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The global industrial robots market size stood at USD 21.83 billion in 2019 and is projected to reach USD 66.48 billion by 2027, exhibiting a CAGR of 15.1% during the forecast period.
The ongoing shift from manual functioning to automation is surging the demand for these 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 these functions 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 these 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. Similarly, the industrial robots assist in high payload lifting during automobile manufacturing and customization of machinery. The emergence of smart factory will boost the market potential. Furthermore, factors like awareness related to industrial accidents, rising consumption of consumer goods, and employee safety are widening the market size. Manufacturers are focusing on research and development activities to integrate artificial intelligence and develop sophisticated sensors which, in, turn, will augment market growth. Venture capitalist companies are recognizing the market trends and showing keen interest to offer funding to the manufacturers for designing, testing, and manufacturing of these robots. Moreover, manufacturers are opting for various business strategies such as mergers, acquisitions, collaboration to expand their 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 USD 147 million. This strategic move will widen the existing portfolio of Teradyne for industrial robots and advanced intelligent automation products.
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Rise in the Logistics Sector is Expected to Aid the Market
The growing trend of consumers towards online shopping is boosting the e-commerce industry. The distribution centers, retailers, warehouses, and facilities owners, are now emphasizing to integrate automated robotic solutions. The interest is to achieve on-time delivery, reduce labor costs, and enhance efficiency and productivity at every process. This is one of the major factors for these robots deployments. Furthermore, many companies are developing promising products across all parts of the logistics value chain, including self-driving trucks, intelligent warehouses, and service robots.
Demand for robots in manufacturing facilities is favoring 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 the automotive, electrical & electronic 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 heavy metal machinery, food & beverages, rubber & plastic industry is boosting this 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 the market. Furthermore, the unprecedented situation created by COVID-19 is expected to create a potential room for the market. It is being observed that robots are deployed across various applications including commercial, industrial, and residential places to ensure ongoing operations without human intervention. For instance, in March 2020, Blue Ocean Robotics received an order of 2,000 UVD from hospitals located in China. The robot is capable of moving independently wherein critical operations and patients are placed. Then, it detects viruses and bacteria through ultraviolet light (UV-C) and kills them. Therefore, the market is gaining traction as it helps patients to keep away from microorganisms.
High Costs of Investments at Initial Stage and Maintenance can Hinder the Market Growth
The pouring of investments required at the initial stage can be challenging for companies with no relevant experience. The heavy capital expenditure is required for procurement, integration, programming, accessories, maintenance, etc. This could limit market growth. Also, small and medium enterprises find it difficult to park high funds owing to low-volume production and slow return on investments (ROI). Furthermore, currently, the breakdown of the COVID-19 pandemic is creating a considerable impact on the market. The immediate locking down of various manufacturing plants and industries has tremendously hampered the overall production processes and supply chains. However, industrial robots manufacturers are expected to alleviate their sales and overcome the challenges after the pandemic.
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Articulated Robots Segment is Anticipated to Show a Higher Growth Rate in the Coming Years
Based on the robot type, the market is segmented into articulated, SCARA, cylindrical, cartesian/linear, parallel, and others.
The articulated robot held the highest market share due to its characteristic to perform precise movements repeatedly and consistently which mainly includes applications such as material handling, assembling, and others. Adoption of articulated robots is majorly used in food & beverages; pharmaceutical, automotive further fueling the market growth.
SCARA and cylindrical 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.
Cartesian/linear and parallel robots are anticipated to show considerable growth in the coming years owing to rising automation across warehouses, distribution centers, manufacturing plants, etc.
Material Handling Segment to Grow Rapidly in the Forecast Period
Based on application, the market is segmented into pick and place, welding & soldering, material handling, assembling, cutting & processing, and others
Material handling is expected to book the highest growth 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, welding & soldering and pick and place 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.
The cutting and processing segment is expected to show considerable growth in the coming years with the increasing trend of customization of cars, rising focus of precision cutting across various applications, and others.
Healthcare & Pharmaceutical Segment to Grow Rapidly in the Forecast Period
Based on industry, the market is segregated into automotive, electrical & electronics, healthcare & pharmaceutical, food & beverages, rubber & plastic, metals & machinery, and others
Healthcare & pharmaceutical segment is expected to grow at a significant rate. The growth is likely to be driven by the rising trend of synergizing robotics and humans to perform various medical activities. This includes assisting surgeons with performing operations, typically minimally invasive procedures. These robots are integrated with advanced 3D HD technology which enables the operator spatial references required for highly complex surgery. Moreover, the characteristics of speed and accuracy are major factors for increasing industrial robots deployments. These robots are capable of handling powder, liquids, and highly viscous materials at testing centers and manufacturing plants.
The automotive segment is expected to grow at a considerable rate owing to the increasing shift from manual to electric cars. Moreover, the rising concerns of governmental bodies to reduce emissions further enforcing manufacturers to reduce the weight of the vehicles to maintain emission standards. Furthermore, the major countries including Germany, the UK, United States, and China are focusing on expanding its production plants across cross countries to meet up with the rising demand.
Electrical & electronics, metals & machinery, rubber & plastic, and food &beverages segment is anticipated to show considerable growth in the future times with the rising integration of robotics for handling delicate semi-conductors, hazardous chemicals in research & development centers, etc. Also, industrialization is getting a pace in recent times with the growing customer needs for specific and customized machinery. These machineries require précised welding and soldering to resist the heavy load in the operational processes.
Asia Pacific Industrial Robots Market Size, 2019 (USD Billion)
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Geographically, the market is segmented across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Asia Pacific 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 this market share. Similarly, demand for customized machinery and automobiles are widening which requires high precision and fast production capacity. The adoption of robots in industrial applications is enhancing to map up with the demand.
North America expected to show considerable growth owing 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.
Europe, Middle East, and Africa and Latin America are expected to show considerable growth in the coming years as upgradation of manufacturing operations is on the peek in this region, manufacturers are focusing on development and implementation of collaborative robots. These types of robots are specifically designed to work with humans and are integrated with advanced sensors to recognize humans while working with them. The application of this type of robots is used to conduct heavy-duty jobs.
Mitsubishi Electric Corp.is Emphasizing on Investing in Robotics to Gain Competitive Edge in the Global Market
Mitsubishi Electric Corp. is 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.
Key players are Focusing on Upgrading the Existing Technology
Key suppliers are focusing to introduce its product streamlined with innovative technologies to gain recognition in the global market. Also, the rising government initiatives for milk quality standards is a supplementing factor as these robots provide the quality and grades of the milk.
The industrial robots market report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of this industrial robots market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2020 to 2027 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
An Infographic Representation of Industrial Robots Market
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Value (USD billion)
By Robot Type
As per Fortune Business Insights, the market was worth USD 21.83 billion in 2019.
By 2027, the market size is expected to reach USD 66.48 billion
The market is projected to grow at a CAGR of 15.1% during the forecast period (2020-2027).
Within robot type, the articulated segment is expected to lead the market share during the forecast period.
Technological advancement in robots including AI, and Big Data is a key factor driving the market.
ABB, FANUC CORPORATION, and KUKA AG are the top companies in the global market.
Asia Pacific is expected to hold the highest CAGR in the market
The rising E-commerce sector is one of the emerging trends in the market.
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