The “Global Industrial Robots Market: Analysis by Industry, by Type, by Region Size and Trends with Impact of COVID-19 and Forecast to 2026” report values the global industrial robot market at US$33.90 billion in 2021 and forecasts it will reach US$61.09 billion by 2026. Manufacturing was one of the first industries to deploy robots on a large scale due to increased productivity and efficiency, reduced manufacturing costs and lower overall product purchase price. The latest industrial revolution, Industry 4.0, has spurred the development of collaborative robots (cobots) and robots with artificial intelligence (AI), enabling industries to streamline processes, increase productivity and reduce errors .
Increased worker safety and manufacturing capabilities have prompted industries to invest in robotic systems as the next generation of industrial robots become cheaper, autonomous, more mobile, cooperative and adaptable. The industrial robot market is expected to grow at a CAGR of 12.50% during the forecast period of 2022 to 2026.
Global industrial robot market dynamics
Growth drivers: Automation increases productivity, improves quality and reduces errors. The growing demand for automation has increased the adoption of robots in various industries, and the growing demand for automation is a major market driver. The industrial robot market is expected to rise owing to the growth of the electronics industry, rapid installations of industrial robots, high salaries in manufacturing, and the growing role of AI in robotics.
Challenges: Huge capital investments are required for the purchase and installation of robots, and the benefits provided can take many years to exceed the initial cost. The high initial investment required for automating production using industrial robots could act as a barrier to the growth of the industrial robot market. Factors such as security issues and privacy concerns are also challenges for the market.
Tendencies: An accelerating trend in robotics is the development of collaborative robots or co-bots. Cobots are designed to work with humans and are increasingly used in industrial manufacturing applications. The cobots use safety sensors, allowing workers to work in the same area without harming them.
Other trends expected to grow the industrial robot market over the forecast period may include the use of micro-electromechanical systems (MEMS), the rise of cloud robotics market, next-generation technology accessories and employment opportunities in advances in industrial robotics.