The industrial robotics market size reached USD 42.35 Billion in 2021 and is expected to register a CAGR of 12.3% during the forecast period, according to latest analysis by Emergen Research. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and rapid adoption of Industry 4.0 technologies across various industry verticals are some of the key factors driving market revenue growth.
The World Robotics 2021 Industrial Robots report shows a record of 3 million industrial robots operating in factories around the world. Rapid developments by countries like China and US have led to the growing usage and adoption of industrial robots across end-user industries. According to data from the Ministry of Industry and Information Technology show that China produced 366,000 industrial robots in 2021, an increase of 67.9% from the previous year. In addition, in 2020, the use of industrial robots in 52 industries reached a ratio of 246 units per 10,000 workers, which is almost twice the global average. The Ministry unveiled a plan for the development of industrial robots to boost innovation and education in 14 important fields, including industrial software and intelligent manufacturing.
The Internet of Things (IIoT) is a network of intelligent devices linked together to create systems that collect, exchange, and analyze data. Processes like Predictive maintenance (PdM), improved field service, energy management, and asset tracking all depend on IIoT. These intelligent assets and edge devices transfer data directly to the data communications network, where it is transformed into useful information about how a certain piece of equipment is performing. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries is thereby expected to increase the demand for industrial robots and thereby support the revenue growth of the market.
Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and growing demand for 3D printing in various sectors such as pharmaceutical is expected to increase demand for industrial robotics and therefore drive the revenue growth of the market. Many robotics businesses are already using 3D printing in their robot designs, and experts believe that this collaboration will grow as the benefits of additive manufacturing become more widely recognized as a smart manufacturing strategy. More flexibility, performance, and precision are still being sought after by robotics engineers. Robotics engineers can achieve their objectives due to additive manufacturing's facilitation of prototyping, tooling, and manufacturing, which reduces costs and time to market.
The installation of industrial robots has various issues such as interoperability and integration with existing systems which are hampering the revenue growth of the market. Additionally, lack of skilled labor and skilled personnel is another factor that is a major restraint in the revenue growth of the market.
The industrial robotics market is expected to register a CAGR of 12.3% over the forecast period and revenue is projected to increase from USD 42.35 Billion in 2021 to USD 120.31 Billion in 2030. Technological advancements and rapid modernization of industries to increase efficiency is driving market revenue growth.
Increasing government initiatives to promote Industrial Robotics have led to an increase in production and rapid adoption of Industrial Robotics. The EU actively supports research, innovation, and the creation of jobs through smarter and safer robotics while preserving the moral dimensions of the progress made. The European Commission is concentrating on strengthening ongoing efforts to create a solid scientific foundation for pushing the boundaries of technology and utilizing such achievements in practical applications. This has led to the growing demand for industrial robots and therefore drive the revenue growth of the market.
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