Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Industrial Robotics Market by Component, Payload, Application, End-use Industry, and Geography - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The industrial robotics market is expected to reach $32.7 billion by 2029, growing at a CAGR of 6.2% during the forecast period 2022-2029. By volume, this market is expected to reach 950.1 thousand units by 2029, at a CAGR of 11.2% from 2022 to 2029.

The growth of this market is driven by the increasing adoption of robots in the manufacturing sector, government support and policies for the adoption of industrial robots, high labor cost in North America and Europe, and the increasing number of SMEs globally.

Furthermore, the rising automation across the automotive and electronics sectors and the increasing focus on reducing human labor in industries are expected to create significant opportunities for the players operating in the industrial robots market.

Based on component, the robots accessories segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to its capability to enhance productivity and overcome common obstacles in manufacturing.

Technological innovation has brought about significant advancements in end-effectors, which have been partially fueled by the need to attain dexterous manipulation in industrial robots for their enhanced functioning, particularly in pick-and-place operations.

In the future, end-effectors are expected to achieve a higher level of technological sophistication as machine learning software and other safety features are increasingly being integrated into the End of Arm Tools (EOAT), coupled with the ability to adapt to its environment using machine vision.

Based on payload, in 2022, the up to 60 kg segment is expected to account for the largest share of the industrial robots market. This category includes SCARA robots, articulated robots, and collaborative robots. The rapid growth of the up to 60 kg segment is attributed to the increasing need for automation in the electrical and electronics industry for assembly and handling applications where SCARA robots are extensively used. Generally, a SCARA robot can operate at a higher speed and with optional cleanroom specifications.

By design, the SCARA robot suits applications with a smaller field of operation, where floor space is limited. In addition, the compact layout makes them relocatable in temporary or remote applications. SCARA robots can be particularly used in industrial applications which require a clean and hygienic environment, such as the food and beverage industries.

Based on application, the material handling segment is expected to grow at the highest CAGR during the forecast period. Material handling robots automate some of the most tedious, dull, and unsafe tasks in a production line. These robots enhance the efficiency of production lines and increase customer satisfaction by promptly providing quality products. These benefits are expected to drive the growth of this segment.

Based on end-use industry, in 2022, the automotive segment is expected to account for the largest share of the industrial robots market. The factors attributing to the growth of this segment include cost-effectiveness, higher efficiency, safety, speed & precision. Using robots allows car and automotive component makers to speed up production, reduce costs, improve quality and ensure workers' safety.

In 2022, Asia-Pacific is expected to account for the largest share of the industrial robots market. This regional market is also expected to grow at the highest CAGR during the forecast period. The high growth of the Asia-Pacific industrial robotics market is driven by the increasing labor costs, driving manufacturers to automate the manufacturing processes to maintain their cost advantage.

Additionally, Asia-Pacific is poised to retain a strong market position in the industrial robotics market due to cheap manufacturing costs and labor, safety standards, and government initiatives to accelerate foreign direct investments (FDIs).

Key questions answered in the report:

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)

Scope of the Report:

Industrial Robotics Market, by Component

Industrial Robotics Market, by Payload

Industrial Robotics Market, by Application

Industrial Robotics Market, by End-use Industry

Industrial Robotics Market, by Geography

For more information about this report visit https://www.researchandmarkets.com/r/bi7l6t

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