Dublin, June 29, 2022 (GLOBE NEWSWIRE) -- The "Global Industrial Robot Market: Analysis By Industry, By Type, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global industrial robot market in 2021 was valued at US$33.90 billion and is likely to reach US$61.09 billion by 2026. In recent years, manufacturing has been one of the first industries to deploy robots on a large scale, since industrial robotics serve to increase productivity and efficiency by lowering manufacturing costs, hence lowering the overall purchase price of products.
The newest industrial revolution, Industry 4.0, has spurred the development of new technologies such as collaborative robots, AI-enabled robots, and so on, allowing industries to employ robots to streamline various processes, boost productivity, and reduce mistakes.
Increased worker safety and greater manufacturing capabilities have prompted sectors to invest in robotic systems. Moreover, as the next generation of industrial robots become cheaper, autonomous, more mobile, cooperative, and adaptable, demand for robots across many industries is expected to rise. The industrial robot market is projected to grow at a CAGR of 12.50% during the forecast period of 2022-2026.
Over the past five years, there has been a very visible acceleration in demand for industrial robots globally compared to long-term trends. The global industrial robot market volume was 496.87 thousand units in 2021.
Global Industrial Robot Market Dynamics
- Growth Drivers: Automation helps in increasing productivity, improving quality and reducing errors. Rising demand for automation has rapidly increased the adoption of robots in various industries. The growing demand for automation is a major driver of the market. Further, the industrial robot market is expected to increase due to growing electronics industry, rapid installations of industrial robots, high wages in manufacturing, growing role of artificial intelligence in robotics, etc. in recent years.
- Challenges: Huge capital investment is required in the purchase and installation of robots and the benefits provided by industrial robots might take many years to exceed the initial cost. Thus, the high initial investment needed for the automation of production using industrial robots could act as an obstacle to the growth of the industrial robots market. Additionally, other factors like, safety issues, privacy concerns, etc. are some challenges to the market.
- Trends: A major trend gaining pace in robotics is the development of collaborative robots or co-bots. Co-bots are designed to work along with humans and are being increasingly used in industrial manufacturing applications. Collaborative robots use safety-rated sensors, which allows the laborers to work in the same area as the robot without harming them.
- Also, market players have been introducing high-quality, innovative robotic technologies in the industrial sector, where these are used for warehousing, manufacturing, and assembling applications. Some of these innovations include underwater robotics, human-robot interaction, legged mobility, machine learning (ML), and self-driving vehicles.
- More trends in the market are believed to grow the industrial robot market during the forecasted period, which may include use of micro-electromechanical systems (MEMS), rise of the cloud robotics market, next-generation tech accessories, and employment opportunities in industrial robotics, robotic advancements, etc.
Key Players
- Fanuc Corporation
- ABB Group
- KUKA Group
- Yaskawa Electric Corporation
- Kawasaki Heavy Industries
- Mitsubishi Electric Corporation
- Seiko Epson Corporation (EPSON Robots)
- Nachi-Fujikoshi Corporation
- Denso Corporation (DENSO Robotics)
- Hon Hai Precision Industry Co. Ltd.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Industrial Robots: An Overview
2.1.1 Advantages of Industrial Robots
2.1.2 Types of Industrial Robots
2.2 Industrial Robots Segmentation: An Overview
2.2.1 Industrial Robots Segmentation
3. Global Market Analysis
3.1 Global Industrial Robot Market: An Analysis
3.1.1 Global Industrial Robot Market by Value
3.1.2 Global Industrial Robot Market Value by Industry (Automotive, Electrical/ Electronics, Chemical, Rubber
& Plastics, Food and Beverages, and Other Applications)
3.1.3 Global Industrial Robot Market Value by Type (Articulated, Cartesian, SCARA, Cylindrical, and Other Types)
3.1.4 Global Industrial Robot Market Value by Region (Asia-Pacific, North America, Europe, and ROW)
3.1.5 Global Industrial Robot Market by Volume
3.1.6 Global Industrial Robot Market Volume by Region (China, Japan, the US, Republic of Korea, Germany and ROW)
3.2 Global Industrial Robot Market: Industry Analysis
3.3 Global Industrial Robot Market: Type Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Electronics Industry
6.1.2 Rapid Installations of Industrial Robots
6.1.3 High Wages in Manufacturing
6.1.4 Growing Role of Artificial Intelligence in Robotics
6.1.5 Rising Research & Development
6.1.6 Growth of Automotive Industry
6.1.7 Rising Trend of Automation
6.2 Challenges
6.2.1 Large Upfront Investment
6.2.2 Safety Issues
6.2.3 Privacy Concerns
6.3 Market Trends
6.3.1 Use of Microelectromechanical Systems (MEMS)
6.3.2 Cloud Robotics
6.3.3 Rising Use of Collaborative Robots (Cobot)
6.3.4 Next-Generation Tech Accessories
6.3.5 Employment Opportunities in Industrial Robotics
6.3.6 Robotic Advancements
For more information about this report visit https://www.researchandmarkets.com/r/h90vkb
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