Interact Analysis predicts this long-term growth will be largely driven by demand from the electric vehicle (EV) manufacturing industry.
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Interaction Analysis expects the global industrial robot market to grow by 5-7% through 2027. This long-term growth will be largely driven by demand from the electric vehicle (EV) manufacturing industry.
The industrial robot market has faced challenges in recent years, including project delays and decreased spending on automation projects, due to global economic turmoil and supply chain disruptions. Nonetheless, the long-term outlook remains stable, with the creation of EVs and new energy-related applications driving 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. However, in the longer term, demand from EV manufacturing lines and sectors such as intra-logistics will drive market growth by 5-7%.
Interact Analysis expects the average selling price of industrial robots to fall 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 10 years, as a result of raw material costs, component shortages and supply chain disruptions. Nonetheless, we predict that the average price will decline over the next 5 years.
“Increasing demand for industrial robots from the material handling and welding sectors has had and will continue to have an impact on the average selling price. As a result, the demand for heavy-duty models has once again increased, which has changed the load distribution of the robot market. However, overall, we expect to see an annualized price reduction of 3% over the next 5 years.”
China is expected to continue to take a larger share of the market in the coming years. By 2022, the country accounts for a 39.1% revenue share and 55.4% shipment share of the global industrial robot market. Interact Analysis predicts that starting in 2024, China will account for more than 60% of industrial robot shipments.