April 15, 2024
Material Handling Robotics Market

Material Handling Robotics Market is Poised to Grow by Adoption of Automation Technologies

The material handling robotics market involves automation technologies that assist in handling, transportation, and storage processes across various industries. Material handling robots provide enhanced operational efficiency by seamlessly carrying out repetitive and hazardous tasks. They offer precision and reliability while reducing costs and workplace accidents.

The global material handling robotics market is estimated to be valued at US$ 24.21 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031.

Material handling robots are versatile industrial tools that transport parts, pallets, containers, and other materials between production lines and storage facilities through various automated guided vehicles and mobile robotic systems. They optimize workflows by speeding up production and delivery while minimizing human involvement in physically demanding material movement activities. Material handling robots improve inventory management and warehouse operations through functions like picking, packing, palletizing, transportation, and sortation. With capabilities to lift heavier payloads and work continuously in various weather conditions and terrains, these robots substantially boost productivity and throughput.

Key Takeaways
Key players operating in the material handling robotics are ABB, Kuka AG, FANUC Corporation, Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., Universal Robots, Denso Corporation, Epson Robots, Stäubli International AG , Omron Corporation, Nachi-Fujikoshi Corporation, Comau S.p.A. and Adept Technology, Inc.

The growing demand from industries such as automotive, metals and heavy machinery, food and beverages, chemicals, and healthcare is fueling the adoption of Material Handling Robotics Market Size. Material handling robots assist in improving safety, reducing operation costs, enhancing productivity, and optimizing warehouse operations.

The material handling robotics market is expanding globally due to increasing industrialization and the need for automating repetitive material handling tasks. Major players are expanding their business to regions such as Asia Pacific and Middle East and Africa. This is attributed to growing manufacturing industries and facilities in developing countries.

Market key trends
One of the key trends influencing the growth of material handling robotics market is the integration of new technologies with these robots. Companies are focusing on developing robots integrated with Internet of Things (IoT), machine learning, predictive maintenance capabilities for enhanced operations. IoT-enabled material handling robots provide real-time inventory visibility, predictive alarms for maintenance, and optimize workflows. This boosts efficiency, reduces downtime and enhances decision making for supply chain and inventory processes.

Porter’s Analysis
Threat of new entrants: The material handling robotics market is a highly competitive market with global key players already having an established footprint. High initial investments and barriers to gain technical expertise pose considerable threat for new players to enter the market.

Bargaining power of buyers: Material handling robots are used by manufacturing and warehousing firms to automate material movement processes. Customers have moderate bargaining power due to availability of a limited number of suppliers offering a diverse array of products.

Bargaging power of suppliers: Being an emerging market, the number of raw material and component suppliers is limited. However, the presence of global suppliers with vast production capacities and R&D resources ensures ease of availability of raw materials and components.

Threat of new substitutes: No direct substitutes for material handling robots exist currently since they cater to a unique automation need. However, alternative automation technologies like conveyor systems, transport vehicles pose indirect competition.

Competitive rivalry: The market sees intense competition among global players owing to their focus on product innovation, vertical integration and global expansion.

Geographical regions of concentration: North America and Western Europe account for over 60% of the global market value due to high demand from automotive, e-commerce, and food & beverage industries in these regions.

Fastest growing region: Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid industrialization, favorable government policies and low production costs attracting investments in countries like China, India, Japan and South Korea.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it