Global Industrial Robots Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028: The market will expand due to the growing adoption of industrial robots in emerging economies, increasing demand for automation, and the advancements in sensor technology.
Global Industrial Robots Market is valued at USD 17.62 Billion in 2022 and it is expected to reach USD 36.75 Billion by 2029 with a CAGR of 11.07% over the forecast period.
Industrial robots are programmable machines designed to execute tasks and function autonomously or with minimal human intervention. These robots are commonly used in manufacturing processes to increase efficiency, reduce labor costs, and improve quality. They can perform a wide range of tasks, including welding, painting, assembly, material handling, and inspection.
The first industrial robot was introduced by George Devol in 1954. The robot, known as the Unimate, was used for welding and material handling in a General Motors factory. Since then, industrial robots have evolved significantly in terms of design, functionality, and application. Today, they are used in various industries, including automotive, electronics, aerospace, food and beverage, and pharmaceuticals.
Industrial robots are used for a wide range of applications, including, assembly and material handling, painting and coating, welding, inspection, and packaging. The main end-users of industrial robots are manufacturing industries, including automotive, electronics, aerospace, food and beverage, and pharmaceuticals.
The revenue generation model of the industrial robots market is based on the sale of robots and related services, such as installation, maintenance, and training. The market is expected to grow due to increasing demand for automation in manufacturing and improvements in robot technology.
The supply chain model of the industrial robots market involves several components, including robot manufacturers, component suppliers, distributors, and end-users. Robot manufacturers design and produce robots, while component suppliers provide parts and components. Distributors market and sell robots, while end-users purchase and use them in manufacturing processes.
The value chain model of the industrial robots market includes various stages, including research and development, design and engineering, manufacturing, marketing and sales, and after-sales services. Each stage adds value to the final product and contributes to the growth of the market.
The COVID-19 pandemic has had both positive and negative impacts on the industrial robots market. On the positive side, the COVID-19 pandemic has accelerated the adoption of automation in manufacturing industries as it reduces the reliance on human labor and ensures social distancing. This has led to an increased demand for industrial robots in various sectors such as healthcare, e-commerce, and logistics.
On the negative side, The pandemic has led to disruptions in the supply chain, affecting the production and delivery of industrial robots. This has led to delays in the installation and implementation of robots in manufacturing processes. The economic uncertainty caused by the pandemic has led to a decrease in investment in capital equipment, including industrial robots. This has led to a slowdown in the growth of the industrial robots market.
Rest of Middle East and Africa
Increasing Demand for Automation: The increasing demand for automation in various industries is driven by the need to improve efficiency, reduce labor costs, and increase productivity. Automation helps companies to streamline their manufacturing processes, reduce errors, and improve the quality of their products. In addition, automation can help companies to achieve greater flexibility, faster time-to-market, and better use of resources. The International Federation of Robotics (IFR) estimates that there were around 2.7 million industrial robots in operation worldwide in 2019, and this number is expected to reach 4 million by 2022. The IFR also estimates that the sales of industrial robots worldwide amounted to around 384,000 units in 2020, with a market value of approximately USD 16.2 billion.
Growing Adoption of Industrial Robots in Emerging Economies: The growing adoption of industrial robots in emerging economies can be attributed to several drivers, including the need to improve manufacturing efficiency, reduce labor costs, and increase productivity. In many emerging economies, labor costs are rising, making it increasingly difficult for companies to remain competitive. For example, in terms of emerging economies, the IFR report that China is the largest market for industrial robots, accounting for 38% of global installations in 2020.
High Initial Investment: The high initial investment required to implement industrial robots is a major restraining factor for the market. The cost of purchasing, installing, and maintaining industrial robots can be prohibitively expensive for some companies, especially small and medium-sized enterprises. Additionally, the high cost of training employees to operate and maintain industrial robots is another factor that can discourage companies from adopting automation. According to the International Federation of Robotics, the average cost of an industrial robot in 2020 was around $50,000 to $80,000. However, the cost can range from as low as $10,000 for a basic robot to as high as $500,000 for a complex, the high-end robot with advanced features.
Safety Concerns: The use of industrial robots poses a risk to workers if proper safety measures are not in place. Accidents involving industrial robots can result in serious injuries or even fatalities. This has led to increased regulatory scrutiny and a need for enhanced safety features, which can increase the cost of implementing industrial robots. The International Organization for Standardization (ISO) has developed safety standards for industrial robots, including ISO 10218-1 and ISO 10218-2, which outline safety requirements for the design, installation, and operation of robots.
Increasing Adoption of Collaborative Robots: The increasing adoption of collaborative robots, also known as cobots, presents an opportunity for the industrial robots market as they can work alongside humans and perform tasks that require human skills.
Expansion of the Service Robotics Market: The expansion of the service robotics market, which includes robots used for domestic and personal use, presents an opportunity for the industrial robots market as it creates a demand for robot components and technology.
Advancements in Sensor Technology: The development of advanced sensor technology presents an opportunity for the industrial robots market as it enhances the capabilities of robots in various applications, including inspection and material handling.
Advancements in Artificial Intelligence: The integration of artificial intelligence (AI) in industrial robots is a major trend in the market, as it improves the ability of robots to perform complex tasks, learn from experience, and make decisions.
Development of Collaborative Robots: Collaborative robots, also known as cobots, are another major trend in the market. These robots are designed to work alongside humans and are equipped with safety features to prevent accidents.
Integration of the Internet of Things (IoT): The integration of IoT in industrial robots is another trend in the market, as it allows robots to connect to other devices and systems, collect data, and share information in real time.
Increasing Adoption of Industrial Robots in Small and Medium-sized Enterprises: The adoption of industrial robots in small and medium-sized enterprises (SMEs) is a major trend in the market, as these companies seek to improve efficiency and productivity while reducing labor costs.
Growing Demand for Customized Robotics Solutions: Customers are increasingly demanding customized robotics solutions that can be tailored to their specific needs, rather than off-the-shelf products.
Emphasis on Safety and Ergonomics: Customers are placing greater emphasis on safety and ergonomics when selecting industrial robots, as they seek to ensure the safety of workers and reduce the risk of injuries.
The industrial robots market is highly competitive, with several key players dominating the market. Some past and future strategies adopted by these players include:
Product Development: Key players have focused on developing new products and improving existing products to meet the changing needs of customers. This includes the development of collaborative robots, AI-enabled robots, and robots with advanced sensor technology.
Partnerships and Acquisitions: Key players have also formed partnerships and acquired other companies to expand their product offerings, increase their market share, and access new markets.
Geographic Expansion: Key players have expanded their presence in new markets by opening new facilities, establishing partnerships with local companies, and investing in research and development centers.
The North America industrial robots market is expected to grow at a significant rate over the forecast period due to the increasing demand for automation in various industries such as automotive, electronics, and aerospace. The automotive industry is the largest user of industrial robots in North America, accounting for 43% of the total installations in 2019.
The United States is the largest market for industrial robots in North America, accounting for a significant share of the market revenue. The growth of the market in the US can be attributed to the presence of several key players in the region, such as ABB, Fanuc, and Yaskawa America. The demand for industrial robots in the US is also driven by the increasing adoption of automation in manufacturing processes to improve efficiency and reduce labor costs. The United States ranks fourth in terms of the total number of operational industrial robots installed in manufacturing industries as of 2020, with over 293,000 units.
Europe was the second-largest market for industrial robots in 2020, with a total of 221,500 units sold. Europe is a significant market for industrial robots due to the presence of established manufacturing industries in countries such as Germany, Italy, France, and the UK. The market is expected to grow at a steady pace due to increasing demand for automation in various industries such as automotive, electronics, and food and beverage.
Germany is the largest market for industrial robots in Europe, accounting for 37% of the total robot sales in the region in 2020. The automotive industry is the largest end-user of industrial robots in Germany, followed by the electronics industry.
Global Industrial Robots Market report covers an extensive analysis of emerging trends and the competitive landscape.
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