The industrial robotics market was valued at US$18.05 billion in 2018 and is expected to reach US$37.75 billion by 2024, at a compound annual growth rate (CAGR) of 12.15 percent over the forecast period (2019–2024), according to market analyst Mordor Intelligence. The market has been witnessing a huge demand over the past decade, owing to the rising adoption of smart factory systems, of which these robots play a vital part. The global smart factory market is expected to reach US$388.68 billion by 2024, which provides insights on the scope of the adoption of industrial robots for automation across end-user industries.
In particular, Industry 4.0, the newest industrial revolution, has fuelled the development of new technologies, like collaborative robots and AI-enabled robots, to name a few, and have enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Increased workplace safety and improved production capabilities have further driven industries to invest in robotic systems.
Rising Demand from Automotive Industry
The growing adoption of automation in the automotive manufacturing process and involvement of digitisation and AI are the primary factors driving the demand for industrial robots in the automotive sector.
In 2017, more than 170,000 robots took part in the production process in the European automotive industry. The growing presence of robots and automation in the European automotive industry is expected to fuel the market for industrial robots in the region.
Meanwhile, China has also become both the world’s largest car market and the world’s largest production site for cars, including electric cars, with much growth potential. In Malaysia, there are 27 automotive manufacturing and assembly plants. Overall, the growing automotive industry in Asia is also creating a massive opportunity for the global industrial robotics market.
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