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Industrial robotics market By Key Vendors: ABB Enterprise Software, Denso, Epson America Inc., FANUC America Corporation, Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, STAUBLI, Universal Robots A/S,
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Industrial robotics market is projected to witness surge in demand from the automotive industry, owing to the increasing adoption by the car manufacturers to improve precision and efficiency of the production lines. According to the Robotics Industry Association, more than 50% purchases of robots in North America in recent years are made by the automotive industries. Technological advancements such as robotic vision, collaborative robots, and robotic hand are encouraging more automakers to implement the technology in their production plants, thus positively impacting the industrial robotics market growth.
The German industrial robotics market strength is driven by a combination of the region’s proven engineering tradition, position as a leader in technological development, and its highly diversified industrial base. Germany is witnessing immense innovations which are helping bridge the gap between robotics and several industrial sectors. Stakeholders are organized in multiple regional organizations such as the Automation Valley Northern Bavaria. The country’s specific strength in the development and manufacturing of industrial robots is further strengthened by the existence of specialized organizations such as the Robotics and Mechatronics Center at the German Aerospace Center (DLR).
World Industrial robotics market is set to grow from its current market value of $35 billion to more than $80 billion by 2024
Industry Growth drivers –
• Rising labour costs and inconveniences of employing manual workforce in North America and Europe
• Government initiatives aiding the growth of the local manufacturing in South-East Asia
• Rise in SMEs and their growing demand for automation in Europe and Asia Pacific
• High growth of automation across the automotive and electronic industries in Asia Pacific
• Low robot density in the Asia Pacific
The high adoption of automation technology is projected to aid in the growth of the industrial robotics market. The usage of these technologies can aid in the reduction of the development time and the exorbitant variable costs such as labor and electricity prices. In regions including Western Europe and North America, the labor costs are very high, over USD 38 hourly wage in Germany.
The segmentation of the industrial robotics market by product indicates that collaborative robots are expected to have the highest growth rate over the forecast timeframe. These have a large work envelope and high usage as they allow employees to work alongside and are priced significantly lower as compared to its counterparts. Additionally, the adoption of the collaborative industrial robotics market decreases human idle time by 85% and substantially boosts the efficiency of the overall manufacturing process.
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The end-use segmentation of the industrial robotics market indicates that the electrical and electronics segment will account for a high growth. The increase in the disposable income and the economic prosperity stemming from the industrial boom across various regions, primarily in South-East Asia, are contributing to the high proliferation of these devices.
Competitive advantage and reduced per-hour cost as compared to human results will augment the North America industrial robotics market growth. Major players are developing affordable, and compact energy-efficient solutions to access a wider customer base. The rise of outsourced manufacturing activities and the increase in SMEs in the Asia Pacific region are contributing to the high industry demand of the in the region.
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Industrial robotics market players ABB Group, Denso Corporation, Epson America, Inc., Fanuc Corporation, Kawasaki Heavy Industries, Ltd., KUKA AG, Mitsubishi Electric Corporation, Nachi Fujikoshi Corp., OTC Daihen, Inc., Panasonic Welding Systems Co. Ltd., Rethink Robotics Inc., Staubli Group, Universal Robots A/S, Yamaha Motor Co., Ltd., Yaskawa Electric Corporation.
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