Industrial Robotics Market Size, Share and Industry Growth Analysis Report & Statistics

[478 Pages Report] The Industrial Robotics Market size is valued at USD 17.0 billion in 2023 and is projected to reach USD 32.5 billion by 2028, growing at a CAGR of 13.8% from 2023 to 2028. The growing demand of collaborative robots in various industries, and rising adoption of Industry 4.0 are among factors that contribute to the growth of the Industrial Robotics market.

Industrial Robotics Market Dynamics

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=643

Drivers: Growing adoption of Industry 4.0

Industry 4.0 has fostered the development of new technologies, such as AI-enabled robots  and collaborative robots, allowing industries to use robots to streamline various processes, boost productivity, and minimize errors. For instance in July 2023, the article titled “UN Uses AI-Enabled Robots to Monitor Climate Change” discusses how the UN utilizes AI-enabled robots to monitor and manage climate change impacts. These robots enhance data collection accuracy, efficiency, and safety in remote areas, enabling real-time monitoring and effective mitigation strategies. Promising for climate change challenges, more R&D is needed.  The increasing adoption of industry 4.0 in manufacturing across the globe is among the major drivers leading to the growth of robotics in various industries and thus drives market growth.

Restraint: Complexities and integration difficulties

In any factory or manufacturing unit, interoperability plays a crucial role. For the smooth functioning of various automation systems, it is necessary to have a modular framework that enables connectivity and coordination between both software and hardware. The software used for programming, monitoring, and diagnosing needs to be compatible to ensure optimal efficiency. Often in industries, robot arms from different manufacturers are used. Companies may also need to reprogram robots due to changes in production and demand or to adapt different parts such as end effectors and vision systems. It is the integrator’s responsibility to decide on the robot’s implementation, setup, or programming rather than the manufacturer or end-user. Interoperability issues pose a significant challenge, majorly to SMEs, owing to their exceptional requirements and lack of personnel to set up complex automation systems.

Opportunity: Increasing automation in  electronics industry

As profit margins shrink, the electronics industry is realizing the benefits of customizability, which has been a norm in the automotive industry. Robots can be used throughout the entire production cycle, from assembly to palletizing, and advancements in end effectors and vision systems are pushing the demand for robots. Investing in robotics will change the demands placed on factory workers, allowing them to focus on high-criticality tasks such as final inspection and quality control. Collaborative robots can work alongside humans and provide flexibility and reusability. The Asian region produces the majority of the world’s electronics, and countries like China are investing in robotics to maintain cost advantages as labor costs increase. Automation is set to become a major part of the electronics industry, especially in areas that involve repetitive and redundant tasks, allowing the existing workforce to be deployed for complex and challenging tasks

Challenge: Worforce skills and interoperability

The industrial robotics market faces two major challenges: workforce skills and interoperability. Integrating robots into the workplace requires the existing workforce to acquire new skills in programming, maintenance, and troubleshooting specific to industrial robots. It is crucial to adapt to the changing work environment and ensure that employees have the necessary knowledge to collaborate with robots effectively, in order to maximize the benefits of automation. Real-world examples highlight the importance of developing workforce skills in this area. For instance, the automotive industry has deployed collaborative robots in assembly lines, requiring workers to acquire programming and collaboration skills. Companies such as Audi have implemented comprehensive training programs to upskill its employees in robotic technologies, empowering its workforce to work alongside robots and enhance productivity.