WASHINGTON, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Growing demand for collaborative robots across all industries, increasing automation in the electronics industry and several incentives being offered by the governments are some of the major factors anticipated to drive the market.
The Global Industrial Robots Market revenue is expected to reach a value USD 89.4 Billion in 2028.
The Global Market revenue was valued at USD 45.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period; states Vantage Market Research, in a report, titled “Industrial Robots Market Size, Share & Trends Analysis Report by Type (Traditional Industrial Robots, Articulated Robots, SCARA Robots, Parallel/Delta Robots, Cartesian/Linear/Gantry Robots, Collaborative Robots, Other Robots (Cylindrical Robots, Spherical Robots, & Swing-Arm Robots)), by Component (Robotic Arms, Robot Accessories, End Effectors, Controllers, Drive Units, Vision Systems, Sensors, Power Supply, Other Components), by Payload (Up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, More than 225.00 kg), by Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, Other Applications), by Industry (Handling, Automotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubber, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Other Industries), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Industrial Robots Market was valued USD 45.1 Billion in 2021 and is all set to surpass USD 89.4 Billion by 2028, exhibiting a CAGR of 12.1% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Industrial Robots industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Initiatives by governments and public-private companies to mitigate the COVID-19 impact
A public-private organization called the Advanced Robotics for Manufacturing (ARM) Institute works to increase the competitiveness of US manufacturing through partnerships and the creation of cutting-edge robotics technologies. It is funded by the US Department of Defense. To help with the swift reaction needed for the COVID-19 pandemic, the institute has sought projects in robotics that are quick and have a significant effect. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the approved plans would get funding. Such enticing incentives motivate businesses to create novel solutions. In addition, the production-linked incentive (PLI) plan has been expanded by the Indian government to eleven industrial sectors, with a primary focus on the automotive and automotive component industries.
Opportunity:
Increasing Automation in Electronics Industry
Electronics businesses will be able to develop more because of the rise in automation since it will be easier and less expensive for them to create prototypes. Throughout the whole manufacturing cycle, robots may be utilized for tasks including assembling, dispensing, milling, inspecting, packing, and palletizing. Improvements also aid the demand for robotics in end effectors and vision systems. The majority of the job that industrial workers in the electronics sector currently do is still repetitive and redundant, such as hand assembly and tooling. Robotics investments will alter the expectations imposed on employees, allowing them to concentrate on high-importance jobs like final inspection and quality control. Furthermore, due to their ability to cooperate with people, collaborative robots may be included in already-existing manufacturing lines.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Industrial Robots Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Regional Analysis:
North America is expected to dominate the growth of Industrial Robots Market in 2021.This may be ascribed to the fact that manufacturers are being compelled to automate the production processes in order to preserve their cost advantage due to rising labor prices in the region. Due to factors like low production costs, easy access to affordable labor, lax emission, and safety regulations, and government initiatives for foreign direct investments (FDIs), automation in the North America countries is expected to increase in the near future. This will allow North America region to maintain a dominant market position in the Industrial Robots Market.
List of Prominent Players in the Industrial Robots Market:
- ABB (Switzerland)
- FANUC (Japan)
- YASKAWA(Japan) KUKA (Germany)
- Mitsubishi Electric (Japan) (Japan)
- Kawasaki Heavy Industries (Japan)
- Denso Corporation (Japan)
- NACHI-FUJIKOSHI (Japan)
- Seiko Epson (Japan)
- DÜrr (Germany)
- Universal Robots (Denmark)
- Stäubli (Switzerland)
- Comau (Italy)
- B+M SURFACE SYSTEMS (Germany)
- ICR Services (US)
- IRS Robotics (Netherlands)
- Hyundai Robotics (South Korea)
- Siasun Robotics (China)
- Robot Worx (US)
- Techman Robot (Taiwan)
- Rethink Robotics (Germany)
- Franka Emika (Germany)
- F&P Robotics (Switzerland)
- Bosch Rexroth (Germany)
Recent Developments:
In October 2020, ABB announced the acquisition of Codian Robotics (Netherlands), a leading provider of delta robots used primarily for high-precision pick and place applications. Codian Robotics' offering includes a hygienic design line, ideal for hygiene-sensitive industries including food and beverage and pharmaceuticals. With the acquisition, ABB is expected to increase its delta robot offerings.
In September 2020, KUKA(Germany) announced its new SCARA robots under the KR SCARA line-up that excel in applications like small parts assembly, materials handling and inspection tasks with a payload of 6 kg. The robots will be mainly offered to cost-sensitive markets.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Industrial Robots Market for the base year and forecast period?
This market titled “Industrial Robots Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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