May 22, 2024

Automation in Manufacturing: The Industrial Robotics Market is driven by Industry 4.0


Industrial robots play a vital role in automating manufacturing processes across industries such as automotive, food & beverage, chemicals, and others. These robots help increase productivity and production efficiency by performing repetitive and routine tasks. Industrial robots come fitted with control systems, vision systems, robots arms and end effectors that enable them to move materials, assemble components, weld pieces together, transfer parts from one workstation to another and more. The global industrial robotics market allows companies to produce high-quality standardized products while minimizing production costs. The industrial robotics market is estimated to be valued at US$ 69.33 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends in the industrial robotics market is the adoption of collaborative robots or cobots. Cobots are designed to safely interact and work alongside human operators in a shared space. They have sensors that allow them to automatically detect when a person enters their operating zone to prevent accidents. Cobots are cheaper, more flexible and easier to program than traditional industrial robots. They are being used by SMEs to automate simple tasks like picking and packing, assembly, quality inspection etc. Collaborative robots help automate previously non-automated tasks due to their human-centric design. Their deployment is expected to grow significantly over the forecast period as they help address challenges like labor shortage and increased demand for flexible automation.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital costs are required to enter the industrial robotics market. New companies require substantial R&D investments to develop new technologies and match existing products.
Bargaining power of buyers: The bargaining power of buyers is moderate as industrial robots are highly specialized products with limited options for buyers. However, major automotive companies have some bargaining power due to high volumes.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of component manufacturers globally and integration of suppliers within the value chain of robot makers.
Threat of new substitutes: The threat of new substitutes is low as industrial robots have proved viable in automating hazardous, repetitive, and precise tasks with high performance levels leaving limited scope for substitution.
Competitive rivalry: Competition in the industrial robotics market is high among major players due to technological advancements and innovations.

Key Takeaways
The global Industrial Robotics Market is expected to witness high growth over the forecast period between 2024 to 2031.

Regional analysis: Asia Pacific is expected to dominate the market over the forecast period supported by high demand from emerging economies like China and India. China accounted for over 30% of worldwide robotics sales in 2020. Japan and South Korea are other major markets in the region.

Key players analysis: Key players operating in the Industrial Robotics Market are Yaskawa Electric Corporation, KUKA AG, ABB Ltd., Fanuc Corporation, Kawasaki Heavy Industries Ltd. Major players are focusing on capacity expansions, new product launches, and mergers & acquisitions to strengthen their positions in the market. For instance, Yaskawa Electric Corporation acquired Robotics division of Zhejiang Huazhou Electric Special Equipment Co, in 2021 to enhance its industrial robotics business in China.


  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it