Global Industrial Robotic Arms Market to Reach $10.3 Billion by 2026

Machines that are programmed to perform a particular job or task efficiently, accurately, and quickly are robotic arms. Robotic arms can replicate most functions of the human arm, albeit with greater efficiency and accuracy. They are stronger and can perform heavy and repetitive tasks with speed and precision. The demand for collaborative robots in manufacturing and healthcare will create several opportunities for the robotic arms market. The rising labor rates and increasing demand for automation will give a fillip to demand. Other factors that are contributing to the growth are the development of sensor components and the quantum growth in Machine Learning and Artificial Intelligence technologies. With increasing technological advancements, the manufacturing costs associated with robotic components have reduced over the years. Hence, robotic arms and robots have become widely available and highly affordable across the industries. They are also being used commonly in small-scale operations owing to their economic viability.

Amid the COVID-19 crisis, the global market for Industrial Robotic Arms estimated at US$7 Billion in the year 2020, is projected to reach a revised size of US$10.3 Billion by 2026, growing at a CAGR of 6.6% over the analysis period. Automotive, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$4.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electrical / Electronics segment is readjusted to a revised 7% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Industrial Robotic Arms market. The automotive industries are deploying robots in a big way. The adoption of robotic arms allows manufacturers to augment production execution, and streamline assembly, packaging and warehousing capabilities in a resourceful manner.

The U.S. Market is Estimated at $965.4 Million in 2021, While China is Forecast to Reach $3 Billion by 2026

The Industrial Robotic Arms market in the U.S. is estimated at US$965.4 Million in the year 2021. The country currently accounts for a 13.25% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$3 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR while Rest of European market (as defined in the study) will reach US$3.2 Billion by the end of the analysis period. Asia-Pacific region dominates market share on account of the lower production costs. There are several favorable taxation policies offered by the governments of China, India, Japan, and Korea to companies involves in the research and development of robotic arms.

Metal & Heavy Machinery Segment to Reach $1 Billion by 2026

Heavy machinery industries can benefit from adoption of heavy payload robotic arms. Heavy payload robotic arms can carry heavy loads with accuracy, ease, and precision. Such heavy payload robotic arms are best suited for handling heavy machinery. In the global Metal & Heavy Machinery segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$542.8 Million in the year 2020 will reach a projected size of US$800.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$240.3 Million by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period.