- In the automobile industry, industrial robots are able to lift high payload with ease and more efficiently than humans. Industrial robots are extensively utilized in the automotive industry, and their usage is likely to increase in the near future.
- Need to reduce accidents at work, better work environment, safety of employees, and enhanced output across industries are likely to drive the demand for industrial robots in the next few years
Key Drivers and Opportunities of Global Industrial Robotic Motors Market
- Employment of manual labor leads to incurring of high cost, which adds to the cost of production. Additionally, offering of benefits to employees such as paid leaves, promotions, yearly pay hikes, and health insurance are often a matter of inconvenience for several companies. Deployment of industrial robots eliminates all of these inconveniences, which in turn is estimated to offer significant opportunities to the global industrial robotic motors market during the forecast period.
- Injury at workplace is a common issue that affects numerous workers across the globe every year. In addition to being a health burden, it also costs in billions to businesses worldwide. Automation of installation of industrial robotic motors can help reduce the number of accidents and save businesses from the high cost associated with such accidents. This, in turn, is projected to boost the industrial robotics motors market during the forecast period.
- Industrial robotic motors offer high return on investment (ROI) to market players and it is spread over a longer time period, thereby boosting the market. Initial investment in industrial robotic motors is high; however, the high ROI over the years compensates for the high cost that is incurred in the beginning.
- Installation cost and initial training follow initial high cost, which adds to the cost. Moreover, add-on peripherals such as teach pendants, controllers, end-of-arm tooling (EOAT), and various recurring costs further fuel the cost of deployment of these robotic motors considerably. This is expected to hinder the industrial robotics motors market during the forecast period.
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North America and Europe to Hold Major Share of Global Industrial Robotic Motors Market
- In terms of region, the global industrial robotic motors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Steady rise in the wages of laborers in countries such as Germany, the U.S, and the U.K. has fueled the demand for industrial robotic motors in North America and Europe. Additionally, increased utilization of cloud-base robots, AI-powered robotic motors, and collaborative robots at industrial level are likely to boost the global industrial robotic motors market in the next few years. In the U.S., deployment of industrial robotic motors for hazardous tasks, such as welding, manifests the growing emphasis on workers’ safety. Therefore, North America and Europe are anticipated to hold major share of the global market during the forecast period.
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Key Players Operating in Global Industrial Robotic Motors Market
- ABB Ltd.
- Comau SpA
- Doosan Robotics Inc.
- Fanuc Corporation
- Hyundai Robotics Co., Ltd.
- Mitsubishi Electric Corporation
- Omron Adept Technologies, Inc.
- Panasonic Corporation
- Toshiba Machine Co., Ltd.
- Yaskawa Electric Corporation
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