Press Releases

Global Market for Industrial Robotics to Reach $122.4 Billion by 2023

October 08, 2018

WELLESLEY, Mass., Oct 08, 2018 – Due to heightened investment in the modernization of production facilities, the global market for industrial robotics is expected to experience significant growth, according to a new report from BCC Research.

In 2018, the global market for industrial robotics was worth $60.0 billion. BCC Research estimates that it will reach a value of $122.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 15.3%, according Industrial Robotics: Global Markets to 2023.

The motor vehicle manufacturing segment accounted for the largest share of the industrial robotics market in 2018 at $22.0 billion. The highest growth is projected to come from the electrical and electronics manufacturing segment, which is forecast to grow at a CAGR of 21.2%. Major factors for this growth include rapidly increasing demand for smart phones, televisions and other electrical and electronic products.

Research Highlights

  • Challenges facing this market include reducing prices, along with improving the features, efficiency and operability of the devices.
  • Major companies that contribute to the growth of this industry include FANUC Corp., Yaskawa Electric Corp., ABB Group, KUKA AG and Kawasaki Heavy Industries, Ltd.
  • The fastest growth in the industrial robotics market is forecast for Eastern Europe, where it is expected to grow at a CAGR of 25.6%, followed by the Asia-Pacific region.

“Establishments in the industrial robotics industry produce and sell robots,” the report notes. “A robot is a machine, programmable by a computer; it may be directed by an external control device or the control may be embedded within the machine; however, robots which have their own control system and are not controlled by the machine are covered in this market.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Industrial Robotics: Global Markets to 2023( ENG019A )
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