United States/WA: The global industrial robotics market was valued at US$ 49.0 Mn in 2019 and is forecast to reach a value of US$ 69.1 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027. An industrial robot is a mechanical device used to perform repetitive or dangerous tasks with a high degree of accuracy. […]
Industrial Robotics Market Growth Driven by More Than Just Innovation
United States/WA: The global industrial robotics market was valued at US$ 49.0 Mn in 2019 and is forecast to reach a value of US$ 69.1 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027.
An industrial robot is a mechanical device used to perform repetitive or dangerous tasks with a high degree of accuracy. Industrial robots are programmable, automated, and capable of movement on three or more axes. Typical applications of industrial robots include welding, ironing, painting, assembly, palletizing, pick and place, testing, and product inspection, all accomplished with high endurance, speed, and precision. The latest developments in industrial robotics, as per the latest trends are being explored for making the robot suitable to the changing requirements of customers in various sectors, such as automotive, medical, aerospace, military, etc. The robotic industry is continuously evolving, so is the need for industrial robotic solutions. The recent developments in industrial robotics are also being examined for designing new solutions. The latest developments in industrial robotics are mainly related to new segments of industries that have witnessed immense growth in terms of sales and demand. For instance, in October 2019, ABB planned to invest US$ 150 million to build an advanced robotics factory in China, which is expected to be operational by the end of 2020.
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Industrial robots offer several benefits, such as cost reduction, size reduction, increased rate of operation, improved quality, and improved manufacturing efficiency and flexibility. Robotic software is used to build robots with high accuracy, reliability, and flexibility. Robot programs are designed with high accuracy to reduce human errors. Robot systems are now available in a wide range of functionalities, which include autonomous, self-repairing, machine monitoring, and many more.
By application, the market is segmented into Plastics, Rubber, and Chemicals, Automotive, Metals and Machinery, Electrical and Ele__ctronics, Food and Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, and Others. Technological advancements and decreasing costs are making industrial robots more affordable to small and medium enterprises and are enabling seamless integration and programming. However, the integration of industrial robotic solutions and high investment required for the initial setup hampers the adoption of robots by small and medium enterprises in diverse sectors.
Detailed Segmentation:
- Global Industrial Robotics Market, By Type:
- Cartesian
- Articulated
- Cylindrical
- SCARA
- Others
- Electrical & Electronics
- Automotive
- Machinery
- Chemical, Rubber & Plastics
- Food & Beverages
- Metals
- Precision & Optics
- Others
The industrial robotics market is majorly driven by a surge in labor charges worldwide, which in turn has enforced manufacturers to replace human labor with machines. Asia Pacific and Europe are the key growth regions, with leading players, such as Kawasaki, ABB, KUKA, Fanuc, and the Yaskawa Electric Corporation. In Asian countries such as Taiwan, Korea, and China, supportive government policies, research and development subsidies, tax incentives, investment in skills, and loans are expected to work in favor of the market. Moreover, the European Union invested around US$ 872 million in the SPARC robotics project, which is expected to generate more than 240,000 jobs in Europe by 2020.
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