Industrial robotics is making manufacturing industry smarter and efficient by minimizing waste, defects, downtime, and cost reduction.
International organization of standardization defines industrial robots as "automatically controlled, reprogrammable multipurpose manipulator programmable in three or more axes". Industrial robotics is making manufacturing industry smarter and efficient by minimizing waste, defects, downtime, and cost reduction. In addition, this new generation robots possess human characteristics such as intelligence, flexibility, memory and ability to learn, and recognition of object. Installation of industrial robotics have helped organization gain competitive advantage and build dynamic business process.
Primary factor driving growth of the global industrial robotics market is increased demand for automation in manufacturing, packaging, and automobile industry in order to meet production demand and industry standards. In addition, increasing adoption of industrial robots by small and medium scale enterprises (SMSE) is further fueling growth of this market. Also, development of self-programming robots owing to advancement in artificial intelligence is expected to boost demand for the industrial robotics market globally in near future. Increasing industrial robotics adoption in chemical, food and beverages, electrical and electronics sectors have resulted in new opportunities over past few years.
Some of the challenges faced by the global industrial robotics market are high installation and maintenance cost, performance uncertainty and lack of skilled workforce to operate and manage automated machines. Apart from the industrial robots market, software and hardware for these robots, education and training, business consulting and services etc. are also representing great opportunities.
The global industrial robotics market is segmented on the basis of function, application, and region. On the basis of region, the global industrial robotics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific dominates the global industrial robotics market and is expected to grow at significant pace during the forecast period. This is attributed to increasing international investment for manufacturing units in countries like China and India owing to low cost of production. North America holds second position owing to rising production capacities and presence of large automotive players.
Key players in the global industrial robotics market are FANUC Corporation, DENSO Corporation, ABB Ltd. Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Comau S.p.A, Toshiba, Panasonic Corporation, Yamaha, and various other prominent players.