The global industrial robotics market is estimated to be valued at USD 46.7 billion in 2022 and is expected to reach USD 78.2 billion by 2030, growing at a CAGR of 10.3% during 2022-2030. Increasing labor costs, greater technical abilities with respect to human, ease of integration, and availability of different models, with sound investments in the robotics space were also paving the smooth market growth of industrial robots. For instance, ForwardX Robotics, a Beijing based robotics firm specialized in the production of industrial robots for logistics industry, recently, announced new round of funding, amounting USD15 million. Moreover, BrainCorp, the maker of robotic scrubbers has recently raised USS 36 million in investments.
The automotive industry is expected to register largest market share in the global industrial robotics market
On the basis of industry, the industrial robotics market is categorized into automotive, electrical & electronics, food & beverages, pharmaceuticals, cosmetics, and others. In 2020, the automotive industry is expected to register largest market share, owing to excess use of industrial robots in the assembly line. The industry saw maximum use of robots in manufacturing and component assembling such as chassis, axles, engines, and brakes. The industry being the largest employer of industrial robots has been severely impacted due to COVID-19 pandemic. Owing to this, automobile makers are expected to reduce their investment in the automation. Since other industries are also being affected due to the pandemic, the industrial robot market for the automotive industry is still expected to hold the largest share despite experiencing a decline in 2022.
Geographically, North America is the largest revenue contributor in the industrial robotics market due to growth of COVID-19 pandemic in the region. The number of COVID-19 cases in North America is also enhancing rapidly with registered cases of almost 5,04,780 and 18,763 deaths as registered in the first week of May. Furthermore, massive explosion of corona virus along with sufficient accessibility to the essential items to healthcare workers is on rise in the region, which is further augmenting industrial robotics market in this region.
Some of the major players operating in the global industrial robotics market are ABB Ltd., Adept Technology Inc., DENSO Corporation, EPSON Electronics Company, Güdel AG, Fanuc Robotics Company, Kawasaki Robotics, Panasonic Corporation, Kuka AG, Mitsubishi Electric Corporation, Toshiba Machine Co., Yamaha Motor Company, and Yaskawa Electric Corporation.
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COVID-19 Impact on Industrial Robotics Market – Analysis and Forecast (2022-2030), Industry Insights by Type (Articulated Robots, SCARA Robots, Parallel Robots, Cartesian Robots, Others), by Industry (Automotive, Electrical & Electronics, Food & Beverages, Pharmaceuticals, Cosmetics, Others)
COVID-19 Impact on Industry Size
COVID-19 Impact on Various Types of Robots in Industrial Robotics Market
COVID-19 Impact on Major Industry Verticals Industrial Robotics Market
COVID-19 Impact on Global Market
COVID-19 Impact on North America Market
COVID-19 Impact on Europe Market
COVID-19 Impact on Asia-Pacific Market
COVID-19 Impact on Rest of the World Market