Market Size of Industrial Robotics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 42.59 Billion |
| Market Size (2029) | USD 79.87 Billion |
| CAGR (2024 - 2029) | 13.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Robotics Market Analysis
The Industrial Robotics Market size is estimated at USD 42.59 billion in 2024, and is expected to reach USD 79.87 billion by 2029, growing at a CAGR of 13.40% during the forecast period (2024-2029).
Industrial robots play a crucial role in manufacturing industrial automation, with many core operations in industries being managed by robots. With economic growth across regions, e-commerce, electronics, and the automotive industry, among others, have increased.
Rising penetration of the IoT and investments in robotics across regions have been major contributors to the market's growth. For instance, the 'Made in China 2025' announcement aimed to broadly upgrade the Chinese industry by moving toward quality-focused and innovation-driven manufacturing.
Industry 4.0, the newest industrial revolution, has fueled the development of new technologies, like collaborative robots, AI-enabled robots, etc., and has enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Increased workplace safety and improved production capabilities have further driven industries to invest in robotic systems.
Owing to collaborative robots, which are estimated to account for 34% of the total robot sales in 2025 (according to the International Federation of Robots (IFR), the penetration of industrial robots is expected to rise across industries, such as plastics, food and consumer goods, semiconductors and electronics, life sciences, and pharmaceuticals. Another notable factory automation is expected at Apple's factories through Foxconn's robots. Semiconductor industry IC foundries have been among the adopters that have impacted the current market demands.
Some of the major factors driving the market include rising demand for high-quality products (which need proper end-to-end visibility in the manufacturing process), the need for energy conservation, and rising focus on workplace safety. Incremental advancements in technology, coupled with a sustained increase in the development of manufacturing facilities, are also expected to drive this market, for instance, According to the Association for Advancing Automation (A3), which monitors industrial robot sales in North America. Companies ordered 44,196 robots in 2022, 11% more than in 2021.
The COVID-19 outbreak and lockdown restrictions worldwide affected industrial activities worldwide. Some lockdown results include supply chain disruptions, labor shortages, and a lack of raw materials available in the manufacturing process. These fluctuating prices could force the production of the final product to increase and go beyond budget, shipping problems, etc.
