The rising adoption of automation across diverse industry sectors will propel the industrial robots market during the forecast period.

The global Industrial Robots Market was valued at USD 39.53 billion in 2023 and is predicted to reach USD 88.55 billion by 2030 with a CAGR of 12.4% from 2024-2030, according to new research by Next Move Strategy Consulting.

The escalating adoption of automation across diverse industry sectors to augment operational efficiency, productivity, and quality serves as a primary driver propelling the growth of the industrial robot market.

As industries seek to streamline their processes and elevate performance benchmarks, industrial robots emerge as indispensable assets, assuming responsibility for automating tasks conventionally carried out by human labor.

This pivotal role of industrial robots in task automation not only optimizes production workflows but also fosters a more agile and responsive operational framework.

By reducing human intervention and introducing precision and consistency into manufacturing processes, industrial robots contribute significantly to enhancing overall productivity and operational excellence.

Consequently, the increasing reliance on industrial robots as catalysts for automation initiatives fuels market expansion, reflecting the growing recognition of their transformative impact on industrial operations worldwide.

Moreover, the integration of Industry 4.0 endeavours with digitalization is reshaping the landscape of the industrial robot market, as these robots become seamlessly integrated with smart manufacturing systems, IoT platforms, and cloud computing technologies.

This integration enables real-time monitoring, predictive maintenance, and data-driven optimization of production processes. Leveraging the capabilities of data analytics, manufacturers can pre-emptively pinpoint inefficiencies, streamline workflows, and enhance resource allocation.

Consequently, industrial robots emerge as crucial contributors to the development of smarter, more efficient production ecosystems, catalyzing market expansion through heightened productivity, cost reduction, and bolstered overall competitiveness.

However, the high initial costs associated with industrial robots market growth. The upfront investment required for purchasing and installing industrial robots can be substantial, especially for small and medium-sized enterprises (SMEs) with limited financial resources.

On the other hand, the integration of artificial intelligence (AI) to enhance robot capabilities presents future opportunities for the upcoming years. 

By incorporating AI, industrial robots can achieve autonomous decision-making, adaptive learning, and predictive maintenance. This empowers robots to optimize tasks, swiftly adapt to changing environments, and significantly boost overall efficiency.

As industries seek to improve productivity and responsiveness, the adoption of AI-enabled robots presents a promising avenue for enhancing manufacturing processes and driving competitive advantage.

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According to the report, leading players in the industrial robotics industry include ABB Ltd., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Nachi-Fujikoshi Corp., Comau Automation Company, KUKA Robotics Company, Fanuc Corporation, Denso Corporation, Kawasaki Heavy Industries, Ltd. and Omron Corporation. These market players are adopting various strategies including product launches and business expansions to stay competitive and maintain their market positions. 

For instance, in February 2024, Kuka introduced a novel industrial robot tailored for handling and spot-welding operations. Dubbed as the KR Fortec, this new robot boasts an elongated arm capable of managing payloads weighing approximately 240 kg over a reach of 3,700 mm. Occupying a reduced footprint, the robust KR Fortec is said to seamlessly integrate between the company's KR Quantec and KR Fortec ultra models.

Also, in September, 2023, ABB launched OptiFact software platform and IRB1090 industrial education robot making it a global launch in CIFF, 2023. The Opti Fact software platform launched by ABB Ltd. aid business organization to collect and analyse data directly factory floor to enhance decision making and performance. The new IRB 1090 educational robot equipped the next generation by making them aware about new skills to thrive in the field of automation. 

Key Insights from the Industrial Robots Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the industrial robots market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the global industrial robots industry and their competitive analysis are provided in the report.