Industrial Robotics Market Is Expected to Grow from US$ 16,847.6 Million in 2017 To US$ 48,166.9 Million by 2025 at a CAGR of 14.2% By 2025.
Continuous technological advancements is expected to fuel the demand of industrial robotics market in near future
Industrial Robots are machine tools that are able to move parts or tools through a pre-specified set of motions. These machines combine attributes of machine with the attributes of its operator. Like a machine, these robots can do the given task for a prolonged time with high accuracy, and like a machine operator, it can be taught new things to extend its physical capabilities.
Industrial robots have been in the industry for a long time. Way back in 1970s, approximately 200 robots were being used in the U.S., which increased to 4,000 by 1980, and to 5,500 by 1981, and continuously increasing. Earlier, these robots were mainly used in the automotive and manufacturing industries, but their application has been increased to many new industry verticals such as medical, pharmaceuticals, electronics, food & beverage, rubbers & plastics, and many others.
In the electronics industry, industrial robotics are used for a variety of purposes such as PCB manufacturing, mobile phone assembly, hard disk production, and many pick and place functions in factory/warehouse application. The industrial robots for the manufacturing industries are different from the ones used in the other applications as it is required to handle very small products such as MCB and chips, and require high speed with repeatable accuracy.
According to Robotic Industries Association (RIA), the robot sales increased in the first quarter of 2017 as compared to the first quarter of 2016 by 32%, and is expected to experience continuous growth in the coming years. Also, the robotic technology is advancing with a large number of innovations in the field. For instance, Spider-like Delta robots coming with 2-D and 3-D vision guidance and force sensing that increases the speed and reduces the need for expensive part fixturing. Furthermore, compliant grippers that can grasp irregular and unpredictable shapes such as mixed parts, are enabling the automation of tasks, which were earlier only suitable for human hands.
Only a handful of players dominate the global industrial robotics market owing to high investments, enhanced R&D capabilities, and strong supplier relationships among others. Few of the players that are operating successfully in global industrial robotics market space are Kawasaki Heavy Industries Ltd., Fanuc Corporation, Mitsubishi Electric Corporation, and Yaskawa Electric Corporation.
Major market initiatives were observed in the APAC region particularly, China, South Korea and Taiwan. APAC is leading the global industrial robotics market, followed by Europe. Europe is another region where industrial robotics has flourished to a very high extent. The primary reasons for the development of industrial robotics in APAC and Europe is attributed to the major investments taken in the regions by the government as well as high adoption of automation by several industries in the regions for the increasing their endurance, speed, precision, and compete effectively in the global industrial robotics market.