The global market value for material handling robots will reach $5,542 million in 2023 and grow at a healthy compound annual growth rate of 8.6 percent between 2023 and 2033, according to research by Fact.MR.
Increasing acceptance of advanced automated material handling robots, increasing need for high efficiency systems, increasing industrialization in emerging markets, constant technological advances, multiple industries such as automotive, manufacturing, e-commerce and many more.
High acceptance of US Investment in digital infrastructure and growing need to reduce labor costs are key factors behind the growth of the automated material handling robots market.
Rising safety concerns, growing demand for faster, more accurate and efficient in-store processing, and increasing investment from industrial users in developing countries are also contributing to the growth of the automated material handling robots market.
In addition, increasing use of automated material handling robots by SMEs and the latest technological advancements including AI and IoT as well as easy integration into automated systems will propel the growth of this market in the coming years.
Thus, the market for material handling robots will grow significantly over the course of the forecast period as material handling robot are turning to be more advanced in coming years.
Key takeaways from market study include:
- The global material handling robot market is projected to reach $12,646.3 million by 2033.
- The market witnessed 8.6 percent CAGR between 2018 and 2022.
- Packaging by material handling robot in application segment will have market share of 20.2 percent in 2023.
- Under end use, food and beverage is expected to be valued at $1,299 million in 2023.
- Based on region, demand for material handling robot expected to be valued at $1,230.3 million in 2023 and increase at CAGR of 22.2 percent in Europe during the forecast period.
“Rising demand for safer and efficient material handling functions in chemicals and food and beverage industry will propel market growth,” says a Fact.MR analyst.
The demand for material handling robots has increased as automation is being integrated more and more. Robotic material handling systems are more safe and simple to use, which decreases accidents, labour expenses, and response times.
Also in considerable demand are high precision systems for difficult conditions. Automated storage systems are becoming greatly popular among companies.
The market for automated material handling systems as a whole will be dominated by the automotive industry.
The established automotive industry in the European region, the growing integration of total process simulation, investments in automation, and an increase in government initiatives to support the growth of the automotive industry all contribute to a sizable share of this market.
These elements may support the expansion of the global market for material handling robots over the anticipated time frame.