The global industrial robotics market is anticipated to garner a sizeable revenue by recording a significant CAGR throughout the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to factors such as high cost of employing labor and inconvenience associated with providing benefits to laborers. Furthermore, human limitations to perform a certain task as well as higher productivity from service robots will ultimately lead to expansion of market in the upcoming years. In addition, increasing acceptance of collaborative robotics in several industries, rapid rate of industrialization, rising demand for automotive and growing need to improve safety in workplaces are also expected to drive market growth in the near future. The total sales of automobiles in the world are calculated to be more than 68 million units by the end of 2021. Out of these, passenger cars accounted for the largest category of motor vehicle production.
The market is segmented by type into SCARA, articulated, parallel, cylindrical, Cartesian and others, out of which, the articulated robot segment is anticipated to hold the largest market share on the basis of its ability to perform consistent precise movements specially including applications such as assembling, material handling and others. Furthermore, articulated robots are widely used in pharmaceutical, food & beverages, automotive and others which will ultimately fuel the growth of the segment during the forecast period. The pharmaceutical robots market size grew significantly from 2019 to 2021. The value was estimated to be USD 125 million in and USD 140 million in the former and later years, respectively. Additionally, on the basis of end user, the automotive segment is expected to grab the largest market share owing to the increasing number of electric vehicles worldwide, rising use of automation in automotive manufacturing processes, and escalating application of digitization and AI in vehicles.
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.
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:
Our in-depth analysis of the industrial robotics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rapid growth of industrialization around the world and lack of skilled workforce are the major market growth drivers.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2030.
High cost of deployment of industrial robotics technology is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities on the back of high output of automation and manufacturing industries in the region.
The major players in the market are Fanuc Corporation, ABB, Ltd, Switzerland, Yaskawa Electric Corporation, Kuka AG, Trapo AG, Toolmotion GmbH, and others.
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.
The market is segmented by type, application, end user, and by region.
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.
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