Industrial Robotics Market 2021 By Technology Innovation and Growth Outlook - Panasonic Corporation, KUKA, Mitsubishi Electric Corporation., Fanuc Robotics

Market Insights Reports delivers key insights on the Industrial Robotics market in its latest report titled, “Industrial Robotics Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The industrial robotics market was valued at USD 24.35 billion in 2020 and is expected to reach USD 52.85 billion by 2026, at a CAGR of 14.11% over the forecast period (2021 - 2026).

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Top Key Players in the Global Industrial Robotics Market: EPSON Electronics, ABB, Toshiba Machine Co., Ltd., YRG, Inc., Panasonic Corporation, KUKA, Mitsubishi Electric Corporation., Fanuc Robotics, DENSO Corporation, Omron Adept Technologies and Others.

Industry News:

- December 2019 - Fanuc launched CRX-10iA and CRX-10iA/L (long arm version) collaborative robots that set new standards in terms of ease of use, reliability and safety. FANUC debuted the new collaborative robots at the 2019 INTERNATIONAL ROBOT EXHIBITION, Dec. 18-21 in Tokyo.

- June 2019- ABB and Kawasaki heavy industries created the world’s first common interface for collaborative robots. The common interface is poised to help address the shortage of skilled workers, in several industries. In Japan, for example, one in every five people is within a decade of retirement.

Market Overview:

Industrial robots play a crucial role in manufacturing industrial automation, with many core operations in industries being managed by robots. With economic growth across regions, the growth of e-commerce, electronics, and the automotive industry, among others has been on the rise.

- Increased demand across economies, product manufacturers are adopting robots to automate some of the repetitive processes. According to the Robotic Industries Association, more than 250,000 industrial robots had been installed in the United States alone, which gives an estimate of the penetration of industrial robots.

- The industrial robot’s market has been witnessing a huge demand over the past decade, owing to the rising adoption of smart factory systems, of which these robots play a vital part. The global smart factory market is expected to reach USD 388.68 billion by 2024, which provides insights on the scope of the adoption of industrial robots for automation across end-user industries.

- Industry 4.0, the newest industrial revolution, has fuelled the development of new technologies, like collaborative robots, AI-enabled robots, etc., and have enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Increased workplace safety and improved production capabilities have further driven industries to invest in robotic systems.

- Industrial robots (IR) becoming smaller and cheaper without compromising on the quality, the market is becoming more attractive for key players in the end-user industry. However, higher investments may hinder the growth of the market.

- According to CGTN, China's industrial robot production rose by 29.2% year on year in June to 20,761 units, reaching its highest growth rate in the first half of 2020.

- According to the data provided by the National Bureau of Statistics, with the growth accelerating from 16.9% in May, the country has produced 93,794 units of industrial robots over the past six months, up by 10.3% from the same period last year.

- The rising demand for industrial robots was triggered by shortage of workers, who remained off duty due to COVID-19-related lockdowns, and an upgrade of traditional industries.

Top Line Market Forecast:

Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.

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Key Market Trends:

Automotive Industry to Hold Major Share

- The growing adoption of automation in the automotive manufacturing process and involvement of digitization and AI are the primary factors driving the demand for industrial robots in the automotive sector.

- The increase in demand for automotive is necessitating the demand for increased production. According to the Mexican Automotive Association (AMIA), vehicle production increased by 3.9% in May 2018. Significant initiatives have been taken by the governments of various countries in Latin America, to increase the adoption of electric vehicles, such as building convenient charging stations. Such initiatives are expected to spur the demand for electric vehicle production thereby increasing the adoption of automation. Which is anticipated to spur the growth of industrial robots in the automotive industry.

- In 2017, more than 170,000 robots took part in the production process in the European automotive industry. The growing presence of robots and automation in the European automotive industry is expected to fuel the market for industrial robots in the region.

- For instance, in July 2018, International Automotive Components (IAC), implemented manufacturing 4.0 and smart factory applications at its UK site, in Halewood, England. The new application is expected to deploy smart logistics, cross-company integration, and collaborative robots (cobots).

- Further, China has also become, both the world’s largest car market and the world’s largest production site for cars, including electric cars, with much growth potential. There are 27 automotive manufacturing and assembly plants in Malaysia. The growing automotive industry in Asia is also creating a massive opportunity for the global industrial robots’ market.

- The shifting of the automotive industry toward autonomous and electric vehicles is also creating a massive opportunity for industrial robots.

- For instance, Self-driving car spinoff Waymo may buy up to 20,000 electric vehicles from Jaguar Land Rover to help realize its vision for a robotic ride-hailing service. The industrial robots are expected to be used for upgrading and manufacturing purposes.

This Industrial Robotics Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

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