A new market research report by Future Market Insights on the industrial robotics market includes a global industry analysis 2014–2018 and an opportunity assessment 2022–2028. The report investigates the industrial robotics market and provides critical insights for the forecast period of 2022-2028.
As per the findings of the report, the global industrial robotics market is projected to indicate substantial growth over the forecast period due to multiple driving factors such as the adoption of the Internet of Things (IoT) in industries and the growing digitalization of the manufacturing industry across geographies.
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The global industrial robotics market was valued at ~US$ 17 Bn in 2018 and is estimated to increase at a CAGR of ~19.2% between the forecast periods of 2022 and 2028. This growth is driven by the increasing applications of industrial robotics in the automotive industry, electrical/electronics industry, and auxiliary industry, among others.
East Asia is estimated to hold a significant market share in terms of value in the global industrial robotics market. However, the South Asia market is projected to project lucrative growth in the global industrial robotics market over the forecast period of 2019-2029. This growth is propelled by the rapid growth in the factory automation rate in countries of South Asia and East Asia such as China, India, and Vietnam, among others. The economic condition of these countries have been evolving positively.
Furthermore, macroeconomic factors such as growing population, rapid industrialization, and urbanization, are some of the factors driving the growth of the industrial robotics market. The automotive industry in East Asia has gained a considerably positive momentum over the past years, which has increased the adoption of SCARA robots and articulated robots in the manufacturing process and is estimated to indicate the rewarding growth of the industrial robotics market in East Asia region.
Automotive Industry to Remain Key End-use Industry of Industrial Robotics
The global market of industrial robotics has been segmented on the basis of different types of industrial robots, their multiple applications, end-use industries, and regions such as North America, South Asia, Europe, East Asia, and the Rest of the World.
By product type, the articulated robots segment is estimated to hold a significant share of the global industrial robotics market in terms of value. This has mainly resulted from the rising productivity in manufacturing processes and improving quality of products. On the basis of end use, the automotive industry is estimated to hold substantial market share of the industrial robotics market in terms of value. This is driven by digitalization of manufacturing processes. Moreover, it is expected that the application of industrial robotics in the electrical/electronics industry will be prominent throughout the forecast period.
On the basis of application, the handling operations segment is projected to consume majority share of the global industrial robotics market value. Also, the welding segment is estimated to project lucrative growth in the industrial robotics market over the forecast period.
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Industrial Robotics Market: Vendor Insights
The report indicates some of the prominent market players, who are recognized as leaders in the global industrial robotics market. These key market players in the global industrial robotics market are Yaskawa Electric Corporation, FANUC Corporation, Kawasaki Heavy Industries Ltd, Kuka AG, Mitsubishi Electric, Teradyne Inc. (Universal Robots), ABB Ltd., Yamaha Motor Co., Ltd., Hirata, Corporation, and Denso Wave Incorporated, among others.
Competitive Landscape
Key players operating in the global industrial robotics market are focusing on research and development to improve their product portfolios. In addition to this, players are investing in collaboration, mergers, and acquisitions to expand their product portfolio and strengthen their global footprint. For instance:
- In August 2020, ABB Group, a Swiss multinational corporation announced extending its range of six-axis industrial robots by unveiling its new articulated industrial robot IRB 1300. The robot provides advanced motion control and enhances operation cycle time by assisting in material handling heavy objects
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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