The Global Industrial Robot Market Is Set to Reach $42.90 Billion by 2026

The global industrial robot market is experiencing rapid growth, with projections indicating a significant increase in value from $11.7 billion in 2023 to an impressive $42.90 billion by the same year. This remarkable growth is attributed to a Compound Annual Growth Rate (CAGR) of 12.50% during the forecast period. Industrial robots, which are mechanical devices capable of mimicking human movements, are becoming increasingly vital in various industries. They excel in tasks that are performed more efficiently than humans and can withstand unfavorable environmental conditions. The advent of Industry 4.0 has accelerated the development of new technologies, including collaborative robots and AI-enabled robots, revolutionizing industries and enabling streamlined processes, heightened productivity, and reduced errors.

The demand for industrial robots has experienced rapid growth in recent years, deviating from long-term trends. It is projected that the global industrial robot market volume will reach 636.71 thousand units in 2023. The market is segmented by industry, including Automotive, Electrical/Electronics, Chemical, Rubber & Plastics, Food and Beverages, and Other Applications. The Automotive segment leads the market due to increased automation in automotive manufacturing, coupled with AI and digitalization. By type, the market is divided into Articulated, Cartesian, SCARA, Cylindrical, and Other Types. The Cylindrical segment is expected to experience the fastest growth, driven by government incentives in key nations aimed at helping industries cope with pandemic challenges.

Asia-Pacific holds a dominant share in the industrial robot market, particularly due to the growing use of cylindrical and other robots in the industrial sector. China’s industrial robot market, by volume, holds the highest share and is the fastest-growing, thanks to government initiatives like the Made in China 2026 initiative. Despite declining robot prices, the initial investment for incorporating industrial robots into production processes remains substantial, which may deter small manufacturers from automating their production. However, the trend of cloud robotics is emerging in industrial automation, offering advantages such as increased computational power, storage, and communications. Key players in the global industrial robot market include Mitsubishi Electric Corporation, ABB Group, Yaskawa Electric Corporation, Fanuc Corporation, KUKA Group, and more.

Source: Research and Markets