March 24th, 2022
According to Renub Research report titled, “Industrial Robotics Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Company Analysis” the Global Industrial Robotics Market Size was US$ 25.70 Billion by 2021. An industrial robot is a type of mechanical machine that is programmed to perform tasks related to industrial production automatically. These robots can be reprogrammed, and the program can be changed as many times as needed depending on the usage and industrial requirements. Industrial robots increase productivity by reducing costs and producing high-quality products in automation applications.
Most industrial robots are made up of a drive, an end effector, a robotic manipulator, sensors, and controllers. The robotic controller is the robot's brain, which aids in transmitting commands, whereas Robot sensors include microphones and cameras that keep the robot aware of its surroundings. Furthermore, a robotic manipulator is the arm of a robot that assists the robot in moving and positioning, while the end efforts help to interact the robot with the workpieces.
Covid-19 Impact on Worldwide Industrial Robotics Industry:
The COVID-19 pandemic, a deadly respiratory disease that began in China, has now spread throughout the world. As China has been the largest market for industrial robots over the past 5 years, the COVID-19 widespread had a negative impact on the industrial robotics market. Further, as the leading players in the industrial robots market are all based in Japan also faced the scenario where the revenue dropped during the pandemic.
The COVID-19 epidemic disrupted global supply chains and slowed the deployment of industrial robots in many critical industries, including automotive, electrical and electronics, and metals and machinery. Manufacturing activities were halted or restricted during the Covid-19 outbreak.
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Globally, construction and transportation activities, as well as supply chains, were disrupted. This resulted in a decrease in the manufacturing of industrial robots as well as demand in the industry, limiting the growth of the industrial robotics market. However, as vaccination campaigns increased, the demand for industrial robotics again started booming.
Globally Industrial Robotics Market will increase with a CAGR of 9.36% in 2021-2027:
Generally, a significant demand for industrial robotics is observed from the sectors such as the automotive industry, electrical and electronics industry, metal and machinery industry, etc. However, this need is based on the type of robot that they need to place throughout their sites to harness production activity and cut costs. The market is driven by an increase in investment across all industries.
Factors such as increased R&D spending on robots, increased usage of industrial robots, and the emergence of smart factories are boosting the market's growth. Robots are frequently used in the food and beverage industry because they comply with strict hygiene rules and fulfill rising demand. In addition, the use of robots in the workplace, combined with the help of AI in industrial robots, opens up new possibilities for the industrial robots market.
By Segment: Automotive Industry Holds the Largest Share:
We have covered the Automotive industry, Electrical & Electronics Industry, Metal & Machinery Industry, Plastic & Chemical Products, and Food Industry as segments of the global industrial robotics market. As per our analysis, the Automotive industry holds the highest share. The expanding use of automation in the automobile manufacturing process and the use of digitization and artificial intelligence are the key reasons driving the demand for industrial robots in the automotive industry.
Besides, the demand for automobiles is increasing, necessitating an increase in production. As a result, the demand for industrial robotics in the automotive industry is rising. Furthermore, the high costs of employing human labor and the inconvenient nature of giving advantages such as promotions, health and safety compensation and insurances, benefits packages, yearly wage increases, and paid vacations are all driving factors in the use of automation technology.
We have covered the Global Industrial Robotics Market for America, Europe, and Asia/Australia region. In the American region, countries like the United States, Canada, and Mexico are contributing to the growth of the industrial robotics market since the American region is amongst the leading innovators and pioneers in terms of robotics. Also, the use of robots in the region is increasing, helping US companies become more competitive and creating new jobs.
Similarly, in Europe, countries like France, Germany, Italy, and Spain are using more industrial robotics as industries like automotive, semi-conductor, and electronics continue to grow at a rapid pace, and there is a considerable increase in demand for innovative assistance machinery to boost efficiency. Lastly, Asia/Australia countries, namely China, India, Japan, the Republic of Korea, and Thailand, are enriching the industrial robotics market due to rising labor costs in the Asian/Australian region, prompting firms to automate their production processes to maintain their cost advantage.
Key Players Analysis:
We have studied iRobot Corporation, Intuitive Surgical, Inc., Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, and Yaskawa Electric Corporation as key players in the Global Industrial Robotics Market. Furthermore, we have covered business overview, sales analysis, and recent development of the companies.
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Key players are pivoting on providing streamlined products with novel technology to achieve awareness in the global industrial robotics market. Moreover, key players are investing in mergers, acquisitions, and collaboration to expand their product portfolio and strengthen their position in the global industrial robotics market.
Segment: We have analyzed the Automotive industry, Electrical & Electronics Industry, Metal & Machinery Industry, Plastic & Chemical Products, and Food Industry as segments of the global industrial robotics market.
Region: We have studied the regional market of America (United States, Canada, Mexico), Europe (France, Germany, Italy, Spain), and Asia/Australia (China, India, Japan, The Republic of Korea, Thailand) in the Global Industrial Robotics Market.
Key Players: We have covered iRobot Corporation, Intuitive Surgical, Inc., Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, and Yaskawa Electric Corporation as key players of the Global Industrial Robotics Market.
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