New innovative developments are positively impacting the manufacturing sector in terms of limiting waste, defects, and downtime. Industrial robotics overcomes the shortcomings of conventional work in industries and improves the capacity of operators. Industrial robots also provide an upper hand by influencing business processes to be more unique. Increasing focus on improving the productivity of large volume production, especially in the manufacturing of electronic gadgets and vehicles is one of the factors influencing market development.
The global market for industrial robotics is predicted to witness a CAGR of ~9% during the forecast period from 2019 to 2027, with an estimated value of ~US$ 297 Bn by end of 2027.
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Growing Demand for Collaborative Robots 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 across a 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 better work safety, as these robots can perform repetitive work at a faster pace. Demand for collaborative robots is continuously on the rise from different industry verticals including retail, healthcare, automotive manufacturing, and 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, offering a wide variety of collaborative robots for various industries.
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Significant ROI to Propel Market Growth
Industrial robots provide a high ROI to entrepreneurs and producers operating in the industrial robotics marketplace around the world. However, underlying expenses of buying these gadgets is high and can be especially costly to organizations that purchase these gear in bulk instead of a replacement purchase or one-time purchase. Besides, these costs are followed by initial installation and training expenses and repeated cost for support and maintenance. These high rates are unfeasible to players having an extremely restricted spending plan.
Globally, Asia Pacific is expected to be the fastest developing market to a great extent due to the rise in research and development activities in Australia, Japan, India, and China. Adoption and popularity of robotics in small and medium enterprises (SME’s) is additionally anticipated to strengthen the industrial robotics market in the region of Asia Pacific. Additionally, the application of industrial robots is growing across a large number of applications; for instance, consumer electronics, electrical, and automotive is additionally anticipated to boost the development of the market during the forecast period from 2019 to 2027.
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Some of the key players operating in the global industrial robotics market are
- KUKA Robotics Corporation
- FANUC Ltd.
- Denso Corporation
- Yaskawa Motoman Robotics
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