The market for material handling robots is anticipated to reach US$ 5,542.0 million in 2023. It will grow at a healthy CAGR of 8.6% between 2023 and 2033.
High acceptance of US Investment in digital infrastructure and growing need to reduce labor costs are key factors behind the growth. Rising safety concerns, growing demand for faster, more accurate and efficient in-store processing, and increasing investment from industrial users in developing countries are also contributing to the growth of the automated material handling robots market.
In addition, the increasing use of automated robots by SMEs and the latest technological advancements including AI and IoT as well as easy integration into automated systems will propel the growth of this market in the coming years. Thus, the market will grow significantly over the course of the forecast period.
Key Takeaways from Market Study
- The global material handling robot market is projected to reach US$ 12,646.3 million by 2033.
- The market witnessed 8.6% CAGR between 2018 and 2022.
- Packaging by material handling robot in application segment will have market share of 20.2% in 2023.
- Under end use, food and beverage is expected to be valued at US$ 1,299.0 million in 2023.
- Demand for material handling robot expected to be valued at US$ 1,230.3 million in 2023 and increase at CAGR of 22.2% in Europe during the forecast period.
Market Development
The demand for robots has increased as automation is being integrated more and more. Further, Robotic material handling systems are more safe and simple to use, which decreases accidents, labour expenses, and response times. Also in considerable demand are high precision systems for difficult conditions. Automated storage systems are becoming greatly popular among companies.
The market for automated systems as a whole will be dominated by the automotive industry. The established automotive industry in the European region, the growing integration of total process simulation, investments in automation, and an increase in government initiatives to support the growth of the automotive industry all contribute to a sizable share of this market. These elements may support the expansion of the global market for material-handling robots over the anticipated time frame.
Meanwhile, these insights are based on a report on Material Handling Robot Market by Fact.MR.
