This report does not constitute a rating action. AI will boost industrial robotics’ long-term growth prospects by reducing the cost and complexity of deploying automation. As a result, applications involving frequent changes in production processes or substantial programming requirements could become increasingly economical to automate. However, robot manufacturers may see less benefit than their customers; greater equipment flexibility and utilization could partly offset demand for additional robots, while software providers may capture a share of the resulting economic value. According to the International Federation of Robotics (IFR), global industrial robot installations rose 11% to a record 603,000 units in 2025, while operational stock increased 9% to about 5.1 million units. Structural demand drivers, including labor shortages, productivity requirements, and manufacturing
