Pune, India, March 24, 2021 (GLOBE NEWSWIRE) -- The Industrial Robotics (with peripherals and software) Market was valued at USD 51.01 billion in 2020 and is projected to grow at a CAGR of 10.3% during the forecast period from 2020 to 2028. But due to the impact of the COVID-19 pandemic, the global industrial robotics market valuation has come down USD 43.7 billion in 2020 and is projected to grow at a CAGR of 7.6% during the forecast period.
Advancement in technology, growing demand for sophisticated products and components with high accuracy, and increasing professional working activity in remote and hazardous environment are some of the major factors that are driving the growth of the global industrial robotics market.
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Robotics refers to that part of engineering and science where different types of robots are designed, manufactured, and then used to substitute human involvement in various applications. Industrial robotics is the most advanced reform in the industries where a programmable machine or mechanical device is used to perform the day-to-day activities, which are not easy for a human to perform as usual.
Industrial robotics system is the process of programming and outfitting of robots that are capable of movement in more than three axes to reduce manual interference in industrial work. The main benefit of this system is that it reduces operational costs by reducing the time required to complete the work. This system has wide applications in the manufacturing industry, such as in assembly, printed circuit board, packaging & labeling, inspection & testing, material handling, and others.
The major uses of industrial robotics are in automotive, power & energy, electrical & electronics, pharmaceuticals, and food & beverages industries, among others. The major function of the robots are assembling, disassembly, inspection, testing, material handling, and packaging of various products across regions.
Increasing automation in manufacturing facilities for better manufacturing efficiency, inspection, and production of the final product are driving the demand for industrial robotics. The growth of automotive demand, surging demand for electric vehicles, and increasing consumer electronics demand have led to the expansion or establishment of new production facilities, which in turn, is driving the global industrial robotics market.
COVID-19 Impact on Global Industrial Robotics Market
The QMI team is closely monitoring the impact of COVID-19 on the global industrial robotics market, and it has been observed that the demand for industrial robotics has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021. To control the spread of the pandemic, many countries across the globe have implemented strict lockdown norms, which are hampering all kinds of business activities.
Demand & supply of products, raw materials, and manufacturing facilities have been completely disrupted due to the pandemic, which is creating weak product and services demand across the globe. Among various industries, transportation, heavy engineering, marine, logistics, and electrical & electronics industries have suffered huge financial losses. The automotive industry has been completely disrupted due to weak vehicle demand, along with the scarcity of raw materials for manufacturers. This is creating weak demand for industrial robotics from the transportation industry. However, initiatives taken by various government bodies, such as stimulus packages for the manufacturing, automotive, and building & construction sectors, and supply chain improvement programs are anticipated to boost the global industrial robotics demand after the COVID-19 pandemic.
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Global Industrial Robotics Market, By Type
By type, the global industrial robotics market has been segmented into articulated robots, cylindrical robots, SCARA robots, cartesian robots, and others. Among these segments, the articulated robot segment has captured the largest market share in 2020 and is anticipated remain the largest segment till the forecast period, i.e., till 2028.
Articulated robots are widely used in various end-use applications, such as welding, material handling, packaging, and inspection, among others. Industrial robotics is widely used in transportation, logistics, and electrical & electronics industries, among other end-use industries. The growth of these industries will, therefore, further contribute towards the growth of the articulated robot type market.
Global Industrial Robotics Market, By Function
By function, the global industrial robotics market is segmented as welding & soldering, assembly, dispensing, printing, packaging & labeling, inspection & testing, material handling, and others. Among these segments, the material handing segment of industrial robotics has captured the largest market share of 42.3% in the global market, and it is anticipated to remain the largest till the forecast period.
Superior and speedy material handling as compared to manual material handling, consistency, low downtime, and round the clock operations are some of the major factors that will promote the growth of this segment in the coming years.
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Global Industrial Robotics Market, By End User
By end user, the global Industrial robotics market is segmented as automotive, energy & power, defense, chemical, construction, electrical & electronics, food & beverages, pharmaceuticals, and others. Among these, the automotive end-user segment of the global industrial robotics market is projected to capture a share of 37.8% in 2028 and to remain the largest market till 2028. The efficiency in vehicle manufacturing, inspection, and superior finishing along with inspection are some of the prime factors that are contributing to the industrial robotics demand in the automotive market.
Global Industrial Robotics Market, By Region
By region, the global industrial robotics market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region was anticipated to hold the largest share in the global industrial robotics market in 2020 and is projected to grow at the highest CAGR during the forecast period. The Asia Pacific industrial robotics market is concentrated in China, Japan, South Korea, and India.
The automotive segment in the emerging economies of this region is booming, and lots of global automakers are establishing their manufacturing hub in these economies to cater the market demand. This will increase the industrial robotics demand in the automotive segment in the region. Besides this, the growth of electrical & electronics manufacturing, assembling, and exporting will further contribute towards the growth of industrial robotics in the region.
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Some Major Findings of the Industrial Robotics Market Report Include:
- Major global market trend & forecasts analysis, along with a country-specific market analysis for up to 25 countries
- An in-depth global industrial robotics market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the key market players operating in the global industrial robotics market, which include ABB, Mitsubishi Electric Corporation, Dynamic Automation, FANUC, Geku Automation, Dürr, KUKA Robotics, FH Automation, RobotWorx, Kawasaki Heavy Industries Ltd, Midwest Engineered Systems, Van Hoecke Automation, Fitz-Thors Engineering, Yamaha Motor Co., Ltd., YASKAWA, EPSON Robotic System, Franka Emika Robot, and Amtec Solutions Group, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges prevailing in the global market.
- Impact of COVID-19 on the global industrial robotics market.
Browse key industry insights spread across 155 pages with 65 market data tables and 38 figures & charts from the report, “Global Industrial Robotics Market, By Type (Articulated Robots, Cylindrical Robots, SCARA Robots, Cartesian Robots, and Others), By Function (Welding & Soldering, Assembly, Dispensing, Printing, Packaging & Labeling, Inspection & Testing, Material Handling, and Others), By End User (Automotive, Energy & Power, Defense, Chemical, Construction, Electrical & Electronics, Food & Beverages, Pharmaceuticals, and Others), and By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World) – Market Size & Forecasting (2016-2028)” in depth analysis along with the table of contents (ToC).
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