LONDON, Jan. 20, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the industrial robot market, collaborative robots are increasingly gaining traction in the industrial robots market. Collaborative robots are used to detect changes in work and then respond to them safely, by using advanced software and sensors. Collaborative robots have become a worldwide trend and adoption of the human-robot collaboration has increased. For instance, according to the International Federation of Robotics, in 2019, as the number of suppliers of collaborative robots increased, the market share also increased and reached 4.8% of the total of 373,000 industrial robots and the number of installations increased to 11%. For instance, in 2020, FANUC introduced the new CRX-10iA and CRX-10iA/L (long arm version) collaborative robots that set new standards in terms of ease of use, reliability and safety. The company debuted the new collaborative robots at the 2019 International Robot Exhibition.
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The global industrial robots market size grew from $47.52 billion in 2020 to $53 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. Industrial robots market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.84 billion in 2025 at a CAGR of 9%.
Artificial intelligence-enabled robots are gaining popularity in the industrial robots market. Artificial intelligence-enabled robots are robots that use AI technology sensors, actuators, and vision systems that are used in carrying out tasks such as cleaning equipment, transporting materials in factories, and managing the tasks. AI-enabled robots are used in several industries. For instance, Qualcomm, a USA-based company, launched the world’s first 5G and AI-Enabled Robotics Platform. AI-enabled robots are also used in medicine and can be used to detect lung cancer in X-ray screening.
The industrial robots market is fragmented and is characterized by the presence of global industrial robots providers. The top ten competitors in the market made up to 18.80% of the total industrial robots market share in 2020.The digitalization initiatives along with Industry 4.0 revolution are providing opportunities in the industrial robots market. The mergers and acquisitions of large companies are expected that will lead to innovation. Major players in the industrial robot market are ABB, Yaskawa, Kuka, Fanuc, Mitsubishi Electric, Kawasaki Heavy Industries, Denso, Nachi Fujikoshin, Epson, and Dürr.
The global industrial robots market is segmented by product type into articulated robots, linear robots, cylindrical robots, parallel robots, scara robots, others; by end-user industry into automotive, electrical and electronics, healthcare & pharmaceuticals, food & beverages, rubber & plastics, metals & machinery, others; by application into pick and plane, wielding and soldering, material handling, assembling, cutting and processing, others.
As per the industrial robots market forecast, Asia Pacific was the largest region in the market, accounting for 69.2% of the total in 2023. It was followed by the North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the industrial robots market will be Eastern Europe and the Middle East, where growth will be at CAGRs of 13.6% and 13.5% respectively during 2023-2026. These will be followed by Africa and South America.
Industrial Robots Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide industrial robots market overviews, industrial robots market analyze and forecast market size and growth for the whole market, segments and geographies, industrial robots market trends, industrial robots market drivers, industrial robots market restraints, industrial robots market leading competitors’ industrial robots market revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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