In terms of end-user demand, the automotive industry emerged as the largest segment, followed by the electronics, metal and chemical segments.
Increasing Emphasis on Workplace Safety is Driving the Market
The workforce is one of the greatest assets of a company, as productivity depends entirely on the well-being of the workforce. Hence, the safety of the workplace, which deals with the prevention of any sort of injury or incident, becomes critical. The percentage of employees taking time off from work due to workplace injuries is also one of the factors concerning companies. Labor time off and medical expenses add to costs, thus effecting the expenditure. According to OSHA, it has been estimated that companies around the world spend around USD 1 billion per week as compensation for workplace injuries. Thus, the need for providing safer workplaces is becoming the primary focus.
The Occupational Safety and Health Act of 1970 (OSHA) of the United States government has been promoting the use of automation and robotics in the factory to make work safer, thus protecting the physical well-being of the employee. Moreover, several regulatory standards have been prescribing threshold conditions in terms of temperature and environmental conditions, under which workers are supposed to perform their duties. Robotic systems can be widely used in testing conditions where manual labor is advised not to function, since the conditions may affect health. Hence, increased emphasis on workplace safety has bolstered the demand for robotic systems in medium/large-scale organizations, where efficiency and throughput need to be maintained at optimal levels. In such cases, robotic systems are not merely replacing human labor, but also ensuring that the production efficiency is maintained without compromising on the workers’ safety. Thus, increasing emphasis on workplace safety around the globe is driving the market.
Articulated Robots Segment is the Fastest Growing Sector
An articulated robot is a robotic arm that uses rotary joints to execute accurate movements constantly and steadily. Articulated robots are being used in the manufacturing sector for different applications, such as assembling, spraying, cutting, welding, dispensing, painting, material handling, and sealing. Articulated robots give more freedom than other robots. They give the manufacturer additional versatility, thereby making them more attractive. An articulated robot can enhance the company’s productivity through improved accuracy and speed, indirectly enhancing quality of the product being produced. With the ability to perform a multitude of tasks in industrial operations, articulated robots have witnessed widespread adoption over the years, with the robots dominating the current landscape. Many industries are further deploying these robots to automate processes, adding to the demand for these systems.
As the consumption of end-user products is increasing, the necessity to cater to the increased demand has also escalated. Articulated robots are widely used in the automotive industry, as they are more reliable and cost-effective as compared to others. With new products with additional capabilities available in the market, the demand for replacement is also on the rise. As articulated robots are one of the primary robotic types deployed, the segment is expected to maintain its lead over the forecast period.
North America to Have the Largest Market Share
North America is the largest market for ‘smart solutions’, with a major share held by the United States. The industrial sector in this region has recovered considerably after the recent recession, to regain its earlier growth levels. Moreover, increased focus on workplace safety has also been a major factor driving adoption of industrial robots.
The United States is on the verge of the fourth industrial revolution. Data is being used on a large scale for production and is being integrated with a wide variety of manufacturing systems throughout the supply chain. The United States is also one of the largest automotive markets in the world, and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. The improving economy (the United States is expected to hold its strong position as an exporter) and a rebounding manufacturing sector are further contributing to the market. Companies are increasingly investing in technology, rather than people, to keep up with the global competitive scenario. Thus, investments in robotics are witnessing healthy growth in the United States.
Key Developments in the Market
- November 2017 - Kawasaki collaborated with ABB for robot automation cooperation. This is the world’s first collaboration focused on cobots and creation of industry approaches to safety, communication, and programming.
- July 2017 - ABB acquired B&R (Bernecker + Rainer Industrie-Elektronik GmbH), the largest independent provider focused on product- and software-based, open-architecture solutions for machine and factory automation worldwide.
- April 2017 - IBM and ABB announced a strategic collaboration that brings together ABB’s industry-leading digital offering, ABB Ability, with IBM Watson Internet of Things cognitive capabilities, to unlock new value for customers in utilities, industry, transport, and infrastructure.
Reasons to Purchase the Report
- Impact of growing emphasis on workplace safety on market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Type of robot expected to witness highest adoption
- Regional analysis of the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
3.1 Market Overview
3.2 Industry Attractiveness – Porter's Five Industry Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products or Services
3.2.5 Competitive Rivalry among Existing Competitors
3.3 Industry Value Chain Analysis
4. Market Dynamics
4.1 Factors Driving the Market
4.1.1 Increased Emphasis on Workplace Safety
4.2 Factors Restraining the Market
4.2.1 Lack of Skilled Workforce
5. Global Industrial Robots Market Segmentation
5.1 By Type
5.1.1 Articulated Robots
5.1.2 Linear Robots
5.1.3 Cylindrical Robots
5.1.4 Parallel Robots
5.1.5 Scara Robots
5.2 By End-user Industry
5.2.2 Chemical & Manufacturing
5.2.4 Electrical & Electronics
5.2.5 Food & Beverages
5.2.6 Machinery & Metal
5.2.8 Others (Rubber, Optics)
5.3 By Geography
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6. Analysis of Competitive Positioning of Key Vendors
7. Competitive Intelligence – Company Profiles
7.1 ABB Ltd
7.2 Yaskawa Electric Corporation
7.3 Denso Corporation
7.4 Fanuc Corporation
7.5 Kuka Robotics
7.6 Kawasaki Robotics
7.7 Toshiba Corporation
7.8 Panasonic Corporation
7.9 Staubli Mechatronics Company
7.10 Nachi Robotic Systems Inc.
7.11 Yamaha Robotics
7.12 Epson Robots
7.13 Comau SPA
7.14 Adept Technologies
* List is not Exhaustive
8. Investment Analysis
9. Future of the Market
- ABB Ltd
- Yaskawa Electric Corporation
- Denso Corporation
- Fanuc Corporation
- Kuka Robotics
- Kawasaki Robotics
- Toshiba Corporation
- Panasonic Corporation
- Staubli Mechatronics
- Nachi Robotic Systems Inc.
- Yamaha Robotics
- Epson Robots
- Comau Spa