Industrial Robotics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028

Overview:

The global industrial robotics market was valued at US$ 18.53 Bn in 2019, expanding at a CAGR of 12.1% during the forecast period from 2020 to 2028. The accelerating pace of automation is transforming a widening range of industries. Therefore, robots have made their way and are spreading throughout warehouses and manufacturing facilities around the world. To a certain extent, the new wave of automation is driven by the same things that first brought robotics and automation into the workplace: to free human workers from dangerous, dirty, and dull jobs, improving quality by reducing variability, eliminating errors, and to cut down manufacturing costs. The growing importance of workplace safety and rising demand for automating processes to increase efficiency, enhance safety, and reduce human errors are some of the major factors driving the growth prospects of the market worldwide.

Industrial robotics revolutionized the conventional industrial processes and allowed manufacturers to increase productivity at higher quality and lower costs. Industrial robots have been in the industry for a long time now. In 1970, approx. 200 robots were used in the U.S., which later increased to 4,000 in 1980 and 5,500 in 1981 and is still increasing. According to the International Federation of Robotics (IFR), the global sales of industrial robots increased by about 6% and reached a new record of 422,000 units in 2018.

Articulated Robots accounted for the Largest Market Share in 2019

In 2019, based on product type, articulated robots accounted for the largest market share in the global industrial robotics market. Articulated robots are most commonly used in factories worldwide. This type of robot has additional degrees of freedom than other robots in the market, which makes them more adaptable and appealing. Articulated robots can be used for different applications including material handling, material removal, welding, and dispensing. Having the capability of performing a host of tasks in various industrial operations, articulated robots have seen widespread adoption over the years and are likely to maintain their dominance throughout the forecast period from 2020 to 2028.

Asia Pacific Garnered Largest Market Share in 2019

The industrial robotics market, based on geography was dominated by the Asia Pacific region in 2019. The region is expected to have an upper hand in the market throughout the forecast period owing to the presence of strong electronics and automotive industries. Also, some of the major players such as ABB Ltd., KUKA AG have established their operations in the region. The strongest growth drivers for industrial robotics are found in countries including China, Japan, and the Republic of Korea. Owing to the booming automotive industries and rapid industrialization, the region projected to witness notable growth in the years to come.

COVID-19 Impact:

A significant trend that has been observed in the Asia Pacific region is the shifting of manufacturing capabilities for numerous multinational companies out of China. Although most of the probable destination countries for manufacturing such as India, Thailand, and the Philippines, among others belong to the same Asia Pacific region, there are going to be increased investments towards manufacturing capabilities outside of China. Thereby, this provides a significant growth opportunity for industrial robot providers to quickly partner with investors in countries such as India, Thailand, and the Philippines to leverage the situation. Market participants need to assess the countries’ manufacturing infrastructure and offer integrated and end-to-end robotic solutions to boots the countries’ production quality and efficiency.

Competitive Insights

Major players in the industrial robotics market include ABB Ltd., TOSHIBA MACHINE CO., LTD., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., DAIHEN Corporation, Universal Robots, and CMA Robotics among others.

New product development remains the key strategy adopted by the players to obtain an upper hand over the competitors present in the market. For instance, in June 2018, ABB Ltd. launched a third-gen Foundry Prime robot. The robot is designed for applications such as high-pressure water jet cleaning in tough operating industrial environments. The Company has developed the robot to increase system uptime and reliability while reducing maintenance costs by 60%.

Historical & Forecast Period

The research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.

Key questions answered in this report

• What was the market size of industrial robotics in 2019 and forecast up to 2028?
• What are the key factors driving the global industrial robotics market?
• What are the key market trends and high-growth opportunities observed in the industrial robotics market?
• Which is the largest regional market for the industrial robotics market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the industrial robotics market?
• What are the sustainability strategies adopted by the key players operating in the market?

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