Industrial Robot Market Sees Record Shipments in 2023
More than half a million industrial robots were shipped globally in 2023, according to a recent report by Interact Analysis. Despite the high number of shipments, the average price of industrial robots decreased last year, following two years of price increases.
The market for industrial robots peaked in 2021, but 2023 saw a decline in both revenues and shipments. However, Interact Analysis predicts that revenues will bounce back and grow by approximately 3.7% annually from 2024 to 2028.
Research manager Maya Xiao from Interact Analysis stated that they anticipate a gradual decrease in prices of around 3% per year from 2024 to 2028. The Covid-19 pandemic, along with high energy costs and inflation, contributed to an average price hike of about 7% in 2022.
While Interact initially projected a price drop in 2023, issues with the supply chain and inflation caused prices to rise again, reaching levels similar to those in 2022. Xiao highlighted that the shift towards heavy-payload robots, a more expensive product, also played a role in the increase in prices.
The top three applications for industrial robots – material-handling, welding, and assembly – made up over 70% of robot revenues in 2023, with material-handling alone accounting for one third. Material-handling is especially prevalent in the Americas and Europe, with the American market showing the highest concentration, where the top five suppliers generated almost 80% of revenues and over two-thirds of shipments.
In terms of global robot revenues in 2023, the Asia-Pacific region led with 62%, followed by the EMEA region at 22% and the Americas at 17%. While the APAC region experienced a slight growth, the Americas saw a significant drop of 17.3%, and the EMEA region remained steady.
The industrial robot market in the Americas saw strong growth post-pandemic, particularly in the automotive and non-automotive sectors, as manufacturers sought ways to enhance production processes and reduce costs. However, sales of industrial robots to the automotive industry in the Americas faced challenges in 2023, leading to slow growth. Mexico, in particular, heavily relies on the automotive sector, impacting industrial robot sales in the region.
Overall, the industrial robot market is expected to rebound in the coming years, with prices projected to decrease gradually, offering opportunities for manufacturers to enhance their production capabilities.
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