Press release
Industrial Robots Market to Exhibit a CAGR of 10.4% by 2028; ABB Ltd, YASKAWAELECTRIC CORPORATION, NACHI-FUJIKOSHI CORP, Comau SpA, KUKA AG, Mitsubishi Electric Corporation, FANUC CORPORATION, DENSO CORPORATION, Kawasaki Heavy Industries Ltd, Omron Corpor
COVID-19 Impact:
High Inclination for Automation to Inspire Growth during Coronavirus
OEMs are opting for industrial robots due to their accuracy and workflow efficiency. The disruption caused by the pandemic due to stringent regulations has favored this industry. The small and medium-scale enterprises have increased their investments in automation, thus aiding the market growth. Besides, industrial accidents, including hazardous chemicals or mishaps, have led to stringent regulations. Which, in turn, will create opportunities for the industrial robots industry.
Furthermore, the adoption of business strategies such as mergers, acquisitions, and collaborations among major industry players will spur lucrative opportunities for the market amid the global pandemic. For instance, In April 2018, Teradyne, Inc., an American automatic test equipment designer, and manufacturer acquired Mobile Industrial Robots (MiR) for USD 147 million. In addition, the physical distance and other directives to curb the spread of coronavirus will promote automation during the COVID-19 outbreak.
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Report Scope & Segmentation -
Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 10.4 %
2028 Value Projection USD 31.13 Billion
Base Year 2020
Market Size in 2020 USD 14.61 Billion
Historical Data for 2017-2019
No. of Pages 160
Segments covered Robot Type; Application; Industry; Regional
Growth Drivers Increase in the Investments across the Industries is Driving the Growth of the Market
Pitfalls & Challenges High Costs of Investments at Initial Stage and Maintenance can Hinder the Market Growth
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Market Segments:
Material Handling to Hold the Largest Share
Based on the robot type, the market is classified into articulated, SCARA, cylindrical, cartesian/linear, parallel, and others.
The articulated robot is expected to hold the largest share during the forecast period. The growth is attributed to the high adoption of articulated robots in the food & beverages, pharmaceutical, and automotive industries.
Based on application, the market is classified into pick and place, welding & soldering, material handling, assembling, cutting & processing, and others. Material handling is expected to experience a steady growth rate during the forecast period. Material handling is a highly critical task in the chemical and pharmaceutical sector due to hazardous substances.
Based on industry, the market is distributed into automotive, electrical & electronics, healthcare & pharmaceutical, food & beverages, rubber & plastic, metals & machinery, and others. Healthcare & pharmaceutical segment is expected to hold a significant share during the forecast period due to their assistance in performing operations, usually minimally invasive procedures. The automotive segment is expected to grow at a significant growth rate.
Geographically, the market is divided across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
The market report stresses on:
Incomparable insights into all developments
Well-regarded data about eminent players
Up-and-coming trends and drivers
Regional analysis
Notable development
COVID-19 impact
Driving Factor:
Deployment of Robots in the Healthcare Industry to Augment Growth
The growing adoption of robotic solutions by OEMs to reduce operational costs and increase operational workflow will bolster the market's growth. Automotive, Healthcare and electronic industries are utilizing robots to plunge material wastage and enhance production yields, which, in turn, will accelerate the development of the market. The high labor cost and operational & raw material costs involved in conventional methods have led to a shift towards robots in production processes. Moreover, the increasing demand from food & beverages, metal machinery, rubber & plastic industries will influence the industrial robots market growth. Robots can handle repetitive tasks with accuracy and precision, making them highly propitious in industrial applications. Thus, uplifting the market during the forecast period.
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Regional Insights:
Rising Demand for Consumer Goods to Intensify Market Asia Pacific
The market in the Asia Pacific stood at USD 7.24 billion in 2020. The region's growth is attributed to growing automation in developing nations such as Japan, China, and India. The growing disposable income of people coupled with the surging population will contribute positively to the region's market growth. Moreover, the high production and consumption of consumer goods will spur demand for industrial robots. The surging demand for customized machinery in the automotive industry can further uplift the industrial robots market share in the Asia Pacific. Europe is expected to hold a considerable share in the market. The need for innovative robots in the automotive industry will boost the growth in the region.
Notable Development:
November 2019: OMRON Corporation, a Japanese electronics company based in Kyoto, Japan, launched mobile robots capable of moving a payload capacity of 250 Kg. The company expanded its existing series of mobile robots with the new cutting-edge robot.
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Table Of Content
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter's Five Force Analysis
Global Industrial Robots Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
Overview
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details (Subjected to data availability in public domain and/or on paid databases)
Employee Size
Key Financials
Past and Current Revenue
Geographical Share
Business Segment Share
Recent Developments
Annexure / Appendix
Global Industrial Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Robot Type (Value)
Articulated
SCARA
Cylindrical
Cartesian/Linear
Parallel
Others (Collaborative, etc.)
By Application (Value)
Pick & Place
Welding & Soldering
Material Handling
Assembling
Cutting & Processing
Others (Painting, etc.)
By Industry (Value)
Automotive
Electrical & Electronics
Health & Pharmaceutical
Food & Beverages
Rubber & Plastic
Metals & Machinery
Others (Construction, Defense, Logistics)
By Region (Value and Volume)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
TOC Continued…!
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