Industrial Robots Market On Track to Hit USD 25,828.99 Million by...

Industrial Robots Market On Track to Hit USD 25,828.99 Million by 2033, Growing at a 17.20% CAGR

Posted 2024-09-12 07:19:47

928

The global industrial robots market is set for substantial growth, with projections indicating it will surpass USD 25,828.99 million by 2033. This impressive expansion is driven by a robust Compound Annual Growth Rate (CAGR) of 17.20%, building from a valuation of USD 5,282.40 million in 2023.

A major driver of this growth is the innovative Robot-as-a-Service (RaaS) model, which is revolutionizing factory automation. RaaS offers a flexible and cost-efficient way for businesses to integrate robotics into their operations. By leveraging subscription-based robotic services, companies can avoid large upfront investments in robotic equipment, thus conserving capital and enhancing financial flexibility. This approach allows businesses to adapt quickly and efficiently to market changes, significantly contributing to the market’s rapid expansion.

Dive Deeper into the Data—View the Full Report Here!

Key Takeaways from the Market Study:

By end use, electric and electrical industry is expected to procure 40% market share for industrial robots.
China is expected to account for 45% of the total Industrial Robots in 2022
U.S. is expected to hold 40% market share for industrial robots in 2022
France is expected to possess 30% market share for industrial robots

“Industrial robots have the potential to change the functioning of end user industries. Multitasking, precision and accuracy are making industrial robots a popular option across industries. This, in turn, is gaining traction for the same.” states an FMI analyst

Market Competition:

Key players in the industrial robot market are Denso Corporation, Kawasaki Heavy Industries, Brenton, LLC, Krones AG, Mitsubishi Electric Corporation, YASKAWA Electric Corporation, KUKA AG, Fanuc Corporation and ABB Limited.

Denso Corporation, a key player in the industrial robots market is focusing on studying the infrastructure and requirements of end user industries and designing industrial robots for the same.
Mitsubishi Electric Corporation, is focusing on research for designing industrial robots. The company is developing industrial robots that can carry out complex tasks easily.

Key Segments Profiled in the Industrial Robots Industry Survey:

Industrial Robots by Product Type: