Industrial Robotics Market Outlook - 2023

The Global Industrial Robotics Market size was valued at $37,875 million in 2016, and is projected to reach $70,715 million by 2023, growing at a CAGR of 9.4% from 2017 to 2023.

Global Industrial Robotics Market is majorly driven by a surge in labor charges worldwide, which in turn has enforced manufacturers to replace human labor with machines. Asia and Europe are the key growth regions of the world, with leading players, namely ABB, Fanuc, KUKA, Kawasaki, and the Yaskawa Electric Corporation being based out in the region.

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The global industrial production output is expected to witness moderate growth during the forecast period. The demand for industrial robotics is majorly observed in industries such as automobiles and heavy engineering. However, increased need for automation in non-conventional areas, such as microelectronics, has increased the demand of industrial robotics. Hence, an auxiliary channel utilizing industrial robotics has surfaced in the recent years. The heavy engineering sector is also responsible for the increased demand of industrial robotics.

The global industrial robotics market is impacted by several factors such as usage of industrial robotics in the manufacturing industry, increased demand for automation activities in the industry, reduction in custom duties, and evolving robotics & artificial intelligence (AI) industry. Furthermore, the high cost of industrial robotics solutions is a major hindrance for the industrial robotics market growth.

Segment Overview

The types of robots considered in the report are articulated robots, cylindrical robots, SCARA robots, Cartesian robots, and others. The articulated robots segment accounted for the maximum share in the global industrial robotics market in 2016, owing to increased usage of these robots in the packaging and healthcare sectors of the emerging economies. However, the cylindrical robots and others segment comprising customized and refurbished robots, are expected to grow at a significant pace in the near future, owing to their increasing demand in industrial sectors in the Asia-Pacific region.

Industrial robots are used in various industries such as automotive, electrical & electronics, chemical, rubber & plastics, machinery, metals, food & beverages, precision & optics, and others. The automotive industry is the largest end user of industrial robots. However, the growth in the segment is expected to plummet, owing to a projected slowdown in the automotive industry during the forecast period. The food and beverages segment is expected to witness the highest growth rate in the near future, owing to spiraling food and beverages industry across the globe.

The industrial robotics market is segmented based on function into soldering & welding, materials handling, assembling & disassembling, painting & dispensing, milling, cutting, & processing function, and others. In the functions segment, materials handling subsegment contributed the highest revenue in the global industrial robotics market. The Asia-Pacific region generated the highest revenue in the global industrial robotics market in 2016.

Top Impacting Factors

The following illustration determines the impact of factors on the industrial robotics market growth.



Top Impacting Factors of Industrial Robotics Market

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Rapid Industrialization and Automation

Increase in demand for automation and rapid growth in industrialization foster the use of industrial robots. Increased adoption of these robots in automotive, food & beverages, machinery, and precision & optics industries for automating processes, which leads to increased efficiency, reduced human errors, and enhanced safety of the workforce, has been observed. Some painting and pick & place functions are carried out by robotic arms, which reduce complexity and possibility of errors. Surveillance & security have improved due to the implementation of drones. Industrial robots deliver high-quality products and services, increase the capabilities of manual labor in terms of efficiency, provide better customer services, and efficiently manage processes.

High Labor Cost and Lack of Skilled Workforce

The dearth of skilled workforce and high labor costs drive the adoption of industrial robotics in most of the industries in developed and developing nations. Several organizations have implemented industrial robotics solutions to reduce their labor costs and improve efficiency. Although the initial cost of procuring a robot is high, once implemented it offers high productivity, efficiency, and profits. Moreover, labor wages are on the rise in the American and European markets, and Asia-Pacific is also expected to witness an upsurge in labor costs during the forecast period. Human limitations to perform a particular task and higher productivity from service robots favor the adoption of robotics.

High Initial Investment

High investment required for the initial setup and integration of industrial robotic solutions hampers the adoption of robots by small and medium enterprises in diverse sectors. For instance, in the machinery & metal sector, the cost of cutting, welding, and soldering machines is significantly high, making it unaffordable for average companies. Industries facing high labor costs are more likely to deploy industrial robots to reduce their expenses and produce high-quality products. Key players need to focus on offering affordable and cost-effective robots to accelerate the acceptance of robots by niche industries. The emergence of new technologies, coupled with increasing competition in the market, is expected to reduce investment costs of robots and accelerate the growth of the industrial robotics market.

Key Benefits:

This study provides the analytical depiction of the global industrial robotics market Share along with the trends and future estimations to depict the imminent investment pockets.

The overall industrial robotics market potential is determined to understand the profitable trends to gain stronger coverage in the market.

The report presents information regarding key drivers, restraints, and opportunities along with detailed impact analyses.

Quantitative analysis of the industrial robotics market for the period of 2017-2023 is provided to determine its financial competency.

Porter’s five forces analysis of the global industrial robotics industry illustrates the potency of buyers and suppliers in the industrial robotics industry.

Industrial Robotics Market Key Segments:

The industrial robotics market is segmented based on type, industry, function, and geography.

By Type

Articulated

Cartesian

SCARA

Cylindrical

Others

By Industry

Automotive

Electrical & Electronics

Chemical, Rubber & Plastics

Machinery

Metals

Food & Beverages

Precision & Optics

Others

By Function

Soldering and Welding

Materials Handling

Assembling & Disassembling

Painting and Dispensing

Milling, Cutting and Processing

Others

By Geography

North America

Europe

Asia-Pacific

RoW

Key Market Players