Monday, 06 May 2024
According to our latest study on “Industrial Robotics Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Technology, Renewable Source, and End-Use Industry,” the market is valued at US$ 14,867.58 million in 2022 and is expected to reach US$ 30,479.53 million by 2030; it is estimated to grow at a CAGR of 9.39% from 2022 to 2030.
Sustainability and environmental considerations are anticipated to be vital trends in the industrial robotics market. Industrial robots are being designed to be more energy efficient with improved power management systems and energy-saving features. In the coming years, the robotics sector will focus on developing energy-efficient robots to help companies lower their carbon footprint and achieve sustainability goals. Industrial robots can also improve material efficiency, optimize processes, and reduce waste. Additionally, advancements in recycling robot components and materials can reduce the industry's environmental impact. Industrial robotics is expected to involve green manufacturing practices to reduce the use of hazardous substances and minimize emissions. Manufacturers would be able to explore the usage of eco-friendly materials and sustainable design principles by introducing industrial robots. This will include selecting materials with lower environmental impact. The industrial robotics market growth can contribute to a more sustainable manufacturing sector by embracing sustainability and environmental considerations. These trends are expected to drive the development of more environment-friendly robotics systems aligned with global efforts toward a greener and more sustainable future.
Source: The Insight Partners Analysis
With the development of the latest digital and automation technology, the production of next-generation industrial robots in the US is expected to increase, streamlining the delivery process and reducing lead times. Moreover, fierce competition among players results in the development of new and advanced products, which is expected to fuel the growth of the market in the country. Major large-sized enterprises such as OMRON are dominating the market; however, various robot manufacturing companies are focused on SMEs growth and are also conducting various events and increasing their adoption of industrial robot among various SMEs, mostly in the electronics sector, to remain competitive. For instance, Universal Robots (UR) designated October 2021 as SME Automation Month. The whole month was dedicated to assisting small and mid-size organizations (SMEs) in utilizing collaborative robots (cobots) to get their businesses back on track, with additional tools, leasing alternatives, and expert consultations made available to assist users in recovering from the effects of the COVID-19 pandemic on the industrial robotics market growth.
The industrial robotics market share is expected to grow during the forecast period, owing to the surge in the adoption of industrial robots, an increase in the demand for automobiles, and a rise in the launch of advanced robotics products in the US.
In Canada, the establishment of industrial robotics facilities is increasing rapidly, which has led to the growth of the manufacturing industry in the country. According to research conducted by the International Federation of Robotics (IFR), Canada ranks slightly above the global average for robot density as it ranks 18th in global robot density owing to a huge manufacturing business. The distribution of advanced industrial robot devices is rising due to the increasing demand across various industries such as automotive, manufacturing, aerospace, pharmaceuticals, and logistics. As a result, the industrial robotics market share of the country is expected to rise.
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