Summary - A new market study, titled “Global Industrial Robotics Market -2019-2026” has been featured on WiseGuyReports.
Global Industrial Robotics Market expected to reach $44.1 billion by 2026, at a CAGR of over 11.2% during the forecast period. The number of robot installations in the Electrical and Electronics industry has increased considerably over the years. The high investments in the Electronics industry are the primary factor driving the demand for industrial robotics in the industry.
As defined by ISO 8373 standards the industrial robot is “an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes”. Today, Industrial robots are increasingly being installed in various industry such as food and packaging, automobile, electronics, etc. The new technological developments are making manufacturing industry smarter in terms of efficiency with minimizing defect, waste, and downtime. In order to overcome the limitations of traditional labor work in industries and enhance the capability of operators, industrial robotics has been evolved. Installation of industrial robots also helps to gain a competitive advantage by making the business process more dynamic.
The report covers all the major trends and drivers playing a vital role in the growth of the Industrial Robotics market. The global Industrial Robotics market has been segmented based on geography, type, end-user industry, and application.
Market Dynamics: Drivers, Restraints, Opportunities Challenges
The global Industrial Robotics market growth is driven by rising demand for electronics calls for the increase in production capacity along with high product quality. The use of industrial robotics helps the manufacturers to achieve high capacity with uniform quality.
The demand for industrial robotics is also accelerating due to the ongoing trend towards automation and increasing technological advancements in the robot industry. Factors such as shortage of skilled workforce and high labor costs also drive the adoption of industrial robotics across various industries worldwide. Several organizations have implemented industrial robotics solutions to reduce their labor costs and improve efficiency. Although the initial cost of procuring a robot is high, once implemented, it offers high productivity, efficiency, and profits.
Global Industrial Robotics Market, By Type:
In 2018, the articulated robots segment accounted for the maximum share in the global industrial robotics market in 2016, owing to the increased usage of these robots in the packaging and healthcare sectors of the emerging economies. However, the cylindrical robots and others segment comprising customized and refurbished robots, are expected to grow at a significant pace in the near future, owing to their increasing demand in industrial sectors in the Asia-Pacific region.
Global Industrial Robotics Market, By End-use:
• Metal/heavy machinery
In 2018, the automotive segment dominated the global market. The development of automotive robotics in the industry has picked up pace due to the cost-effectiveness, job efficiency, and safety. Also, with the rising demand for vehicles across the globe is expected to drive the automotive industry and therefore, fueling growth in the global industrial robotics market.
By geography, the global Industrial Robotics Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, Asia-Pacific accounted for the majority share in the global Industrial Robotics market. The broad market share of the Asia-Pacific region can be attributed to the high growth in the electrical/electronics industry in countries like China, Japan, Republic of Korea, and India. China has been the biggest robot market in the world with continued dynamic growth. The industrial robot installations are continuously increasing in China, and it is also the fastest-growing robot market in the world. China’s rising robotics industry attributes to its scale, growth momentum, and capital. Also, the rising initiatives of the Chinese government are contributing to the growth of the market. The Chinese government has recognized the Robotics Industry as a strategically important sector in its Made in China in 2025 (MIC 2025) industrial policy.
Further, in 2016, the government launched the Robotics Industry Development Plan (2016-2020) to promote robot applications to a broader range of fields and to attract foreign investment, aiming to make 100,000 industrial robotics produced by domestic technology annually by 2020.
Also, the growing trend of automation coupled with increasing demand for Industrial Robotics from emerging economies such as Brazil, India, Indonesia, and Vietnam; will further fuel growth in the global Industrial Robotics market.
In North America, growing industrial automation; emerging applications, such as augmented and virtual reality and IoT; and need of new technologies and innovations to produce higher quality products at faster speeds with lower costs will further drive the market during the forecast period.
Global Industrial Robotics Market is fragmented with the presence of global and regional players in the market. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across retail space are other steps taken by market participants to generate demand.
Intense rivalry among top players in the market has started fierce competition at various levels such as driving aggressive marketing strategies, new and innovative product launches, and competitive pricing.
Some major players in the market are Mitsubishi Electric, ABB Robotics, Omron Adept Technologies, Fanuc Robotics, and Yaskawa Mo-toman. Other prominent players in the market include Epson Robotics, Kawasaki Heavy Industries, Staubli, Nachi-Fujikoshi, and Denso Corporation.
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