Global Industrial Robotics Market to Grow at 13.98% During 2023-2028, Impelled by Rising Product Demand for Consumer Electronics

According to the latest report by IMARC Group, titled "Industrial Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global industrial robotics market is expected to grow at a CAGR of 13.98% during 2023-2028. Industrial robotics are mechanical machines that are provided with input to perform the tasks automatically that are related to the production in the industries. They are reprogrammable, and the program can be changed as many times depending on the use and industrial needs. They help improve productivity by reducing costs and producing high-quality products along with workers and operators. They consist of a drive, end-effector, robotic manipulator, sensors, and controllers. The degree of freedom of movement, payload capacity, and size requirements impact the kind of robot required to do a particular task. Industrial robotics helps optimize production processes for a healthy and efficient outcome. They facilitate high payload lifting during the manufacturing of vehicles and machinery customization. Industrial robotics offers various benefits, such as system flexibility, cost-effectiveness, advanced data analytics, reduced waste, and workplace safety. Due to these benefits, they find widespread applications across the globe. 

Global Industrial Robotics Market Trends:

 The global market is majorly driven by significant growth in the logistics industry. In line with this, the increasing integration of automated robotic systems for distribution centers, merchants, warehouses, and facility owners is significantly contributing to the market growth. Furthermore, multiple logistics companies are creating advanced solutions throughout the logistics value chain, such as self-driving trucks, intelligent warehouses, and service robots, which is positively influencing the market expansion. Apart from this, the rising product demand in the consumer electronics industry to raise production flexibility is catalyzing the market. Moreover, the high demand for industrial robotics across various industry verticals, such as automotive, pharmaceuticals, and packaging, is propelling the market. Besides, the rapid automation in the electronic industry and the numerous growth strategies adopted by leading market players are strengthening the market. Additionally, the emergence of industry 5.0 and the growing demand for collaborative robots across multiple sectors are providing a boost to the market. Some of the other factors driving the market growth include rapid industrialization, the high cost of hiring manual labor, the shifting focus on improving the productivity of mass production lines, and the development of self-programming robots. 

Market Summary:

• On the basis of the type, the market has been categorized into articulated robots, cartesian robots, SCARA Robots, cylindrical robots, parallel robots, and others.
• Based on the function, the market has been classified into soldering and welding, materials handling, assembling and disassembling, painting and dispensing, milling, cutting and processing, and others.
• Based on the end-use industry, the market has been segmented into automotive, electrical and electronics, chemical, rubber and plastics, machinery and metals, food and beverages, precision and optics, pharmaceutical, and others.
• On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd., DAIHEN Corporation, DENSO Corporation, FANUC, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., OMRON Corporation, Panasonic Corporation, Seiko Epson Corporation, Universal Robots A/S (Teradyne Inc.), Yamaha Motor Co. Ltd. and Yaskawa Electric Corporation.

Report Scope:

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