Factory robots market is expand at a CAGR of 7.6%
The market for factory robots is anticipated to reach $12.3 billion in 2023 and expand at a strong 7.6% CAGR from 2023 to 2033.
A factory robot is a sort of mechanical device that receives input and autonomously completes duties connected to production in many industries.
According to usage and industrial requirements, these robot programmes can be modified as often as necessary. Factory robots aid in boosting production while cutting costs and providing high-quality goods for automation applications.
The demand for the installation of factory robots is being driven by the use of 3D printing in numerous industries, particularly the pharmaceutical industry. It is therefore projected that the market for manufacturing robots will expand rapidly over the forecast period as factory robots are turning to be more advanced in upcoming years.
Key takeaways from market study:
- The global factory robot market is projected to reach $25,731.6 million by 2033
- The market witnessed 5.2% CAGR between 2018 and 2022
- 60-225kg factory robot in payload segment dominates the market with 20.9% market share in 2023
- Under application, material handling dominates the market and will valued at $2,374.9 million in 2023
- Based on region, demand for factory robot expected to increase at CAGR of 9.7% in South Asia & Oceania during the forecast period.
“Rising demand for advanced technologies can boost the factory robot market,” says a Fact.MR analyst.
Industrial IoT and AI are becoming more and more prevalent, especially in the manufacturing industries, and these trends are key drivers of the market's revenue growth. The main drivers propelling the market expansion include the rising demand for factory robots from manufacturers for the automation of activities, improvement of worker safety, high total production output with reduced wastage, and expensive operational expenses.
Another factor anticipated to contribute to the market revenue growth is the increase in demand for electronic devices and the growing automation of high-precision, repeatable manufacturing processes. These elements can therefore aid in the expansion of the global factory robot market during the predicted term.
Adoption and implementation of inorganic marketing strategies such as collaborations and joint ventures with technologically advanced companies or end-use industries will allow revenue generation opportunities for the manufacturers.