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I AgreeAnalysis of Industrial Robot Components Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global industrial robot components market is anticipated to be valued at US$ 6.3 billion in 2023 and it is anticipated to grow at a CAGR of 13.9% to reach US$ 23.2 billion by the end of 2033.
Components, sensors, robot arms, end effectors, and drives are some of the most essential components in the manufacturing of industrial robots. With the flourishing industrial robots market, industrial robot components witness increased sales.
Report Attributes |
Details |
Estimated Market Value (2023E) |
US$ 6.3 Billion |
Forecasted Market Value (2033F) |
US$ 23.2 Billion |
Global Market Growth Rate (2023-2033) |
~13.9% CAGR |
North America Market Share (2023) |
~26.4% |
East Asia Market Growth Rate (2023-2033) |
~16.0% CAGR |
Europe Market Growth Rate (2023-2033) |
~13.6% CAGR |
Key Companies Profiled |
|
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With the advancing technology and growing use of industrial robots in enhancing production output. The demand for industrial robot components is set to increase during the forecast period. Articulated robots are witnessing high demand and their production is estimated to increase over the period, which offers a plethora of opportunities to the industrial robot components market.
Over the 2018-2022 historical period, the global industrial robot component market registered a CAGR of 12.5%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 13.9% CAGR between 2023 and 2033.
Market share analysis of industrial robot components based on application and region is provided in a nutshell in the above image. Under the application segment, the robot arm/manipulator sub-segment dominates with a 29.1% market share in 2023.
“Growing Industrial Robots Demand to Supplement the Sales of Industrial Robot Components”
The growing demand for industrial robots drives the industrial robot components market. Industrial robot demand is predicted to transform manufacturing in the forthcoming years. As industrial robots become cheaper, faster, and smarter, they will perform evermore tasks.
Industrial robots are bridging the gap between man and machine by inching closer to the former with abilities such as memory, trainability, dexterity, and sensing. Therefore, industrial robots are being utilized in inspecting or testing products, assembly lines, or picking and packaging.
The ‘collaborative’ robots that have begun to enter the industrial robots market have rung in a new era as they work hand-in-hand with laborers who train them on the job. If the capabilities of industrial robots continue to rise at the present pace with a corresponding decline in prices, small and midsized firms may well join the industrial robot bandwagon.
Owing to such factors the demand for industrial robots is anticipated to be lucrative. Further, to meet the growing demand for industrial robots the manufacturers requires components that in turn, increase the sales of the industrial robot components.
“Fluctuating Raw Material Cost a Challenge to Sales Growth”
Industrial robot components include a sensor, end effector, drive, and others that require semiconductors for their production. However, China and Taiwan are the two major suppliers of semiconductor and robot components, and ongoing Taiwan and China political stress coupled with COVID-19 induced lockdowns and halted manufacturing processes to hamper the growth of industrial robot components.
As with the ongoing crisis, the demand and supply gap is generated, and disrupted supply chains also widen the gap, which resulted in high demand short supply and high cost, on the back of high cost the components parts also hike and growing inflation rates restrains the pullulating growth of the market.
The United States industrial robot component market is expected to expand at a CAGR of 13.3% over the projected period. With the surging installation of industrial robots across the Americas especially in the US, the demand for industrial robots increases.
Hence, in order to meet the flourishing industrial robots demand components are required for the production of the robot, this, in turn, propels the sales of the industrial robot components.
The Asian market is the most prominent consumer market for industrial robots in terms of growth across the globe.
This rapid growth rate reflects how rapidly China is becoming a robot nation. The growing industrial robot market in China paves the way for the growth of industrial robot components manufacturers.
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Controllers and sensors are the most essential component in the manufacturing of various types of robots. The controller is just like a computer that is connected to a robot and acts as its brain. All industrial robots must need a controller in order to perform well. The controller is used to instruct the robot on how to perform throughout the process, it is commonly referred to as the program.
Further, the robot uses sensors to assess its operating environment and can modify its actions in response to the information it gathers. Sensors are the senses of a robot.
Controller and sensor will grow at a CAGR of 13.8% and 13.3% respectively in the forecast period.
The articulated robot has the largest industrial robot component market share in terms of application. Articulated robots are widely used due to their capability to execute identical motions continually, which are required in applications like assembly, material handling, and others. The use of articulated robots in pharmaceuticals, autos, and food and beverage, is thrusting the demand for articulated robots, and their manufacturing demand for industrial robot components is mushrooming.
Articulated robot to account for a market share of 29.1% in 2023, with a valuation of US$ 1.8 billion in 2023, and reach a valuation of US$ 6.8 billion by the end of 2033. The anticipated growth of articulated robots in industrial robot components is 14.0% during the forecast period.
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Prominent industrial robot components manufacturers are FANUC, Denso Corporation, Kuka, Mitsubishi Electrical, ABB, Yaskawa, and Kawasaki Heavy Industries.
Market titans are focusing on delivering quality and durable components which in turn create a network of loyal customers and enhance brand recognition. Customization options offer immense revenue growth opportunities to the manufacturers in a long run.
Further, by establishing long-term trade relations with the end-users directly to drive the demand for industrial robot components in forthcoming years and enable market players to gain high-profit margins.
Fact.MR has provided detailed information about the price points of key manufacturers of industrial robot components positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global industrial robot component market is valued at US$ 6.3 billion in 2023.
During 2023-2033, sales of industrial robot components increased at 13.9% CAGR.
Europe tops the global industrial robot components market accounting for 29.8% market share.
Robot arms/manipulator account for a 29.1% share of global sales.
The articulated Robot sub-segment accounts for a 29.1% share of global sales.
Prominent market players include FANUC, Denso Corporation, Kuka, Mitsubishi Electric, ABB, Yaskawa, and Kawasaki Heavy Industries, among others.