Industrial Robot Market Size is Expected to Reach US$ 23.2 Billion by the End of 2033

The global Industrial robot market is likely at US$ 17,925 million in 2023 and expected to grow at a CAGR of 12.1% during the forecast years of 2023-2033. Robot market is emerging and also expected to witness greater growth over the forecast year as to increase the efficiency of work and replace human labor.

The industrial robot can be used in various tasks such as performing precise surgeries, industrial operation and fun toy for learning experience. The robot arms are capable of pick and place object in different locations which are equipped with CNC work, laser engraving and 3D printing technology. The DIY robot arms comes with customizable features and can be cost effective due to its low manufacturing costs.

Key Takeaways from Market Study

• The global industrial robot market is projected to grow 12.1% and reach US$ 56,171.4 million by 2033
• The market witnessed 8.9% CAGR between 2018 and 2022
• The industrial robot dominated the market with US$ 15,755.5 million valuations in 2022
• Automotive under end use segment is expected to have market share of 20.3% by the end of 2023
• East Asia will dominate the market with 23.4% market share in 2023

These insights are based on a report on Industrial Robot Market by Fact.MR. To learn more, visit: https://www.factmr.com/report/industrial-robot-market