According to meticulous analysis by FMI, the global industrial robotics market is poised for a remarkable compound annual growth rate (CAGR) of 18.9% throughout the forecast period from 2023 to 2033. This growth trajectory predicts that the industry's value will soar from $39 billion in 2023 to a substantial $220 billion by the end of 2033.

What's propelling this momentum is the increasing demand for collaborative robots (cobots) that transcend various industries. One noteworthy example is Denmark-based Universal Robots, known for its UR+ platform, which empowers an expanding user base to easily program robots. This platform also facilitates the seamless integration of various vision systems, robot end effectors, and add-on software.

Businesses, regardless of their size, are eagerly adopting cobots for both new and established applications. For instance, BMW AG in Germany utilizes Universal Robots' UR10 robot for precise gluing and dispensing tasks. Additionally, the market is set to benefit from the emergence of Industry 5.0, a paradigm endorsed by the European Commission, which goes beyond productivity and efficiency, emphasizing the profound societal contributions of the industrial landscape.

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Emerging Technology and Industry 5.0: A Paradigm Shift Toward Human-Centric Growth

A new technological epoch is upon us, one that places paramount emphasis on worker well-being and leverages novel technologies for expansive growth. This shift unfolds while meticulously honoring the planet's production thresholds. Enter Industry 5.0, a movement that seeks to reintegrate the human touch into the realms of production and development. Prognosticating optimal deployment of human creative intellectual capacities, Industry 5.0 is poised to catalyze lucrative prospects for collaborative robots (cobots).

Noteworthy Insights from the Industrial Robotics Market:

United States Dominance: The global industrial robotics market is set to be led by the United States, anticipated to attain a valuation of $77.9 billion by 2033. This ascendancy is propelled by a robust compound annual growth rate (CAGR) of 18.7% during the forecast period. The demand surge for industrial robots within the high-tech electronics sector significantly bolsters this market expansion.
China's Significance: China emerges as a formidable player in the industrial robotics arena, with a projected valuation of $15.8 billion by 2033. A substantial growth rate of 18.2% CAGR over the next decade fuels this trajectory. The automotive industry's remarkable growth underscores China's ascent in the market.
Japanese Market Dynamics: Japan's market is slated to reach $12.9 billion by 2033, exhibiting a CAGR of 17.2% from 2023 to 2033. The market's long-term drivers encompass burgeoning elderly care needs and the evolving population dynamics of yet-to-be retired baby boomers.
Noteworthy Market Developments by Key Players:

In March 2022, Mitsubishi Electric Corporation unveiled an advanced industrial robotics system that empowers robots to execute tasks within intricate environments like food-processing plants. Fusing Mitsubishi Electric's Maisart AI technologies, including high-precision speech recognition, this system streamlines work tasks. Operators hold the reins to fine-tune robot movements to meet specific requirements, with plans for commercialization in 2023.
In October 2022, YASKAWA ELECTRIC CORPORATION inaugurated the Robotics Technology Center in Istanbul, Türkiye. Nestled in a pivotal industrial park within the city, the center showcases demonstration machines and operates systems. YASKAWA's sustained investments in Türkiye affirm its commitment to involving customers in the development of products, technologies, and solutions spanning Europe.
Key Players:

Yaskawa Electric Corporation
FANUC Corporation
Kawasaki Heavy Industries Ltd
Kuka AG
Mitsubishi Electric
Teradyne Inc.
ABB Ltd.
Yamaha Motor Co., Ltd.
Hirata, Corporation
Denso Wave Incorporated
Toshiba Machine Co. Ltd.
OMRON Corporation
Others
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Industrial Robotics Market by Category

By Product Type:

SCARA Robots
Delta Robots
Cartesian Robots/ Gantry Robots
Articulated Robots
Collaborative Robots
Dual-arm Robots
By Application:

Assembly/Disassembly
Clean Room
Dispensing
Handling Operations
Processing/Cutting
Welding
Painting & Coating
General Applications
By End Use:

Automotive Industry
Electrical/Electronics Industry
Rubber & Plastics Industry
Metal & Machinery
Food & Beverages
Plastic & Auxiliary Chemical Products
Auxiliary Industries
Bulk Commodities & Materials
By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa