June 18, 2024
Industrial Robotics Market

Innovations in Artificial Intelligence Propelled by Automation in production lines

Industrial robots are programmable machines capable of performing repetitive tasks with precision and accuracy where human involvement may not be feasible or safe. They find applications in industries like automotive, electronics, chemical, pharmaceutical and food & beverage for tasks like welding, painting, product assembly and packaging among others. The use of industrial robots helps improve productivity and reduce production costs by eliminating human errors and limitations.

The global Industrial Robotics Market is estimated to be valued at US$ 60.91 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing automation in production lines across industries has accelerated the adoption of industrial robots. With advanced machine vision, AI and IoT capabilities, modern factory automation systems integrated with collaborative robots or cobots allows robots and humans to work together safely on the same production floor. This has enabled more industries to leverage robotics for a variety of tasks previously not possible. Advanced sensing, AI and cloud connectivity allow cobots to dynamically adapt to changes in the production process without reprogramming. The synergy of humans and robots is expected to significantly boost factory output increasing demand for collaborative robots over the forecast period.

SWOT Analysis

Strength: Industrial robotics provide high accuracy, speed, efficiency and reliability compared to human labor. They can perform repetitive and dangerous tasks safely.

Weakness: Heavy initial investment required for setting up robotic automation. Challenges in programming robots for complex tasks. Requires skill development of workers to manage and maintain robots.

Opportunity: Growing demand from automotive, electronics and food & beverage industries to reduce production costs. Increasing labor costs make industrial robotics a viable alternative. Advancing robotics technologies expanding application areas.

Threats: High dependence on a few global players increase supply chain risks. Short product life cycle requires frequent upgrades. Trade conflicts can disrupt supply chains and impact investments.

Key Takeaways

The Global Industrial Robotics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Industrial Robotics Market is estimated to be valued at US$ 60.91 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the market due to strong presence of key players and expanding electronics and automotive industries in countries like China, Japan and South Korea. Japan and South Korea are early technology adopters with well-established industrial robotic penetration across key industries. China is the largest robotics market owing to low labor costs, government initiatives and growth of domestic manufacturers.

Key players operating in the industrial robotics are Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., and GS Plastic Optics. Industrial robotics provide productivity improvements through automated tasks with precision and accuracy unattainable by human labor. Advances in sensing, processing and coordinated robotic motion are expanding application areas beyond traditional automotive and electronics industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it