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As per the International Federation of Robotics, around 2.6 million industrial robots are estimated to be operational across the world by 2019. The rising automation around the world is stoking demand for such robots, aiding the global market. Fortune Business Insights in a new study, titled “Industrial Robots Market Size, Share and Global Trend By Robot Type (Articulated, SCARA, Cylindrical, Cartesian/Linear, Parallel, Others), By Application (Pick and Place, Welding & Soldering, Material Handling, Assembling, Cutting & Processing, Others), By End Use Application (Automotive, Electrical & Electronics, Healthcare & Pharmaceutical, Food & Beverages, Rubber & Plastic, Metals & Machinery, Others) and Geography Forecast till 2026” predicts that the market potential to widen owing to rising investments in automation across industries.
Exhibiting a remarkable 15.7% CAGR, the global market is anticipated to cross US$ 59 Bn by 2026. In 2018, the market was worth US$ 18.78 Bn. Industries worldwide want to eliminate human error, inefficiencies, or disruptions in the workflow functioning. This brings them to the adoption of industrial robots as they ensure accuracy and operational efficiency. These robots work efficiently without hampering product quality or processes.
During automobile manufacturing, industrial robots help in lifting the high payload. The rising involvement of AI and digitization is expected to boost the industrial robots market growth. In March 2018, Jaguar land Rover and Waymo announced a long-term partnership to develop a self-driving electric vehicle. Both companies are expected to adopt industrial robots for manufacturing processes. The growing awareness about labor safety and industrial accidents are likely to amplify the industrial robots market size in the forthcoming years. Enforcement of stringent government laws regarding harmful products and chemicals is compelling industries to adopt industrial robots.
Industrial robots are used in different applications which include pick and place, material handling, assembling, welding and soldering, and others. Of these, material handing dominated the market in 2018 on account of its rising demand from pharmaceutical, food and beverages, and electrical & electronics industry. Apart from material handling, assembling is also expected to grow at a higher CAGR owing to the rising developments in metal machinery, automotive, and electric and electronic industry.
Abb, Mitsubishi Electric Corporation, and Yaskawa Electric Corporation are Among the Leading Companies
Some of the leading manufacturers adopt industrial robots integrated with artificial intelligence (AI) to get an easy and cost-effective task in a harsh environment. Several manufacturers are planning to invest in companies in the field of industrial robotics to upgrade their present technologies. For instance, Mitsubishi Electric Corp. invested in Realtime Robotics Inc. in May 2019. Realtime Robotics develops motion planning technologies and Mitsubishi launched new industrial robots integrated with Realtime Robotics’ technologies. The industrial robots market revenue is likely to surge as manufacturers are increasingly investing in different types of robots. Moreover, they are planning to focus on research and development (R&D) activities and aim to develop sensors integrated with advanced artificial intelligence. This, as a result, is estimated to drive the market growth in the years to come.
Increase in Manufacturing Facilities to Fuel Demand for Industrial Robots in Asia Pacific
The market in Asia Pacific covered US$ 6.52 Bn in 2018 and is anticipated to dominate the through the forecast years. Continuous expansion of manufacturing industries and rising demand for automation in countries such as Japan, India, and China are driving the industrial robots market size in this region. Rising investments in electric cars is expected to further widen the market potential. These factors are likely to create attractive growth opportunities for the market in the foreseeable future.
Following Asia Pacific, the market in North America is expected to rise at a higher CAGR by 2026. With the emergence of industry 4.0 and smart factories, the demand for these robots is increasing. This has further accelerated the production capacity in manufacturing industries. The demand continues to increase in the forecast years, favoring the market size in North America.
Manufacturers in Europe are planning to invest in the development of collaborative robots, showing moderate growth in the market. Collaborative robots, integrated with sensors and are designed to work with humans to handle heavy-duty tasks.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/industrial-robots-market-100360
The global industrial robots market can be segmented into the following categories:
By Robot Type
By End-Use Application