The "Global Industrial Robot Market: Analysis By Industry, By Type, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026" report valued the global industrial robot market at US $33.90 billion in 2021 and projected it to reach US $61.09 billion by 2026. Manufacturing was one of the first industries to deploy robots on a large scale because of increased productivity and efficiency, lower manufacturing costs, and lower overall purchase price of products. The newest industrial revolution, Industry 4.0, spurred the development of collaborative robots (cobots) and artificial intelligence (AI)-enabled robots, allowing industries to streamline processes, boost productivity, and reduce mistakes.
Increased worker safety and manufacturing capabilities have prompted sectors 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 projected 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. Rising demand for automation has increased the adoption of robots in various industries, and the growing demand for automation is a major driver of the market. The industrial robot market is expected to increase due to the growing electronics industry, rapid installations of industrial robots, high wages in manufacturing, and the growing role of AIin robotics.
Challenges: Huge capital investment is required in the purchase and installation of robots, and the benefits provided might take many years to exceed the initial cost. The high initial investment needed for the automation of production using industrial robots could act as an obstacle to the growth of the industrial robots market. Factors such as safety issues and privacy concerns are also challenges to the market.
Trends: A trend gaining pace in robotics is the development of collaborative robots or co-bots. Cobots are designed to work with humans and are being used increasingly in industrial manufacturing applications. Cobots use safety-rated sensors, allowing laborers to work in the same area without harming them.
Other trends believed to grow the industrial robot market during the forecasted period may include use of micro-electromechanical systems (MEMS), rise of the cloud robotics market, next-generation tech accessories, and employment opportunities in industrial robotic advancements.