Global industrial robotics market is estimated to account for US$ 69.1 Mn in terms of value by the end of 2027.

The Global Industrial Robotics Market, By Type (Cartesian, Articulated, Cylindrical, SCARA and Others), By Industry (Electrical & Electronics, Automotive, Machinery, Chemical, Rubber & Plastics, Food & Beverages, Metals, Precision & Optics and Others), By Function (Materials Handling, Milling, Cutting and Processing, Soldering and Welding, Painting and Dispensing, Assembling & Disassembling and Others)and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 69.1 million by 2027, exhibiting a CAGR of 6.4% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

APAC held dominant position in the global industrial robotics market in 2019, accounting for 54.1% share in terms of value, followed by North America and Europe respectively.

Overview

An industrial robot is an automatically controlled, mechanical device used in place of an individual to perform dangerous or repetitive tasks with high accuracy. Industrial robots can manipulate products quickly and delicately in applications such as pick and place from conveyor line to packaging. Its typical applications include welding, printing, painting, assembly, disassembly, product inspection, packaging, palletizing, and testing. According to the International Federation of Robotics (IFR), in 2020, around 1.64 million industrial robots were in operation globally.

The global industrial robotics market is estimated to account for US$ 69.1 Mn in terms of value by the end of 2027.

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Market Driver

Reduction of duties and increased investments on R&D is expected to boost the global industrial robotics market growth over the forecast period

The global economies especially the neo developed economies are opening up their markets to import capital goods. The custom duties have gone down to zero percent in many economies such as India and China for used capital goods. However, as old robots are refurbished and exported to neo developed countries such as India, the demand for refurbished robots is expected to hold a dominant position in terms of demands for newer industrial robots. Moreover, many key players are focused on new product development according to customer requirements. For instance, in 2013, Yaskawa Electric Corporation invested 10% of their overall income in the R&D process for developing new products. Therefore, these factors are expected to propel the global industrial robotics market growth over the forecast period.

Market Opportunity

Business expansion by market players can provide major business opportunities in the global industrial robotics market

Expansion through acquisition is another strategy followed by the key players of this market. Acquisitions provide a leading edge to companies in improving their existing products, in new product development and geographical expansion. For instance, Kawasaki Heavy Industries Limited has acquired some of the key players in the industrial robotics segment. The acquisitions have been made to strengthen its manufacturing capability and to add new products to its profile. In 2007, the company acquired Kobelco Paint Robots, the industrial robotic paint of Kobe Steel Limited. With this acquisition, Kawasaki Heavy Industries Limited added industrial robotic painting products to its product line. Thus, geographic as well as strategic expansions serve as key opportunity areas in the industrial robotics market.

Market Restraint

Stagnation of industrial manufacturing is expected to hamper the global industrial robotics market growth over the forecast period

Industrial production has witnessed a gradual slowdown in the recent past, which has directly impacted the automotive industry, which is the major sector where industrial robotics are used. Furthermore, growing economies such as India have also slowed down in terms of both industrial as well as automotive products. The automobile industry is such that it provides impetus to other heavy industries such as iron and steel, aluminum, auto ancillaries, etc. All have stagnated globally, and this is a key factor that is stopping penetration of robotics into the industry. Therefore, these factors are expected to hamper the global industrial robotics market growth over the forecast period.

Global Industrial Robotics Market - Impact of Coronavirus (Covid-19) Pandemic

Due to the COVID-19 pandemic, players operating in the manufacturing industry have witnessed a significant shift in their business. Non-availability of labor and issues in the transportation of goods have increased demand for industrial robots in the manufacturing industry. For instance, in March 2020, according to Coherent Market Insights, 140 million migrant people are expected to return their native hometown from cities in India. Thus, due to the shortage of labor, the demand for industrial robots is increased in order to minimize cost on manpower and save time for each operations. To minimize the transmission of virus companies are using these robotics in order to contain the spread of coronavirus. This is expected to facilitate demand for industrial robots in the future.

Competitive Section

Major companies operating in the global industrial robotics market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation.

Key Developments

Key market players are focused on product launches, in order to expand the product portfolio. For instance, in May 2020, Mitsubishi Electric Corporation introduced Melfa Assista, a series of collaborative robots.
Major companies are involved in product lunches, in order to gain a competitive edge in the market. For instance, in January 2020, KUKA Robotics Corporation introduced a new industrial robot range ‘KR IonTec’.

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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