The market for factory robots is anticipated to reach US$ 12,369.3 million in 2023 and expand at a strong 7.6% CAGR from 2023 to 2033. A factory robot is a sort of mechanical device that receives input and autonomously completes duties connected to production in many industries.
According to usage and industrial requirements, these robots programmes can be modified as often as necessary. Factory robots aid in boosting production while cutting costs and providing high-quality goods for automation applications.
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The demand for the installation of factory robots is being driven by the use of 3D printing in numerous industries, particularly the pharmaceutical industry. It is therefore projected that the market for manufacturing robots will expand rapidly over the forecast period as factory robot are turning to be more advanced in upcoming years.
Top Companies of Factory Robot industry
- FARobot, Inc.
- Kawasaki Robotics
- Kuka AG
- Mitsubishi Electric Corporation
- Staubli International AG
- Universal Robots
Key Takeaways from Market Study
- The global factory robot market is projected to reach US$ 25,731.6 million by 2033.
- The market witnessed 2% CAGR between 2018 and 2022.
- 60-225 kg factory robot in payload segment dominates the market with 9% market share in 2023.
- Under application, material handling dominates the market and will valued at US$ 2,374.9 million in 2023.
- Based on region, demand for factory robot expected to increase at CAGR of 7% in South Asia & Oceania during the forecast period.
“Rising Demand for Advanced Technologies can Boosts the Factory Robot Market,” says a Fact.MR analyst.
The industrial internet of things (IoT) and artificial intelligence (AI) are becoming more and more prevalent, especially in the manufacturing industries, and these trends are key drivers of the market’s revenue growth. The main drivers propelling the market expansion include the rising demand for factory robots from manufacturers for the automation of activities, improvement of worker safety, high total production output with reduced wastage, and expensive operational expenses.
Another factor anticipated to contribute to the market revenue growth is the increase in demand for electronic devices and the growing automation of high-precision, repeatable manufacturing processes. These elements can therefore aid in the expansion of the global factory robot market during the predicted term.
Adoption and implementation of inorganic marketing strategies such as collaborations and joint ventures with the technologically advanced companies or end use industries will allow revenue generation opportunities to the manufacturers.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global factory robot market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type, (articulated, SCARA, cartesian, parallel, cylindrical, others), payload (up to 16 kg, 16-60 kg, 60-225kg, more than 225kg), application (assembly, cutting, dispensing, inspection, material handling, packaging, painting, palletizing, welding), end use industry, (aerospace and defence, automotive, chemicals & materials, electrical & electronics, food and beverage, healthcare, mining & oil & gas, retail & e-commerce, logistics & warehousing, packaging, others) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).