On the basis of regional analysis, the global industrial robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia pacific is anticipated to hold the largest market share over the forecast period on the back of presence of nations such as China, Japan and India, where the output of automation and manufacturing industries is the highest in the world. Moreover, increasing international investments coupled with low cost of production in the region is also projected to boost market growth in the region. Additionally, with a notable surge in the population as well as disposable income, there is an increase in the consumption of consumer goods, which in turn is evaluated to lead to the increase in the production capacity of industrial robots in the region. According to the World Bank, the total population of South Asia has only increased since 1960. The value was recorded to be 1.836 billion in 2019.
The industrial robotics market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the industrial robotics market includes the following segments:
By End User
17th December, 2019: Yaskawa launched 2 types of horizontal Articulated SCARA robots, MOTOMAN-SG400 and MOTOMAN-SG650 which are ideal for transportation as well as assembly processes of small components that require high cycle time in the 3C market (home appliances, computers and communication equipment) and the general industries such as medical products, foods and others.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Rapid growth of industrialization around the world and lack of skilled workforce are the major market growth drivers.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2030.
Ans: High cost of deployment of industrial robotics technology is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities on the back of high output of automation and manufacturing industries in the region.
Ans: The major players in the market are Fanuc Corporation, ABB, Ltd, Switzerland, Yaskawa Electric Corporation, Kuka AG, Trapo AG, Toolmotion GmbH, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end user, and by region.
Ans: The automotive segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.