Interact Analysis predicts this long-term growth will be mostly driven by demand from the electric vehicle (EV) manufacturing industry.
Interact Analysis expects the global industrial robot market to grow 5-7% out to 2027. This long-term growth will be mostly driven by demand from the electric vehicle (EV) manufacturing industry.
The industrial robot market has faced challenges in the last few years, including project delays and decreased spending on automation projects, due to global economic volatility and supply chain disruptions. Despite this, long-term projections remain steady, with EV manufacturing and new energy-related applications pushing global demand for industrial robots.
From 2023 onwards, Interact Analysis predicts investment confidence will continue to be low in the short term, resulting in end-users delaying large capital investments in industrial robotics projects. In the long term, however, demand from EV manufacturing lines and sectors like intra-logistics will fuel market growth of 5-7%.
Interact Analysis expects the average selling prices of industrial robots to decrease by around 3% annually over the next five years.
Maya Xiao, Research Manager at Interact Analysis said, “Interestingly, in 2022 the average selling price of industrial robots increased for the first time in the last 10 years, as a result of raw material cost, component shortages and supply chain disruptions. Despite this, we forecast that average prices will decrease over the next 5 years.
“The increased demand for industrial robots from the material handling and welding sectors has had and will continue to have, an impact on average selling prices. As a result of this, demand for heavy-duty models has once again increased, which has altered the payload distribution of the robot market. However, overall, we expect to see a 3% annual decline in prices over the next 5 years.”
China is expected to continue to take up a larger share of the market in the coming years. In 2022, the country accounted for a 39.1% revenue share and 55.4% shipment share of the global industrial robot market. Interact Analysis predicts that from 2024, China will account for over 60% of industrial robot shipments.
