The market for robotic arms has been given a global boost by pandemic uncertainty, according to a new report from Data Bridge Market Research.
The robotic arm market was valued at $26.24 billion worldwide in 2021 and is expected to rise to $74.35 billion by 2029, equating to a compound annual growth rate (CAGR) of 13.9 percent.
The integration of cognitive technologies with robotic hardware has had a positive impact on growth, says the firm, along with a change in business processes across enterprises.
Robotic arms are used in a variety of factory, lab, medical, logistics, research, and other applications, in conjunction with robotic hands, grippers, and other tools.
They are also widely used in the handling of heavy payloads, and offer the advantage over human arms of being able to carry out both precision and repetitive, low value-adding tasks over long hours, including in lights-out factories.
Some robotic arms work autonomously or are automated, while others can be operated directly or remotely by human controllers.
As collaborative robots (aka cobots) become more sophisticated, programmable, flexible, and safe, there will be further opportunities to integrate robotic arms with human workforces on factory floors, in warehouses, and in other industrial environments.
Rising automation in the electronics industry and in research labs also present growing opportunities for robotic arm manufacturers.
Key players include: KUKA, Yaskawa, Kawasaki, Mitsubishi, Denso Wave, Rockwell Automation, Seiko Epson, and others, in a market that is currently dominated by Japan.