The global industrial robot components market is anticipated to be valued at US$ 6.3 billion in 2023. The components market is anticipated to grow at a CAGR of 13.9% to reach US$ 23.2 billion by the end of 2033.
Over the 2018-2022 historical period, the global industrial robot component market registered a CAGR of 12.5%, according to the Fact.MR. The market is projected to exhibit growth at 13.9% CAGR between 2023 and 2033.
Under the application segment, the robot arm/manipulator sub-segment dominates with a 29.1% market share in 2023.
Why the Demand for Industrial Robot Components is Growing across the US?
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.
- For instance, in the Americas, the count of installed industrial robots reached over fifty-five thousand in 2021, 31% up from 2020. It is a notable growth from the pandemic dip in 2020. Further, it is for the second time that robot installations have exceeded the 50,000-unit threshold, with 55,212 units in 2018.
- Additionally, new installations increased by 14% to 34,987 units in the US in 2021. This was higher than the pre-pandemic 2019 level of 33,378 units. Also, with 9,782 units installed in 2021, the automotive industry will continue to be the biggest adopter.
- In addition, the demand for robots in the metal and machinery sector increased by 66% to 3,814 units in 2021. This accounts for the second position in the market.
- 3,466 new robots (an increase of 30%) were installed in the plastic and chemical products sector in 2021 in the US. The number of robots in the food and beverage sector increased by 25%, reaching a new peak of 3,402 units in 2021.
Which Application is likely to Dominate the Industrial Robot Components Market?
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. These 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. 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. It is expected to 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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