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Market trends and business perspectives

Industrial robot components market set for higher growth over next decade

The global industrial robot components market is expected to be valued at $6.3 billion in 2023 and it is anticipated to grow at a compound annual growth rate of 13.9 percent to reach $23.2 billion by the end of 2033.

Over the 2018-2022 historical period, the global industrial robot component market registered a compound annual growth rate of 12.5 percent, according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 13.9 percent compound annual growth rate between 2023 and 2033.

Market share analysis of industrial robot components based on application and region is provided in a nutshell in the above image. Under the application segment, the robot arm/manipulator sub-segment dominates with a 29.1 percent market share in 2023.

The United States industrial robot component market is expected to expand at a compound annual growth rate of 13.3 percent over the projected period. With the surging installation of industrial robots across the Americas especially in the US, the demand for industrial robots increases.

For instance, in the Americas, the count of installed industrial robots reached over fifty-five thousand in 2021, 31 percent up from 2020. It is a notable growth from the pandemic dip in 2020. Further, it is for the second time in the Americas that robot installations have exceeded the 50,000-unit threshold, with 55,212 units in 2018.

Additionally, new installations increased by 14 percent to 34,987 units in the US in 2021. This was higher than the pre-pandemic 2019 level of 33,378 units. Also, with 9,782 units installed in 2021, the automotive industry will continue to be the biggest adopter.

In addition, the demand for robots in the metal and machinery sector increased by 66 percent to 3,814 units in 2021, accounting for the second position in the market.

Similarly, 3,466 new robots (an increase of 30 percent) were installed in the plastic and chemical products sector in 2021 in the US. The number of robots in the food and beverage sector increased by 25 percent, reaching a new peak of 3,402 units in 2021.

The articulated robot has the largest industrial robot component market share in terms of application. Articulated robots are widely used due to their capability to execute identical motions continually, which are required in applications like assembly, material handling, and others.

The use of articulated robots in pharmaceuticals, autos, and food and beverage, is thrusting the demand for articulated robots, and their manufacturing demand for industrial robot components is mushrooming.

Articulated robot to account for a market share of 29.1 percent in 2023, with a valuation of $1.8 billion in 2023, and reach a valuation of $6.8 billion by the end of 2033. The anticipated growth of articulated robots in industrial robot components is 14.0 percent during the forecast period.

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