth in the coming years, driven by increasing demand for automation, improvements in robotic technology, and the need to improve supply chain efficiency. The material handling segment is expected to be a key contributor to this growth, with the market projected to surpass US$150 billion by 2031. As e-commerce continues to grow, the demand for material handling robots is expected to increase, making it a critical area of focus for industrial robotics companies.

New Delhi, April 10, 2023 (GLOBE NEWSWIRE) -- Global industrial robotics market generated revenue of US$ 18.2 billion in 2022 and is anticipated to reach the valuation of US$ 151.4 billion by 2031 at a CAGR of 27.2% over the course of forecast period, 2023–2031.

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Industrial robots are playing an increasingly important role in a wide range of industries, from manufacturing and logistics to healthcare and the public sector. In its latest report on the market for industrial robots, Astute Analytica found that the global installed base of industrial robots will grew from 391.5 thousand units in 2019 to 690.9 thousand units by 2022. The analysis shows that the electronics/electrical equipment industry will continue to be the largest user of industrial robots, with an installed base of 177.2 thousand units by 2022. This is followed by the automotive and chemicals/pharmaceuticals industries, which are expected to have an installed base of 157.2 thousand units and 28.7 thousand units, respectively in 2022.

The Asia-Pacific region is expected to be the biggest market for industrial robots, with an installed base of 504.8 million units in 2022. This is followed by Europe (97.1 million units) and North America (55.0 million units).

The research indicates that there is a growing trend towards more technologically advanced industries such as automotive and electronics, leading to an increased demand for industrial robots that can handle complex tasks. Additionally, there is an increasing popularity of collaborative robots designed to work safely alongside humans in industries like healthcare, retail, and logistics in the global industrial robotics market. Developing countries are also emerging as growth markets for industrial robots, as multinational companies set up manufacturing facilities, driving demand for robotic technologies. Astute Analytica forecasts that the prices of industrial robots will continue to decline as they become more widely adopted, as seen in the 20% price reduction between 2016 and 2021.

Over 680 thousand Units Industrial Robots Installed in 2022 in Global Industrial Robotics Market

According to the World Robotics report, industrial robot installations reached a record high of 680 thousand Units in 2022, at a CAGR of 38.9% from 2023-2031. Worldwide annual robot installations between 2015 and 2021 more than doubled. Asia remained the largest market for industrial robots, with China leading the pack by deploying 268,195 units, an increase of 51%.

Japan remained the second largest market with 47,182 units installed, followed by the US and Republic of Korea. Europe saw a 24% increase in installations, with Germany, Italy, and France being the top markets. In the Americas, robot installations increased by 31%, with the US leading the way with 34,987 units installed. The automotive industry remained the top adopter, but other industries such as metal and machinery, plastic and chemical products, and food and beverage saw significant increases in robot demand.

Material Handling Robots Poised to Dominate Global Industrial Robotics Market, Projected to Contribute Over 50% of Total Revenue by 2031

Material handling robots are expected to generate more than 50% of revenue in the global industrial robotics market by 2031. Material handling robots are used to move and transport materials in factories, warehouses, and distribution centers, and their increasing popularity is driven by the growing demand for automation and the need to improve efficiency in supply chain management. The adoption of material handling robots is also supported by advancements in technology, such as the development of collaborative robots that can work safely alongside humans and the integration of artificial intelligence and machine learning algorithms that enable robots to perform more complex tasks.

With the continued growth of e-commerce and the increasing demand for faster and more accurate order fulfillment, the industrial robotics market for material handling robots is expected to experience significant growth in the coming years, making it a key area of focus for industrial robotics companies.

According to the US Bureau of Labor Statistics, the employment of material handling workers is projected to grow 4% from 2019 to 2029, with an increasing demand for faster and more efficient warehouse and distribution center operations. The growing demand for automation is also driving the adoption of material handling robots. In addition, the International Federation of Robotics (IFR) reports that the sales of material handling robots increased by 6% in 2020, reaching a total of 100,000 units sold worldwide. The IFR also projects that the market for material handling robots will continue to grow in the coming years, with sales expected to reach 238,000 units by 2025.

Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/industrial-robotics-market

Competitive Landscape: Top 10 Players to Hold More than 36% Revenue Share | Strong Inflow of Investment is Coming in the Industrial robotics market

The market is highly competitive, with vendors offering a wide range of products and services. However, competition is intensifying, as new entrants are entering the market and established players are expanding their offerings. However, this can make it difficult for established robotic companies to keep up with the latest trends and technologies. Astute Analytica’s analysis of the competitive landscape shows that the leading vendors are ABB Limited, Fanuc Corporation, Mitsubishi Electric Corporation and Yaskawa Electric Corporation among others.

Top 10 players in the market held over 36% revenue share as they offer a comprehensive range of products and services. The report also provides an overview of the major trends affecting the industrial robots industry. These include the increasing adoption of collaborative robots, the growing demand for cloud-based solutions, and the rising popularity of artificial intelligence (AI) and machine learning technologies. In order to sustain the intensifying industrial robotics market, market players adopting various growth strategies.

  • Boston Dynamics was acquired by Hyundai Motor Group for $1.1 billion in June 2021,
  • Embark Trucks: While not strictly an industrial robot, Embark Trucks is developing autonomous trucking technology that uses robotics and AI to improve safety and efficiency in the logistics industry. It raised $75 million in a funding round led by Tiger Global Management in June 2021.
  • Locus Robotics: The startup provides autonomous mobile robots for warehouse fulfillment. It raised $150 million in a funding round led by Tiger Global Management in September 2021.
  • Righthand Robotics raised $23 million in a funding round led by Menlo Ventures in 2020.
  • GreyOrange: This startup provides AI-powered robots for warehouse automation. It raised $140 million in funding in 2019 from investors including Mithril Capital and Blume Ventures.
  • Sarcos Robotics: This startup develops exoskeletons and other robotics systems for industrial and military applications in the global industrial robotics market. It raised $40 million in a funding round led by Rotor Capital in October 2020.
  • Berkshire Grey: The startup provides intelligent robotic systems for order fulfillment and supply chain optimization. It raised $263 million in a SPAC merger with Revolution Acceleration Acquisition Corp in Jan 2020.

Some of the Top Market Players Are:

  • ABB Limited
  • DAIHEN Corporation
  • Denso Corporation
  • Epson America Incorporated
  • Fanuc Corporation
  • Kawasaki Heavy Industries Limited
  • Kobe Steel, Limited
  • Kuka AG
  • Mitsubishi Electric Corporation
  • Yaskawa Electric Corporation
  • Other Prominent Players

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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