Industrial robots - estimated operational stock worldwide 2010-2020

Globally, the operational stock of multipurpose industrial robots was around three million units in 2020. Since 2010, the stock has been increasing through each year, accelerating in 2014. Operational stock is the level of inventory required to meet operational obligations.

The market for industrial robots

During this time period, sales of industrial robots increased exponentially. Key companies within the industry include ABB, which saw the highest level of revenue amongst its competitors. In 2019, the Swiss company generated about 16 billion U.S. dollars in revenue related to robots and industrial automation.

Automation: increasing output without increasing costs

Like the ABB group, conglomerates such as Siemens or Mitsubishi Electric are the major vendors of industrial automation and industry software. The automation market is comprised of a variety of products and services, including relays, switches, and control systems, as well as industry software development and services. In light of an increase in use of artificial intelligence, the market for automation software is expected to grow to over 50 billion U.S. dollars by 2023, providing a way for companies to produce more products without increasing production costs or wages.