Overview:

The global industrial robotics market was valued at US$ 18.53 Bn in 2019, expanding at a CAGR of 12.1% during the forecast period from 2020 to 2028. The accelerating pace of automation is transforming a widening range of industries. Therefore, robots have made their way and are spreading throughout warehouses and manufacturing facilities around the world. To a certain extent, the new wave of automation is driven by the same things that first brought robotics and automation into the workplace: to free human workers from dangerous, dirty, and dull jobs, improving quality by reducing variability, eliminating errors, and to cut down manufacturing costs. The growing importance of workplace safety and rising demand for automating processes to increase efficiency, enhance safety, and reduce human errors are some of the major factors driving the growth prospects of the market worldwide.

Industrial robotics revolutionized the conventional industrial processes and allowed manufacturers to increase productivity at higher quality and lower costs. Industrial robots have been in the industry for a long time now. In 1970, approx. 200 robots were used in the U.S., which later increased to 4,000 in 1980 and 5,500 in 1981 and is still increasing. According to the International Federation of Robotics (IFR), the global sales of industrial robots increased by about 6% and reached a new record of 422,000 units in 2018.

"Articulated Robots accounted for the Largest Market Share in 2019"

In 2019, based on product type, articulated robots accounted for the largest market share in the global industrial robotics market. Articulated robots are most commonly used in factories worldwide. This type of robot has additional degrees of freedom than other robots in the market, which makes them more adaptable and appealing. Articulated robots can be used for different applications including material handling, material removal, welding, and dispensing. Having the capability of performing a host of tasks in various industrial operations, articulated robots have seen widespread adoption over the years and are likely to maintain their dominance throughout the forecast period from 2020 to 2028.

"Asia Pacific Garnered Largest Market Share in 2019"

The industrial robotics market, based on geography was dominated by the Asia Pacific region in 2019. The region is expected to have an upper hand in the market throughout the forecast period owing to the presence of strong electronics and automotive industries. Also, some of the major players such as ABB Ltd., KUKA AG have established their operations in the region. The strongest growth drivers for industrial robotics are found in countries including China, Japan, and the Republic of Korea. Owing to the booming automotive industries and rapid industrialization, the region projected to witness notable growth in the years to come.

COVID-19 Impact:

A significant trend that has been observed in the Asia Pacific region is the shifting of manufacturing capabilities for numerous multinational companies out of China. Although most of the probable destination countries for manufacturing such as India, Thailand, and the Philippines, among others belong to the same Asia Pacific region, there are going to be increased investments towards manufacturing capabilities outside of China. Thereby, this provides a significant growth opportunity for industrial robot providers to quickly partner with investors in countries such as India, Thailand, and the Philippines to leverage the situation. Market participants need to assess the countries’ manufacturing infrastructure and offer integrated and end-to-end robotic solutions to boots the countries’ production quality and efficiency.

Competitive Insights

Major players in the industrial robotics market include ABB Ltd., TOSHIBA MACHINE CO., LTD., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., DAIHEN Corporation, Universal Robots, and CMA Robotics among others.

New product development remains the key strategy adopted by the players to obtain an upper hand over the competitors present in the market. For instance, in June 2018, ABB Ltd. launched a third-gen Foundry Prime robot. The robot is designed for applications such as high-pressure water jet cleaning in tough operating industrial environments. The Company has developed the robot to increase system uptime and reliability while reducing maintenance costs by 60%.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Robotics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Industrial Robotics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Industrial Robotics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Industrial Robotics market?
• Which is the largest regional market for Industrial Robotics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Industrial Robotics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Robotics market worldwide?