Industrial robot market expected to grow to $26 billion by 2033
The industrial robot market size is anticipated to surpass $5,282.40 million in 2023 and is likely to attain a valuation of $25,828.99 million by 2033. The industrial market share is projected to rise at a CAGR of 17.20 percent from 2023 to 2033.
Robotics are transforming patient care, surgical operations, and drug administration in the healthcare industry. For healthcare providers, this means better patient outcomes, fewer human mistakes, and more operational efficiency, contributing to cost savings and higher healthcare quality.
Some robots are being created that can comprehend and respond to human emotions. These robots can prove helpful in healthcare, therapy, and customer service, where emotional exchanges are critical.
Quantum computing is gaining traction in robotics, allowing for more complicated and exact computations. This can be advantageous in businesses that need incredibly precise activities, such as quantum computing manufacturing and scientific research.
Robots incorporated into self-driving cars and drones are transforming the logistics and transportation industries. These robotic solutions streamline last-mile delivery, automate inventory control, and increase operational efficiency, resulting in cost savings and enhanced enterprise delivery services.
Robots in hazardous areas protect human workers from potentially lethal scenarios such as nuclear power plant maintenance or disaster response. This means greater worker safety and operational resilience for enterprises and less costly downtime in mission-critical instances.
Agricultural robots are revolutionizing farming by automating labor-intensive operations like planting, weeding, and harvesting.
This trend anticipates firms enhanced productivity, optimized resource utilization, and increased crop yields, preparing them to achieve sustainable and cost-effective farming practices, cheaper labor, and optimized agricultural operations.
This is likely to lead to higher revenue and market competitiveness in the rapidly evolving agricultural landscape.
Nikhil Kaitwade, associate vice president at Future Market Insights, says: “The industrial robotics industry provides a canvas on which pioneers and visionaries may build new frontiers, expanding the bounds of efficiency, productivity, and sustainable manufacturing processes in this period of extraordinary potential.
“With a strong commitment to innovation, flexibility, and customer-centricity, industry stakeholders can drive the industrial robotics landscape toward a future of unprecedented growth and transformational technical advancements.”
Key takeaways
- In 2022, the global market size stood at $4,494.60 million.
- The parallel robots segment captured 23.2 percent of market shares in 2023.
- The automotive segment occupied 39.5 percent of market shares in 2023.
- The market size in India is likely to rise at a 17.30 percent CAGR through 2033.
- The market size in Germany is expected to surge at a 10 percent CAGR through 2033.
- The market size in Japan is likely to flourish at a 16 percent CAGR through 2033.
Competitive landscape
Various sectors, from manufacturing to automotive and logistics, aim to automate repetitive and labor-intensive processes to improve operational efficiency and compete in a worldwide market.
Smart factories increasingly employ robots for data collecting, monitoring, and real-time decision-making.
Recent developments observed by FMI
Svaya Robotics, a startup business, developed India’s first collaborative robot in February 2023 and highlighted its product offerings at the current IMTEX expo in Bengaluru, India.
Yaskawa of Japan released an industrial robot with artificial intelligence in April 2023 that determines the color and form of products and moves them to their proper spot.