eradyne's Industrial Automation Group Grows in 2022, with UR and MiR Leading the Way

Teradyne, a leading provider of automated test equipment, announced its financial results for FY 2022, with the company's Industrial Automation Group achieving impressive growth. The group, which includes Universal Robots (UR), Mobile Industrial Robots (MiR), and Energid, brought in 404 million in revenue, marking a \28 million increase from the previous year.

In 2022, Universal Robots contributed $326 million to the group's revenue, while Mobile Industrial Robots added $77 million. Despite facing a challenging macroeconomic environment, both companies demonstrated resilience and continued growth. UR reported a 5% increase in annual revenue from 2021 and a 12% growth on a constant currency basis, resulting in a record-high year for the second consecutive year.

Kim Andreasen, UR's Chief Financial Officer, expressed pride in the company's ability to overcome supply chain challenges and achieve its highest annual revenue to date. "We focused on those things we are able to control, and we overcame supply chain challenges to report our highest annual revenue to date," Andreasen said in a release.

Teradyne expects its Industrial Automation Group to continue growing strongly in 2023, with initiatives such as a channel transformation at UR and the supplementation of its traditional distributor network with focused OEM channels. The group is also poised to benefit from recent product releases like the higher-payload UR20, which expands its service market and will ramp up production in the second half of 2023.

Mobile Industrial Robots, which merged with AutoGuide Mobile Robots in Q3 2022, now offers an expanded portfolio of autonomous mobile robots (AMRs) capable of carrying payloads and pallets up to 3,000 lb (1350 kg). The combined company, officially called Mobile Industrial Robots, operates on the MiRFleet software and is expected to contribute significantly to the group's growth.

Teradyne anticipates the Industrial Automation Group to grow more than 20% in 2023, with much of that growth coming in the second half of the year. With a current market penetration for collaborative robots, including AMRs, under 5%, Teradyne has ample room for long-term growth in this sector. The company expects its Industrial Automation Group to eventually make up 20% of its entire sales.

As Teradyne's Industrial Automation Group continues to grow, more businesses are recognizing the value of hiring robot workers to streamline their operations and improve efficiency. Join the growing trend and hire robots for your business to stay competitive in today's rapidly evolving market.

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