Growing Demand for Collaborative Robots to Drive Industrial Robotics Market Revenue to US$ 297 Bn by 2027 - TMR Insights
- High ROI attracts stakeholders to explore scope of growth in industrial robotics amid economic development in emerging economies
- Demonstrated advantages of increased output and improved quality garner interest in integration of next-gen technologies
ALBANY, N.Y., Aug. 24, 2021 /PRNewswire/ -- The growth of the industrial robotics market is stimulated by accelerated deployment of industrial robots for factory automation. Moreover, with prospects of continued utilization and growth in the human-machine coherence for division of roles in factory automation, along with the integration of the cloud technology to improve control of hardware deems attractive for the industrial robotics market. Thus, the industrial robotics market is foreseen to rise at a CAGR of 9% during the forecast period, finds TMR.
The scope of deployment of industrial robots is not limited to automation of processes. For instance, in the manufacturing sector, industrial robots are used in place of human labor to perform hazardous or repetitive tasks with a high degree of accuracy.
Furthermore, industrial robots offer cost advantages. The high cost of hiring human labor, along with miscellaneous costs of health insurance, compensation, paid leaves, training, and promotions are driving the interest of industry owners in industrial robots, as these robots offset these costs significantly. Thus, several industry verticals are increasingly deploying industrial robots on a large scale.
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Industrial Robotics Market – Key Findings of Report
Rising Demand for Collaborative Robots to Accelerate Growth
Collaborative robots are built to work with humans through interaction in a shared work environment. Collaborative robots have the ability to automate work easily; hence, they are used in a number of applications primarily in the manufacturing sector. Packaging, pick & place, assembly, screw driving, lab testing, and quality inspection are some applications of collaborative robots for industrial processes.
Moreover, collaborative robots help improve the safety aspect, along with improved production output. Collaborative robots can perform repetitive tasks at a faster rate.
Retail, automotive, and healthcare are some other industry verticals that are increasingly adopting collaborative robots. Thus, to serve this, several manufacturers in the industrial robotics market such as KUKA AG, Universal Robots, and Franka Emika GmbH are striving to create various types of collaborative robots.
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Prospects of Adoption by SMEs in Emerging Economies of Asia Pacific to Bolster Market Growth
Stakeholders in the industrial robotics market are benefitting from high ROI of deployment of industrial robots. This is garnering the interest of industry stalwarts in developing economies to explore the gains of industrial robotics for several industry verticals.
Rapid economic growth in several economies of Asia Pacific is driving stakeholders in the industrial robotics market to leverage the business opportunities in the region. The adoption of robotics in SMEs in the region is anticipated to strengthen the industrial robotics market in the near future. In addition, the widening scope of application of industrial robots in consumer electronics and automotive is creating lucrative opportunities for the industrial robotics market players in the region.
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Advantages of Superior Ancillary Tasks Favor Deployment
The need to formulate innovative approaches for production cycle in the manufacturing sector is expanding the applications of industrial robotics. The need to limit waste, reduce defects, and minimize downtime is leading to the use of industrial robots for these objectives. The industrial robotics technology helps overcomes the limitations of conventional processes in industrial environments and improves the capacity of operators.
Furthermore, industrial robots provide an advantage by influencing business processes to be more unique. This is favorable for the growth of the industrial robotics market.
Industrial Robotics Market – Growth Drivers
- Key role in the automation of industries wherein several major operations are performed by industrial robots is driving the industrial robotics market
- Effectiveness to improve the capacity of operators to improve output of production cycles favors deployment
Industrial Robotics Market – Key Players
Some well-entrenched players in the industrial robotics market are;
- Yaskawa Motoman Robotics
- Denso Corporation
- Fanuc Robotics
- Kawasaki Heavy Industries
- Toshiba Machine Co. Ltd.
- KUKA Robotics
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Global Industrial Robotics Market: Segmentation
Industrial Robotics Market, by Type
- Cartesian
- Articulated
- Cylindrical
- SCARA
- Others
Industrial Robotics Market, by Industry
- Electrical & Electronics
- Machinery
- Automotive
- Chemical
- Rubber & Plastics
- Food & Beverages
- Metals
- Precision & Optics
- Others
Industrial Robotics Market, by Function
- Materials Handling
- Milling
- Cutting & Processing
- Soldering & Welding
- Painting
- Dispensing
- Assembling & Disassembling
- Others
Industrial Robotics Market, by Region
- North America
- Europe
- Asia Pacific
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