The report "Global Industrial Robot Market: Analysis by Industry, by Type, by Region, Size and Trends with Impact of COVID-19 and Forecast Up to 2026" valued the global industrial robot market at $33.90 billion in 2021 and projected it to $61.09 billion by 2026. Because of increased productivity and efficiency
, lower manufacturing costs, and lower overall product purchase prices. Industry 4.0 has accelerated the development of collaborative robots and artificial intelligence (AI)-enabled robots, allowing industries to streamline processes, increase productivity, and reduce errors.
Sectors are investing in robotic systems
as the next generation of industrial robots becomes cheaper, autonomous, more mobile, cooperative, and adaptable. During the forecast period of 2022 to 2026, the industrial robot market is expected to grow at a CAGR of 12.50%.
The Dynamics of the global industrial robot market
Automation boosts productivity, raises quality, and decreases errors. Rising automation demand has increased the adoption of robots in various industries, and rising automation demand is a major market driver. The growing electronics industry, rapid installation of industrial robots, high wages, and the growing role of AI in robotics are all expected to drive growth in the industrial robot market.
The purchase and installation of robots requires significant capital investment, and the benefits provided may take many years to outweigh the initial cost. The high initial investment required for industrial robot-assisted production automation may act as a barrier to the market's growth. Other market challenges include safety concerns and privacy concerns.
The development of collaborative robots, or co-bots, is a growing trend in robotics
. Cobots are designed to collaborate with humans and are increasingly being used in industrial applications. Cobots use safety-rated sensors, which allow laborers to work in the same area without being harmed.
Other trends that are expected to drive the growth of the engineering industry with the help of robot market during the forecasted period include the use of micro-electromechanical systems (MEMS), the rise of the cloud robotics market, next-generation tech accessories, and job opportunities in industrial robotic advancements.