Advent of Industry 5.0 to Revolutionize the Industrial Robotics Market: Industry Predicted to Rise at 18.9% CAGR though 2033
NEWARK, DE / ACCESSWIRE / January 24, 2023 / The global industrial robotics market is predicted to register a CAGR of 18.9% over the forecast period, according to FMI's analysis. The industry's value…
NEWARK, DE / ACCESSWIRE / January 24, 2023 / The global industrial robotics market is predicted to register a CAGR of 18.9% over the forecast period, according to FMI's analysis. The industry's value is anticipated to increase from US$ 39 billion in 2023 to US$ 220 billion by 2033 end.
The industrial robotics industry is projected to augur well over the stipulated time frame on account of the increasing demand for collaborative robots (cobots) across industries. Take, for instance, Universal Robots (Denmark), which offers a UR+ platform to empower a growing number of users to easily program robots. Additionally, the platform enables the efficient deployment of diverse vision systems, robot end effectors, and add-on software.
Enterprises of varying sizes are adopting cobots for new as well as existing applications. For instance, BMW AG (Germany) has employed Universal Robots' UR10 robot for gluing and dispensing applications. The market is further expected to benefit from the emergence of Industry 5.0. As per European Commission, Industry 5.0 aims to go beyond productivity and efficiency as the sole purpose and reinstates the contribution of industry in society.
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Emergent technology places more importance to the well-being of the worker and uses new technologies for further expansion. It does all of this while respecting the planet's production limits. Industry 5.0 aims to bring back the human touch into production and development. The technology is predicted to optimally deploy the creative intellectual capacity of human beings. Hence, the advent of Industry 5.0 is projected to generate lucrative opportunities for cobots.
Key Takeaways from the Industrial Robotics Market:
The United States is projected to assume leading disposition in the global industrial robotics market. The market is projected to be valued at US$ 77.9 billion by 2033, exhibiting a CAGR of 18.7% for the forecast period. The expanding demand for industrial robots from the high-tech electronics sector is supporting the market expansion.
China is expected to be a significant market for industrial robotics in the forthcoming years. The market is anticipated to be valued at US$ 15.8 billion by 2033. The growth rate assumed by the country is estimated to be 18.2% CAGR in the next 10 years. The remarkable progress of the Chinese market can be attributed to the expansive growth of automotive industry.
The Japan market is assessed to reach US$ 12.9 billion by 2033, registering a CAGR of 17.2% from 2023 to 2033. The long-term drivers for the market include the increasing need for elderly care and yet-to-be retired baby boomers' population.
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News Featuring Market Developments by Key Players of Industrial Robotics:
In March 2022, Mitsubishi Electric Corporation unveiled the latest industrial robotics system that allows robots to execute industrial tasks in complex environments like food-processing plants. This new system integrates Mitsubishi Electric's Maisart AI technologies, such as high-precision speech recognition, to commence work tasks. The operators can then fine-tune the movements of robots as per necessary requirements. The company plans to commercialize the innovation in 2023.
In October 2022, YASKAWA ELECTRIC CORPORATION. opened its Robotics Technology Center in Istanbul, Türkiye. The center is situated in a major industrial park in the city, and it plans to exhibit demonstration machines and operate a system. The company is anticipated to keep on investing in Türkiye to ensure participation of customers in products, technologies, and solutions being developed in Europe.
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Industrial Robotics Market by Category
By Product Type:
Cartesian Robots/ Gantry Robots
Painting & Coating
By End Use:
Rubber & Plastics Industry
Metal & Machinery
Food & Beverages
Plastic & Auxiliary Chemical Products
Bulk Commodities & Materials
Middle East and Africa
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Table of Content
Industrial Robotics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
- Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of the Clutch Leaders Award 2022 on account of a high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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