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The global industrial robots market size was valued at USD 18.8 Billion in 2018 is projected to reach USD 59.9 Billion by 2026, exhibiting a CAGR of 15.7% during the forecast period.
The ongoing shift from manual functioning to automation is surging the demand for industrial robots. The synchronization of management, production, and control is vital for the smooth functioning of the workflow in industries. However, disruption and inefficiency in any of this functioning can hamper the processes and product quality.
In such a scenario, industrial robots are gaining impetus as it eases the functioning processes and increases the accuracy and efficiency of the workflow. The demand for industrial robots is catching up owing to the establishment of small and medium-scale enterprises, increasing investments for automation in industries, stringent government regulations enforced on handling hazardous chemicals and products.
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Similarly, the potential of industrial robots to aid in high payload lifting during the manufacturing of automobiles, customization in machinery, the introduction of the smart factory is supplementing the market potential. Furthermore, factors like awareness related to industrial accidents, rising consumption of consumer goods and employee safety are widening the industrial robots market size. Manufacturers are focusing on research and development activities to integrate advanced artificial intelligence and develop sophisticated sensors which augment market growth.
Venture capitalist companies are recognizing the industrial robots market trends and showing keen interest to offer to fund to the manufacturers for designing, testing and manufacturing industrial robots. For instance, in May 2019, Madrona Venture Group manages to fund around USD 6.1 Million for product development, testing, and hiring. Moreover, manufacturers are opting various business strategies like mergers, acquisitions, collaboration to expand its reach across the globe and cater the market capitalization. For instance, In April 2018, Teradyne, Inc. announced the acquisition of Mobile Industrial Robots (MiR) for around US$ 147 Mn. This strategic move will widen the existing portfolio of Teradyne for industrial robots and advanced intelligent automation products.
"Demand for robots in manufacturing facilities is favoring the industrial robots market growth"
Manufacturers are rigorously trying to reduce the operational costs of the processes which can be opted by reducing errors in the operational workflow, reducing material wastage mainly in automotive, electrical & electronics and pharmaceutical sector. The cost of raw material in these sectors is comparatively high, and errors during the processes lead to high operational costs. In such a scenario, manufacturers are implementing robotic solutions to cut down these operational costs which eventually enhance the OEMs profitability and improvement in operational flexibility. Rising demand from the heavy metal machinery, food & beverages, rubber & plastic industry is boosting the industrial robots market potential. Moreover, robots are characterized by multitasking, flexible enough to handle repetitive tasks with accuracy and deploy in critical areas in production lines. These factors are expected to further widen the scope of market share.
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Within robot type segment, articulated robot held the highest market share in 2018, due to its characteristic to perform precise movements repeatedly and consistently which mainly includes application like material handling, assembling, etc. adoption of articulated robots is majorly used in food & beverages, pharmaceutical, automotive further fueling the industrial robots market growth.
SCARA robots are expected to grow considerably during the forecast period owing to its structure which is designed to perform the tasks in a harsh environment. Moreover, they perform selective and repetitive activity mainly includes pick & place, sorting, prescription drug dispensing, small part assembly at a rapid cycle time. Such robots are widely installed in food & beverages, automotive, and manufacturing industries.
Among the application segment, material handling had the dominance in 2018, owing to demand from food & beverages, pharmaceutical, electrical & electronics industry. Moreover, material handling is a highly critical task in the chemical and pharmaceutical sector as some of the chemicals are concentrated and carry hazardous substances. In such a scenario, the application of robots is widely adopted to reduce accidents and ensure employee safety. Assembling application is expected to surge a considerable growth in the forecast period. Growth is likely to be driven by a rise in automotive, metal machinery, electrical and electronic industry where customized spare parts are assembled and installed in the finished product.
"Increasing manufacturing facilities is favoring the growth of Asia Pacific"
Asia Pacific generated a revenue of US$ 6.5 Bn in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth witnessed in the region is likely to be driven by rising automation, manufacturing industry mainly in Japan, China, and India. Furthermore, the rising population and disposable income of people increasing the consumption of consumer goods and other products owing to which the production capacity is increasing, further supplementing the industrial robots market share. Similarly, demand for customized machinery and automobiles is widening which requires high precision and fast production capacity. Adoption of robots in industrial application is enhancing to map up with the demand.
Asia Pacific Industrial Robots Market, 2018
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North America generated revenue for USD 5.0 Billion in 2018 and is forecasted to drive the global market owing to the emergence of smart factories and industry 4.0, demand for customized & compact robotic systems. In addition, manufacturers are yielding an early return on investments (ROI) as the manufacturing process is accelerated and production capacity is enhanced.
The global market is forecasted to show moderate growth in Europe as up-gradation of manufacturing operations is on the peek in this region, manufacturers are focusing towards development and implementation of collaborative robots. These type of robots are specifically designed to work with humans and are integrated with advanced sensors to recognize humans while working with them. Application of these type of robots is used to conduct heavy-duty jobs.
"ABB, Mitsubishi Electric Corporation, and YASKAWA ELECTRIC CORPORATION Company holds a Considerable Market Share in Terms of Revenue"
Major manufacturers are focusing on introducing industrial robots with a fast force-feedback control algorithm for industrial robots using artificial intelligence technology. Improvised robots can offer easy, a cost-effective task in a critical environment with error-free solutions. Moreover, manufacturers are focusing to invest in the companies which are offering innovative technologies in robotics in order to upgrade their existing technology. For instance, In May 2019, Mitsubishi Electric Corp. announced to invest in Realtime Robotics Inc. which is developing motion-planning technologies. Mitsubishi is planning to launch new industrial robots integrated with Realtime Robotics’ motion-planning technologies in the near future.
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by robot type, by application, by End-Use Industry and geography. By robot type, the industrial robot market is categorized into articulated, SCARA, cylindrical, Cartesian/linear, parallel, others (Collaborative, etc.) Based on application, the industrial robots market is bifurcated into pick & place, welding & soldering, material handling, assembling, cutting & processing, others (painting, etc.), Based on End-Use Industry, the industrial robots is bifurcated into automotive, electrical & electronics, healthcare & pharmaceutical, food & beverages, rubber & plastic, metals & machinery, others (construction, defense, logistics). Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, consolidated SWOT analysis for key players, and emerging market trends.
By Robot Type
By End-Use Industry
Fortune Business Insights says that the value of the global Industrial Robots Market was USD 18.8 Billion in 2018
The Industrial Robots Market is projected to reach USD 59.9 Billion by 2026
The Industrial Robots Market will grow at the rate of 15.7% CAGR
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