Robotic Arms Market

According to Stratistics MRC, the Global Robotic Arms Market is accounted for $23.84 billion in 2023 and is expected to reach $157.84 billion by 2030 growing at a CAGR of 31.0% during the forecast period. A robotic arm is a mechanical arm that can be programmed and is made up of several joints that may rotate or move along an axis. Due to their improved technology, robotic arms are more effective at their tasks. It has a connection to a computer-controlled manipulator that can make appropriate choices. They can perform repetitive and heavy tasks with great precision. Moreover, Robotic arms are especially useful for performing simple, repetitive, and continuous tasks in harsh environments accurately, quickly, and safely, for extended periods of time.

According to the International Federation of Robotics (IFR), more than 2.7 million robots are currently working in factories around the world.



Market Dynamics:

Driver:

Demand for heavy-payload robotic arms.

The market for robotic arms is given huge potential by the development of heavy-payload robotic arms. Robotic arms with heavy payloads are used mostly in industrial settings to transport and move heavy objects. The need for large payload robotic arms has been gradually increasing due to the rise of automation and the need for greater productivity and efficiency in production. Additionally, robotic arms with heavy payloads have a number of advantages over more conventional heavy lifting and material handling techniques. These robotic arms are programmable to carry out tasks with high precision and accuracy, resulting in increased production and decreased human error. They also require little maintenance and can work continuously.

Restraint:

High cost and safety concerns

The cost of purchasing, installing, and maintaining robotic arms can make them prohibitive for many small and medium-sized businesses (SMEs). High initial investment costs can deter potential buyers from entering the market. However, safety must be a top priority when using robotic arms, especially in settings where humans and robots collaborate. Ensuring the safety of human workers and preventing accidents requires sophisticated safety measures and compliance with strict regulations, which can increase costs and complexity.

Opportunity:

Demand for industrial automation and technical developments

The demand for industrial automation continues to rise, creating opportunities for robotic arms. They can improve productivity, efficiency, and precision in manufacturing processes, leading to cost savings and enhanced product quality. Industries such as automotive, electronics, and logistics can benefit from increased automation. Additionally, ongoing advancements in robotic arm technology, including artificial intelligence, machine learning, and computer vision, provide opportunities for more sophisticated and capable robotic arms. These improvements can enable complex tasks, adaptability to diverse environments, and enhanced autonomy. These factors are propelling market demand.

Threat:

Loss of employment

Job displacement is one of the primary concerns associated with robotic arms, as they could potentially replace human workers. As robotic arms become more advanced and capable of performing complex tasks, they may replace human workers in certain industries, leading to job losses and economic disruption. This could particularly impact industries that heavily rely on manual labour, such as manufacturing and assembly lines.

Covid-19 Impact

The COVID-19 pandemic has had both positive and negative effects on the market for robotic arms. Positively, social segregation policies and workforce disruptions raised the demand for automation and contactless operations. As a result, industries like manufacturing, healthcare, and logistics saw an increase in demand for robotic arms. However, the pandemic also brought about supply chain disruptions, project delays, and decreased expenditures in several industries, which had an impact on market expansion. Overall, the pandemic presented difficulties and uncertainty in some areas while accelerating the deployment of robotic arms in others.

The articulated segment is expected to be the largest during the forecast period

The articulated segment is estimated to hold the largest share. The articulated robotic arms are characterised by their multiple joints, allowing them to mimic human arm movements with precision and flexibility. The demand for these robotic arms has been driven by various industries such as manufacturing, automotive, healthcare, and electronics, where they are used for tasks such as assembly, welding, material handling, and surgical procedures. With the increasing adoption of automation and the ongoing industrial revolution, the articulated segment of the robotic arms market is expected to continue its expansion.

The Healthcare & Medical segment is expected to have the highest CAGR during the forecast period

The Healthcare & Medical segment is anticipated to have lucrative growth during the forecast period. Robotic arms, offering precise and minimally invasive solutions for a variety of medical procedures, have revolutionised the healthcare sector. These robotic arms allow surgeons to carry out complex treatments with increased precision, less invasiveness, and better patient outcomes. They are used in surgical applications such as laparoscopy, orthopaedics, neurology, and ophthalmology. The capabilities of robotic arms in healthcare have been further enhanced by the incorporation of cutting-edge technology, including image-guided systems, haptic feedback, and machine learning algorithms. Thus, the healthcare and medical section of the robotic arms market is anticipated to experience strong growth due to the rising need for robotic-assisted operations as well as the expanding demand for better surgical outcomes and patient safety.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. The demand for robotic arms in sectors like automotive, electronics, and aerospace has been spurred by the region's robust industrial base, particularly in nations like China, Japan, and South Korea. Additionally, companies are investing in automation technologies due to the rising cost of labour and the need for higher efficiency. Government regulations and actions in the area supporting industrial automation have also increased the use of robotic arms. To capitalise on the enormous potential of the Asia Pacific robotic arms industry, market players are aggressively addressing difficulties such regulatory hurdles, skill shortfalls, and the need for localised solutions.

Region with highest CAGR:

North American region is expected to witness profitable growth over the projection period. The North American is a prominent market for robotic arms, driven by various factors. The need for robotic arms has increased across industries like automotive, aerospace, electronics, and healthcare due to the existence of advanced manufacturing businesses, particularly in the United States and Canada. Robotic arms have been adopted in the region as a result of the increased emphasis on automation and efficiency improvements.



Key players in the market

Some of the key players in the Robotic Arms Market include Kuka AG, Yaskawa Electric Corporation, Fanuc Corporation, Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, Denso Wave Incorporated, Nachi-Fujikoshi Corp., Omron Corporation, Flexiv Ltd., Gridbots Technologies Private Limited., ABB, Adept Technologies, Rockwell Automation, Inc., Universal Robots, Seiko Epson Corporation., Asimov Robotics., Dobot.cc and Staubli Corporation

Key Developments:

In December 2022, ABB has opened its state-of-the-art, fully automated and flexible robotics factory in Shanghai, China. The 67,000m2 production and research facility represents a $150 million investment by ABB and will deploy the company’s digital and automation technologies to manufacture next generation robots – enhancing ABB’s robotics and automation leadership in China.

In February 2022, Flexiv partnered with Handplus Robotics, a Singapore-based automation integration firm. Flexiv and Handplus will enable the creation of customised smart solutions, reducing the effects of labour bottlenecks and shortening the ROI period.

In January 2022, Yaskawa Electric Corporation Electric Corporation acquired additional shares of Doolim-Yaskawa Electric Corporation Co., Ltd., one of Korea’s leading manufacturers of painting and sealing robot systems. It has helped to establish a business in the robotic painting and sealing system market by leveraging synergies with Doolim-Yaskawa Electric Corporation.

Types Covered:
• Articulated
• SCARA
• Cylindrical
• Cartesian
• Spherical or Polar
• Delta

Payload Capacities Covered:
• Less than 500KG
• 1001-2000KG
• 501-1000KG
• 2001KG Above

Axes Covered:
• 1-Axis
• 3-Axis
• 5-Axis
• 7-Axis
• 2-Axis
• 4-Axis
• 6-Axis

Applications Covered:
• Materials Handling & Transportation
• Soldering and Welding
• Bonding and sealing
• Sorting
• Assembling and Disassembling
• Cutting and Processing
• Bin Picking
• Ambient Assisted Living
• Other Applications

End Users Covered:
• Automotive
• Food and Beverages
• Retail
• Healthcare & Medical
• Education
• Waste Management & Recycling
• Electrical and Electronics
• Manufacturing
• Logistics & E-commerce
• Household/Residential
• Agriculture
• Plastics and Chemicals
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances