The global industrial robotics market is estimated to surpass US$96bn (£73bn) by the end of 2028, according to a new market research report by Future Market Insights.
The report investigated the industrial robotics market and looked to provide insights for the forecast period of 2022-2029. It found that currently the industrial robotics market sits at US$33bn (£24bn), and forecast a compound annual growth rate (CAGR) of 19.2% between 2022 and 2028.
Adoption of Internet of Things (IoT) in industries and growing digitalisation of manufacturing industry across geographies were cited as reasons for this growth.
Furthermore, the report suggested macroeconomic factors such as growing population, rapid industrialisation, and urbanisation, are other factors driving the growth of the industrial robotics market.
The automotive industry in East Asia has gained a positive momentum recently, which has increased the adoption SCARA robots and articulated robots in the manufacturing process. This indicated the rewarding growth of industrial robotics market in the East Asia region, Future Market Insights said.
Additionally, the report looked at product type with the articulated robots segment holding a significant share of the global industrial robotics market in terms of value. This has resulted from the rising productivity in manufacturing processes and improving quality of products.
On the basis of end use, the automotive industry held substantial market share of the industrial robotics market in terms of value. This is driven by digitalisation of manufacturing processes, the report added. It also expected that the application of industrial robotics in the electrical/electronics industry to be prominent between now and 2028.
When studying application, the report found the handling operations segment will consume a majority share of the global industrial robotics market value. Also, the welding segment is estimated to have lucrative growth in the industrial robotics market.
