Growth in retail rivalry is likely to increase demand for food and beverage product storage spaces, which is anticipated to fuel the global market of articulated robot
Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global articulated robot market stood at US$ 17.3 Bn in 2022 and is projected to reach US$ 38.3 Bn by 2031, expanding at a CAGR of 8.9% between 2023 and 2031.
The market is likely to be driven by increase in adoption of articulated robot solutions across various industries, such as packaging, assembly, and manufacturing. Additionally, storage facilities in several industries, including retail, automotive, pharmaceutical, chemical, fast-moving consumer goods, and food & beverages, amongst others, contribute to market demand for articulated robots.
Considerable investment by major market players and strong end-user demand for articulated robot solutions are expected to drive market development in Asia Pacific. Key manufacturers have immense growth potential in eastern central European countries such as Poland since these regions are undergoing changes in their supply chains that are changing the outlook for the sector.
Producers and system integrators are launching cutting-edge products to meet the needs of customers, especially medium- and small-sized manufacturers across a range of industries. Articulated industrial robots help boost productivity, enhance quality assurance, and improve worker safety owing to their capacity to carry out repetitive operations quickly, accurately, and consistently.
Widespread deployment of automation in the industrial sector, major rise in demand from warehouses, and stricter workplace safety legislation are the other key factors driving the global market for articulated robots.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 17.3 Bn | |
| Estimated Value | US$ 38.3 Bn | |
| Growth Rate – CAGR | 8.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 310 Pages | |
| Market Segmentation | Offering, Payload, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB, FANUC Corporation, Honeywell International Inc., JAKA Robotics, Kawasaki Heavy Industries Ltd., KUKA AG, Locus Robotics, Mitsubishi Electric Corp., Omron Corporation, Schneider Electric, YASKAWA ELECTRIC CORPORATION, Zebra Technologies | |
Key Findings of Market Report
- Based on offering, the services segment accounted for 66.9% of the global market in 2022. Robots now have a wide range of activities they can accomplish, and operational productivity has increased significantly as a result of the Industrial Internet of Things (IIoT). Additionally, a boom is predicted in the incorporation of articulated robots into assembly and manufacturing processes, which would increase the use of articulated arm robots across the manufacturing industry.
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Global Articulated Robot Market: Growth Drivers
- Rise in popularity of automation in the industrial sector is due to the requirement for higher operational productivity and efficiency. Automation technologies, including machine learning, artificial intelligence, and robots, hold the potential to improve total production output while streamlining industrial processes and reducing human error.
- Automation-related cost reductions, such as lower labor costs and better resource allocation, are further incentives for manufacturing businesses to embrace automation technology.
- Several third-party logistics providers (3PLs) serve a range of clients; thus, effective use of time and space is essential when housing several SKU types in a single warehouse. Automation can optimize the usage of warehouse height in 3PL operations by offering additional value and generating greater storage capacity within the same floor area.
Global Articulated Robot Market: Regional Landscape
- North America accounted for 37.72% market share in 2022. The market in the region is expected to grow at a rapid pace from 2023 to 2031. Vendors who offer automation systems for storage facilities, warehouses, manufacturing plants, and distribution centers mostly focus on the U.S. market.
- Robotics are essential to the preparation and execution of manufacturing operations in the U.S., which is leading the Fifth Industrial Revolution. This emphasizes the demand for large-scale, effective articulated robot systems.
Global Articulated Robot Market: Key Players
- Kawasaki Heavy Industries Ltd.
- Yaskawa Electric Corporation
- Mitsubishi Electric Corp.
- Honeywell International Inc.
- Zebra Technologies
- KUKA AG
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Global Articulated Robot Market: Segmentation
Offering
- Hardware
- Software
- Services
Payload
- Up to 25 Kg
- 26 Kg to 50 Kg
- 51 Kg to 75 Kg
- 76 Kg to 100 Kg
- 100 Kg to 200 Kg
- Above 200 Kg
Application
- Palletizing & Depalletizing
- Loading & Unloading
- Sortation & Storage
- Assembly & Dispensing
- Others (Replenishment, Packaging, etc.)
End-use Industry
- Food & Beverage
- Automotive
- FMCG
- Pharmaceutical
- Chemical
- Metal & Machinery
- Fashion & Apparel
- Electronics and Semiconductor Manufacturing
- Retail
- 3PL
- Others (Petrochemicals, Healthcare, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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