Industrial Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Industrial Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The industrial robotics market was valued is anticiapted to grow at a CAGR of 13.8% over the forecast period. Industrial robots play a crucial role in manufacturing industrial automation, with many core operations in industries being managed by robots. With economic growth across regions, the growth of e-commerce, electronics, and the automotive industry, among others, has been on the rise.

Key Highlights

• The increased demand for robots across various industries is projected as the new generation of industrial robots are cheaper, autonomous, more mobile, cooperative, and flexible. According to IFR, Worlds Robotics Report 2020, installation of industrial robots is projected to increase with 584000 installations globally.
• With increased demand across economies, product manufacturers are adopting robots to automate some of the repetitive processes. According to the International Federation of Robotics(IFR), Japan is the world's largest producer of industrial robots delivering 45% of the global supply.
• According to CGTN, China has unveiled its plan to become a global robotics hub by 2025; China is using medical robots manufactured by Fourier Intelligence, which has exported medical robots across 30 countries and regions. The highly advanced robots will be used in major sectors, including aerospace, mining, automobile, agriculture, and logistics, to fulfill the increasing demand.
• Industry 4.0, the newest industrial revolution, has fueled the development of new technologies, like collaborative robots, AI-enabled robots, etc., and has enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Increased workplace safety and improved production capabilities have further driven industries to invest in robotic systems.
• According to the data provided by the National Bureau of Statistics, the growth in production volume accelerated from approx. 237000 units to 363,000 units are more than a 50% increase in 2021 compared to 2020.
• During COVID -19, the rise in demand for robots was realized as the robots can be used during infectious disease spread, as per OECD, who have unveiled various aspects of robots in the healthcare field as well.

Key Market TrendsAutomotive Industry to Hold Major Share

• The growing adoption of automation in the automotive manufacturing process and the involvement of AI and digitalization are the primary factors increasing the demand for industrial robots in the automotive sector.
• In today's automotive industry, the advancement of robotics technology has accelerated to keep up with the rapid changes in the automotive industry. A robotics solution simulation and virtual commissioning will utilize the maximum benefits of factory automation for OEMs, startups, and suppliers in the present automotive industry.
• According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global sales of new vehicles escalated from 34,321,700 in the first quarter of 2020 to 44,401,850 in the first quarter of 2021. This indicates that the growth in the automotive industry is rapidly increasing.
• The rising demand for automobiles is necessitating the need for increased production. According to the Alternative Fuel Data Center, United States public and private electric vehicle (EV) charging infrastructure, EV charging has grown consistently from 106,814 to 128,474 in 2021.
• The emerging automotive industry in Asia creates significant global industrial robot market opportunities. For instance, China is the world's largest Electric Vehicle market. According to IEA, China recorded total registration of 3.4 million Electric vehicles, which accounted for 51.5% of the global market share.
• For instance, Waymo and Jaguar announced a long-term partnership to develop the world's first premium self‑driving electric vehicle.

North America to Hold a Significant Market Share

• Association for Advancing Automation (A3), companies in North America ordered 9,853 robots million in the second quarter of 2021, which is a significant increase compared to 2020 with 5,196 sales, leading to new job opportunities. Further, according to Robotic Industries Association (RIA), the most critical driver of the year-to-date increase in industrial robots was an 83% growth in units purchased by automotive OEMs for process automation. ​
• Association for Advancing Automation (A3), companies in North America ordered 9,853 robots million in the second quarter of 2021, which is a significant increase compared to 2020 with 5,196 sales.
• According to the Association for Advancing Automation, North America had the most significant sales of 39,708 units, which accounted for USD 2 billion in 2021, which is 28% more than in 2020 and 14% more than their previous high in 2017.
• The formation of the “Advanced Manufacturing Partnership (AMP)” is a step undertaken to make the universities and industry.
• And the federal government to invest in growing technologies. This has helped the country gain a competitive edge in the global economy.​
• The robot density increased in 2020 from 176 to 255 units 2020 as compared to that of 2017, according to the International Federation of Robotics. Several car manufacturing firms have invested in new electric drive car models to enhance battery production capacity. Projects like these will drive demand for industrial robots in the coming years.

Competitive Landscape

The industrial robotics market is highly fragmented. Industry 4.0, with digitalization initiatives across regions, provides lucrative opportunities in the industrial robots market. The degree of transparency is high, considering the number of robotic trade exhibits across conducted areas from time to time. Overall, the competitive rivalry among existing players is high. The acquisitions and collaboration of large companies with startups are predicted, focusing on innovation. A few major players in the market are ABB and Yaskawa. Some of the key developments in the area are:

• February 2022 - Comau and IUVO are introducing wearable robotics solutions to improve operator work efficiency in manually moving loads. The aim is toward well-being by decreasing lower back fatigue.
• May 2021 - Kawasaki Heavy Industries, Ltd. and Sony Group Corporation announced an agreement to establish a new company to operate the remote robot platform businesses. The new company will advance technological capabilities in building remote robot platforms in which the robots can operate from remote locations primarily by providing robot software and solution services.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.