Pune, India, Dec. 13, 2021 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global industrial robots market was worth USD 38.02 billion in 2020 and is anticipated to expand with a CAGR of 10.35% during 2021-2028, thereby accumulating USD 87.79 billion by the end of the forecast duration.
The study talks about the various segments and presents valuable insights pertaining to the top revenue prospects. Lastly, it incorporates in depth information related to the geographical landscape while enlisting the major players defining the competitive arena of the industry vertical.
Increasing R&D investments, surging adoption of industrial robots, and rising development of smart factories are augmenting the overall industry outlook. In addition, widespread adoption of robots in F&B sector, increasing employment of cobots at workplaces, and growing popularity of of AI solutions are positively swaying market dynamics.
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On the contrary, high cost of these robots, dearth of skilled workforce, and resistance among employees to adopt these machines are hampering global industrial robots market progression.
An overview of the geographical terrain
North America, Latin America, Asia Pacific, Middle East & Africa, and Europe are analyzed to understand the regional dynamics this market sphere.
North America
North America industrial robots market is projected to exhibit a CAGR of 9.07% over 2021-2028, owing to favorable regulatory scenario for robotics companies to test and development innovative products. Increasing investments towards the development of new automation processes and government recognition of robotics as a key sector are also positively swaying the business dynamics in North America. The automotive industry is a major adopter of industrial robots. However, other industries are also adopting automation in their production facilities. Moreover, increased foreign direct investments from non-NAFTA car manufacturers have also enhanced the use of industrial robots. Furthermore, new research and development activities have expanded the use of industrial robots in manufacturing sectors in the US. Therefore, the growing use of robots supports the growth of the industrial robots market across the region. In the US, Inrotech signed a purchase order for a set of welding robots for shipbuilding. Additionally, Nimble Robotics Inc raised a significant amount that will help the company in product and technology development, along with scaling robots for customer fulfillment operations. Thus, this surge in the adoption of robots widens the scope of the industrial robots market in the US.
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Europe
Europe industrial robots market is slated to record a CAGR of 9.24% over 2021-2028, primarily due to high concentration well-known companies who are making strategic efforts to develop new innovative products.
Alongside, rising initiatives to reduce complexity and accelerate the integration of robot systems in workhouse management systems in consort with widespread adoption of robotics technology across various end use sectors are adding traction to the regional market development. In the UK, Extend Robotics launched the low-cost virtual reality-controlled robotic arm to deploy affordable robotic hardware in the healthcare, services, utilities, and energy industries. Additionally, Dyson significantly invested in expanding its product range and increasing research into robotics and AI. As a result, the launch of new robots and rising R&D investment are likely to stimulate the expansion of the industrial robots market in the United Kingdom over the next few years. Besides, the need for automotive production techniques and the rising need for batteries and chips enhance the demand for these robots. Above all, innovations in the manufacturing industry have propelled the demand for industrial robots, including SCARA, articulated, and Cobots. Therefore, such developments fuel the development of the industrial robots market across the region.
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Asia Pacific
The industrial robots market size in Asia Pacific is projected to witness a CAGR of 11.04% through 2028, creditable to rising development of new robotics facilities to support digital transformation of the manufacturing sector.
Furthermore, surging adoption of robots in the electronics space along with effective strategies taken by established players to enhance their product offerings are also favoring the overall market scenario in Asia Pacific. China’s robotics industry witnessed a surge in 2020, despite slowed manufacturing due to COVID-19. This was mainly due to the modernization and digitalization of production areas to combat the pandemic. Further, the country aims to expand its range of industrial robots from conventional payload handling robots to new collaborative robots to integrate completely in workplaces in the next few years. Along with this, several well-established brands have a strong presence in the country, including ABB, Yaskawa, and Kuka. Besides, companies like Xiao and CloudMinds have grown significantly, owing to rapid industrial and technological equipment. Hence, these factors are widening the scope and growth of the industrial robots market within China.
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Latin America
According to credible estimates, Latin America industrial robots market is poised to register a CAGR of 9.21% over the study period. This can be credited to favorable government legislations aimed at benefitting startups and technology businesses which has augmented the adoption rates of machine learning and AI technologies as well as robots. In the region, the adoption of autonomous mobile robots is gaining significant traction. Additionally, the surged adoption of new technologies, innovation in AI, and expansion of automotive industries are key factors influencing the growth of the industrial robots market across the region. Other than this, the rising acceptance of industrial robots is a major factor driving the growth of the industrial robots market across Latin America.
In Brazil, the majority of industrial robots are sold in the automobile sector. This has encouraged companies in the electronics, food and beverage, and aerospace industries to adopt robots for various processes. Additionally, companies like Philips, Ford, GM, and Nestle, have deployed robotic work cells in the past years. Recently, Accenture acquired Pollux, a Brazilian company offering industrial robotics and automation systems, to boost its digital manufacturing, operations, and supply chain capabilities. Besides, the rising use of industrial robots proliferates the growth of the industrial robots market across Brazil.
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Global Industrial Robots Market by Type (Revenue, USD Billion, 2021-2028)
- Articulated robots
- Cylindrical robots
- Cartesian robots
- Scara robots
- Other robots
Global Industrial Robots Market by Application reach (Revenue, USD Billion, 2021-2028)
- Material handling
- Assembling & dissembling
- Processing
- Welding & soldering
- Dispensing
- Other applications
Global Industrial Robots Market by Vertical (Revenue, USD Billion, 2021-2028)
- Machinery products & metal
- Automotive
- Electronic & electric
- Chemical, plastics, & rubber
- Food & beverage
- Other verticals
Global Industrial Robots Market Regional Analysis (Revenue, USD Billion, 2021-2028)
North America
- United States
- Canada
Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- ASEAN Countries
- Australia & New Zealand
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Turkey
- South Africa
- Rest of Middle East & Africa
Global Industrial Robots Market Competitive Arena (Revenue, USD Billion, 2021-2028)
- Yamaha Motor Co. Ltd,
- Universal Robots A/S
- Staubli International AG
- Seiko Epson Corporation
- SCHUNK GmbH & Co. KG
- Rockwell Automation Inc.
- Rethink Robotics GmbH
- Omron Adept Technology Inc.
- Nachi-Fujikoshi Corp.
- Mitsubishi Electric Corporation
- Kuka AG
- Kawasaki Heavy Industries Ltd.
- FANUC Corporation
- Aurotek Corporation
- ABB Ltd.
Related Report:
Robot Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2030
The robot market is set to register exponential growth by 2030 owing to mounting emphasis on rapid production and distribution capabilities in highly competitive industry verticals around the world. The advent of industrial robots has offered various benefits, including increased productivity, smooth operations, high delivery rate, and fewer workplace accidents involving laborers. Notably, the proliferation of autonomous robots across several industry verticals, such as logistics, healthcare, e-commerce, and food & beverage, among others, has significantly reduced the scope of human errors. In terms of vertical, the robot market has been divided into residential, food & beverage, healthcare, public, education & scientific research, hospitality, and retail. The healthcare segment is slated to expand at a steady CAGR through the analysis period to attain a substantial valuation by the end of 2030. Surging demand for UVC disinfection robots to disinfect patient wards and operation theatres is estimated to drive segmental growth in the coming years.
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