The global market size worth around US$ 66.50 Bn by 2027 and the market is expected to grow at a compound annual growth rate (CAGR) of 15.0% from 2020 to 2027.
High accuracy, reliability, and affordability offered by industrial robots, rising demand for industrial robotics from small and medium industries, and intense competition are the key factors driving the growth of the global industrial robotics market. Industrial robotics consists of hardware component, software component, and control mechanism. Industrial robots are widely used across different industrial sectors to perform complex and repetitive tasks with high accuracy and precision. With advancement in technology and decreasing cost, the small and medium industries are focusing on employing industrial robots to increase production and improve efficiency.
The emergence and adoption of combination robotics has significantly fueled the growth of industrial robots owing to reduced space requirement and high throughput in critical applications through human machine collaborative environment. The COVID-19 pandemic is anticipated to cast significant impact on the global industrial robotic in coming years due to loss in productivity and changing demand patterns. The global industrial robotics market is anticipated to grow significantly during the forecast period.
Hefty Investments by Venture Capitalists to Augment Growth
The growing focus of pre-eminent players on R&D for the development of advanced sensors and the integration of AI will have a tremendous impact on the market over the forecast period. Moreover, the growing funding by venture capitalists for the manufacturing and designing of industrial robots will foster the healthy growth of the market in the foreseeable future. For instance, VNDLY a leading cloud based management company received an investment of $8.5 million from the venture capitalist Madrona Venture Group.
Moreover, the increasing deals and agreements between kry players will further enhance the potential of the market. For instance, In April 2018, Teradyne, Inc. a manufacturer and leader of automatic testing equipment announced that it has signed an agreement with Mobile Industrial Robots (MiR) for around USD 147 million. In addition, the growing demand for robots and automated machinery in the food & beverage industry will spur business opportunities for the market in the forthcoming years.
However, the substantial capital expenditure required for procurement, integration, programming, accessories, maintenance can act as a challenge for the growth of the market during the forecast period. Moreover, low-volume production and slow return on investments (ROI) by small and medium enterprises will further retard the development of the market.
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Industrial Robotics Market Structure Analysis
- The global industrial robotics market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
- The industrial robotics market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
- Prominent manufacturers of industrial robotics are currently prioritizing R&D and new product launches in North America, Europe, and East Asia.
- Portfolio extension is also identified to remain one of the key developmental strategies adopted by manufacturers of industrial robotics.
- For a stronger foothold in target markets, industrial robotic manufacturers will continue to rely on inorganic strategies, such as mergers and acquisitions.
- A deeper understanding of the market trends and preferential shifts of end-use segments across various regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the industrial robotics market.
- This study provides the analytical depiction of the global industrial robotics market Share along with the trends and future estimations to depict the imminent investment pockets.
- The overall industrial robotics market potential is determined to understand the profitable trends to gain a stronger coverage in the market.
- The report presents information regarding key drivers, restraints, and opportunities along with detailed impact analyses.
- Quantitative analysis of the industrial robotics market for the period of 2020-2027 is provided to determine its financial competency.
- Porter's five forces analysis of the global industrial robotics industry illustrates the potency of buyers and suppliers in the industrial robotics industry.
Industrial Robotics Market Share Insights
Major players active in the global industrial robotics market include ABB, DENSO Corporation, Seiko Epson Corporation, Fanuc Robotics, KUKA, Mitsubishi Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, Toshiba Machine Co., Ltd., and YRG, Inc.
The report: "Industrial Robotics Market Forecast (2020-2027)", by insightSLICE, covers an in-depth analysis of the following segments of the global market.
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