Industrial Robotics Market Poised to Reflect 10.32% CAGR by 2026 - Report by Market Research Future (MRFR)
Global Industrial Robotics Market Fueled by Factory Automation
New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industrial Robotics Market information by Type, by End-Users, by Application and Region – forecast to 2027” market size to grow at a compound annual growth rate of 10.32% by 2026.
Market Scope:
Industrial robotics are robotic systems designed to work in collaboration with workers in assembly lines. The report on the global industrial robotics market by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2020-2027). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
Dominant Key Players on Industrial Robotics Market Covered are:
- Kawasaki Heavy Industries Ltd. (Japan)
- Denso Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Bosch GmbH (Germany)
- ABB Ltd. (Switzerland)
- Yaskawa Electric Corporation (Japan)
- Fanuc Corporation (Japan)
- Toshiba Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Kuka AG (Germany)
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Market USP Exclusively Encompassed:
Market Drivers
Investments to Boost Productivity to Drive Market Demand
Huge demand for consumer electronic devices, packaging, machinery, pharmaceuticals, and other goods can drive demand for industrial robotics. The commitment by e-sellers as well as large producers to customers is the primary driver of the market. Efforts to curb labor costs as well enhance efficiency can bode well for the market. Collaborations between players can drive the market growth as well. Expansion of industrial facilities and rise of international trade can navigate the trajectory of the industrial robotics market.
Initiatives of Industry 4.0 by Governments to Alleviate Effects of COVID-19
The Advanced Robotics for Manufacturing institute has aimed to foster development and innovation through collaborations and partnerships. Government schemes for digitizing data as well as boosting productivity can bode well for the market. Proposals for high-impact robotics as well as production-linked incentives by various governments can pave way for investments. Financial stimulus packages are likely to bode well for the market.
High Investment and Maintenance Costs to Hamper Market Growth
The high investments and maintenance & repair costs of industrial robotics can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects. Moreover, the huge capital expenditure required for procurement, programming, accessories, and integration can deter users. This can also deter small and medium enterprises from procurement due to shortage of funds and short-term production goals. Lack of quality raw materials and adherence to international standards can limit the scope of the market.
Browse In-depth Market Research Report (100 Pages) on Industrial Robotics Market:
https://www.marketresearchfuture.com/reports/industrial-robotics-market-1933
Segmentation of Market Covered in the Research:
Articulated Robots to Dominate Market Share
By type, the market is segmented into 6-axis robots, Cartesian, SCARA, articulated, dual-arm and parallel, delta, and redundant. Articulated robots are likely to perform repetitive actions and used in material handling, assembling, and others.
Handling Application to Gain Traction
By application, the market is segmented into painting, material handling, welding, palletizing, and assembling. The handling segment can gain traction over the forecast period due to its use in bin-picking, machine tending, and material handling. Its application in sectors of food & beverages, chemicals, automotive, and electrical & electronics can drive segment demand.
Automotive Industry to be Leading End-user
By end-users, the market is segmented into food & beverage, automotive, pharmaceuticals, entertainment, rubber & plastic, and electronics. The automotive sector is expected to command a large demand share due to spot welding and painting robots used in the assembly line. Protection of workers as well as safety safeguards put in place by manufacturers can drive market demand in the sector.
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Regional Analysis
APAC to Lead Global Industrial Robotics Market
APAC is set to dominate the market due to rising costs of labor and integration of industrial automation. Policies encouraging internet of things as well as use of collaborative robots to expedite production can drive market growth. Development of robots as well as its inclination by manufacturers in Taiwan, China, and Thailand can bode well for the market.
COVID-19 Impact on the Global Industrial Robotics Market
The COVID-19 pandemic had temporarily restricted the industrial robotics market growth. This is attributed to shutdown of factories and refusal of easing of lockdowns on factories. However, the shift to industrial automation and need to revive economic growth has led to investments in robotics. China has led the demand in robotics amid interest in renewable energy and need to achieve climate targets.
Industry News
Alphabet has launched a new company, Intrinsic, to focus on development of industrial robots.
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