Industrial Robotics Market Sales Revenue, Development Strategy and Regional Forecast to 2027
Industrial robots have a vital role to play in automation of industries, as several key operations are taken care of by industrial robots in several industries. Economic development in various countries offers promising growth opportunities to the global industrial robotics market. Rapid expansion of e-Commerce activities coupled with phenomenal growth of automotive and electronics industries is an added impetus to the global industrial robotics market.
Some of the renowned market players analyzed in the report on the global industrial robotics market are Yaskawa Motoman Robotics, Kawasaki Heavy Industries, Denso Corporation, Toshiba Machine Co., Ltd., Fanuc Robotics, and KUKA Robotics. The global industrial robotics market is projected to reach US$ 297 Bn by 2027. The market is likely to grow at a CAGR of ~9% from 2019 to 2027.
Growing Demand for Collaborative Robot to Drive Industrial Robotics Market
Collaborative robots are built to work alongside human beings through interaction in a shared workspace. Collaborative robots have the ability to automate the work easily and hence, are used in variety of applications such as packaging, pick and place, screw driving, assembly, lab testing, and quality inspection. Furthermore, collaborative robots help companies to enhance the production output with high levels of work safety, as these robots can perform repetitive work at a faster pace.
Demand for collaborative robots is continuously on the rise in different industry verticals including retail, healthcare, automotive manufacturing, and several others, owing to their numerous benefits and associated applications. Several manufacturers operate in the industrial robotics domain such as Universal Robots, KUKA AG, and Franka Emika GmbH, who offer a wide variety of collaborative robots for various industries.
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Extensive Deployment of Industrial Robots in Manufacturing Units Drives Market in North America
Based on region, the global industrial robotics market has been segmented into Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. Regional segmentations are likely to facilitate better understanding of market dynamics at play in each of the regions during the forecast period.
According to the findings of the Association for Advancing Automation, around 27,294 robots were ordered in the first nine months of 2019. These robots were valued at around US$ 1.473 Bn. North America is likely to lead the global industrial robotics market in the coming years. Substantial reliance of North American manufacturing units on advanced and innovative technological solutions to generate high quality output at reduced cost is fueling the market. Increased implementation of advanced software programs to stay ahead of competition is responsible for growth of the industrial robotics market in North America.
Modern manufacturing facilities in North America substantially depend on new innovative technologies to produce higher quality products at high speed and reduced costs. Manufacturing facilities are implementing more intelligent software and hardware to survive in the current competitive scenario.
Likewise, Europe is also expected to account for a large share of the market. In 2017, around 170,000 robots participated in the production process of the automotive industry in Europe. Such high levels of robotic participation is a manifestation of the market prominence in the region.
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According to TMR analysts, in terms of density of industrial robots, South Korea is estimated to retain its leading position during the assessment period.
High Cost of Human Labor to Bolster Demand for Industrial Robots
The expansion of the global industrial robotics market is stimulated by heightened activities in the factory automation sector. The global industrial robotics market is poised for considerable growth in the near future with the growing human-machine interaction together with cloud technology improving control of hardware.
High cost of deploying manual labor coupled with the cost incurred on health insurance, paid leaves, compensations, training, conferences, and promotions is a financial burden on companies. These factors that emerge with the employment of human labor are expected to pave the way for large-scale deployment of industrial robotics in the coming years. Unlike industrial robots, human labor is incapable of working in adverse conditions or in high-risk zones. Day-to-day completion of the same tasks leaves workers with a mutinous and dull feeling, which lowers productivity. More manufacturers are therefore utilizing industrial robots in view of these negative aspects of human labor.
