Industrial Robotics - India | Statista Market Forecast

Revenue in the Industrial Robotics market is projected to reach US$165.20m in 2024.
Other industry robotics dominates the market with a projected market volume of US$67.56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.94%, resulting in a market volume of US$173.10m by 2029.
In global comparison, most revenue will be generated China (US$1.62bn in 2024).

Definition:

The Industrial Robotics market covers use cases that focus on the design, manufacturing, and deployment of robotic systems for industrial applications. The market encompasses the use of robots and automation technologies in manufacturing processes, assembly lines, and other industrial settings. This is to improve productivity, efficiency, and precision.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

The top five industries that use robotics are the automotive, chemical, metal, electronic, and food industries; however, other industries are also implementing various robotics use cases, but not on the same scale as these top five.

Structure:

The Industrial Robotics market is further split into Automotive Industry Robotics, Chemical Industry Robotics, Electric/Electronic Industry Robotics, Food Industry Robotics, Metal Industry Robotics, and Other Industry Robotics.

Additional information:

The market comprises revenues, volume, and the average price per newly installed robot. It also includes the share of collaborative robots, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Software revenues are not included, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them.

Key players in the market include ABB, Epson Robotics, Midea Group, and Yaskawa Electric Corporation.

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Automotive Industry Robotics
Chemical Industry Robotics
Electric/Electronic Industry Robotics
Food Industry Robotics
Metal Industry Robotics
Other Industry Robotics

robots used in non-industrial environments

The Industrial Robotics market in India is seeing slow growth due to factors such as limited adoption of advanced technologies, lack of awareness, and high costs. However, the increasing demand for automation in various industries like automotive, chemical, and food is expected to drive the market in the coming years. The convenience and efficiency offered by these robots are also contributing to the market's growth.

Customer preferences: In India, there has been a significant rise in demand for industrial robotics in various sectors such as manufacturing, healthcare, and agriculture. This can be attributed to the increasing adoption of automation to improve efficiency and reduce labor costs. Additionally, with the growing emphasis on sustainability and reducing carbon footprint, there is a shift towards the use of eco-friendly and energy-efficient robots. This trend is expected to continue as businesses prioritize environmentally responsible practices and technologies.

Trends in the market: In India, the Industrial robotics market is experiencing a surge in demand, driven by the country's focus on automation and technological advancements. There is a growing trend towards collaborative robots, which can work alongside humans and are more affordable for smaller businesses. This trend is expected to continue, with an increasing adoption of cobots in industries such as manufacturing and healthcare. This could have significant implications for industry stakeholders, as it may lead to increased efficiency, cost savings, and improved safety. Moreover, the government's initiatives to promote domestic manufacturing and the use of robotics are expected to further boost the growth of the Industrial robotics market in India.

Local special circumstances: In India, the Industrial robotics market is seeing significant growth due to the government's "Make in India" initiative, which aims to promote domestic manufacturing and reduce dependence on imports. Additionally, the country's large manufacturing sector and increasing labor costs have led to a demand for automation solutions. Cultural factors such as the emphasis on precision and quality in manufacturing also contribute to the adoption of industrial robotics in India. The regulatory environment, with favorable policies and tax incentives for robotics companies, further supports the market's growth.

Underlying macroeconomic factors: The Industrial robotics market in India is heavily influenced by macroeconomic factors such as the country's economic growth and policies, as well as global economic trends. As India continues to experience rapid economic growth and development, there is a growing demand for automation and advanced manufacturing technologies. The government's initiatives to promote the adoption of robotics and automation in various industries, along with favorable policies and investments in infrastructure, are driving the growth of the Industrial robotics market. Additionally, the increasing focus on efficiency and productivity in manufacturing processes, as well as the need for cost reduction, are also contributing to the market's growth.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.