by The global industrial robotics market, valued at USD 15.8 billion in 2021, is set to experience significant growth at a compound annual growth rate (CAGR) of 13.8% during the forecast period, according to the latest market analysis. Industrial robots are becoming indispensable in sectors such as food and beverage, electronics, metals and machinery, and semiconductors, with benefits including increased efficiency, cost reduction, and enhanced quality driving their widespread adoption.
Automation to Tackle Rising Labor Costs
In the United Kingdom, where wage costs have surged by more than 12% annually, labor shortages are a pressing issue. To counteract this challenge, businesses are increasingly investing in industrial robots. A notable example is Chancellor Rishi Snacks January 2022 investment in robotics to mitigate an inflationary crisis caused by labor shortages.
Supply Chain Optimization Drives Investments
Key market players are directing substantial investments towards supply chain optimization. In January 2022, DHL Supply Chain injected USD 15 million into robotic solutions for its warehouse supply chain network. Robots are revolutionizing supply chains by reducing long-term costs, enhancing productivity, minimizing errors, and streamlining picking operations. The supply chain market is projected to witness over 100% growth by 2026 as demand for cost-efficiency and productivity gains continues to rise.
Innovation Fuels Market Growth
Major market players are actively introducing new robot models to capitalize on existing opportunities. For instance, Switzerland-based technology leader ABB Group unveiled its ceiling-mounted industrial SCARA robot IRB 910INV in 2018. These robots can work seamlessly alongside other machines and robots, offering greater flexibility and increased productivity, which is expected to propel market growth in the coming years.
COVID-19 Impact: A Catalyst for Robotics
The COVID-19 pandemic has brought about significant changes across industries. The medical device manufacturing sector has experienced increased demand for industrial robots due to the need for products like ventilators and respirators. In response to this demand, US-based robotics and technology company Vecna Robotics, along with VecnaCares and Vecna Healthcare, introduced the automated manual resuscitator Ventiv in April 2020.
Drivers, Restraints, and Segment Overview
- Access to New Industries and SME Adoption: Industrial robotics is expanding its footprint into industries like healthcare, testing, and packaging, along with making inroads into small and medium-sized enterprises (SMEs).
- Growing Demand for Collaborative Robots: Collaborative robots, or cobots, are in high demand due to their ability to work alongside humans in shared workspaces, increasing worker safety and production.
- High Introduction Costs: Integrating robots can be costly for SMEs, with expenses encompassing robot purchase, integration, programming, and maintenance. Frequent reprogramming due to changing consumer preferences can further challenge return on investment.
- Segment Overview: Articulated robots are expected to dominate the market, particularly in the automotive industry, while robot accessory components, such as end effectors and image processing systems, will witness high growth rates.
Regional Landscape
Asia Pacific leads the market, driven by rising labor costs and the need for automation to maintain cost advantages. North America is experiencing substantial growth, especially in the context of Industry 4.0 and smart factories.
Competitive Landscape
Key players in the industrial robotics market include ABB, FANUC, YASKAWA, KUKA, Mitsubishi Electric, Kawasaki Heavy Industries, Denso Corporation, NACHI-FUJIKOSHI, Seiko Epson, DUrr, Universal Robots, Staubli, Comau, B+M SURFACE SYSTEMS, ICR Services, IRS Robotics, Hyundai Robotics, Siasun Robotics, RobotWorx, Techman Robot, Rethink Robotics, FrankaEmika, F&P Robotics, and Bosch Rexroth.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/industrial-robotics-market
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COMTEX_442645518/2840/2023-10-30T06:12:53
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.