Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited, has published a research report on the industrial robot market, which estimates the market is projected to reach US$108.48bn (£94.14bn) by 2029, with a CAGR of 9.6%.
The global industrial robot market size was valued at US$47.54bn (£41.26bn) in 2020, with its projected growth largely attributed to increased automation by the report.
Industrial robots are categorised based on their physical characteristics (e.g. weight), human interaction, mobility and degree of autonomy.
According to The International Federation of Robotics (IFR), about 2.1 million stand-alone industrial robots were installed globally in 2017 and 381,000 were shipped.
Automobiles, OEMs and a growing number of automotive suppliers are the largest sector with an estimated 126,000 vehicles, followed by the electrical and electronics industry with 121,000 reported vehicles. China is the largest regional market with 138,000 units, with the overall top five countries being China, South Korea, Japan, Germany and the US, all of which account for more than 70% of this market in total.
The report suggests the impact of the global pandemic is also boosting the demand within the industrial robots treatment market.
The national governments of key countries such as India, China, Japan, France, Indonesia and Singapore are offering incentives to support their industrial sectors with ongoing issues associated with the pandemic. The report suggests that this means industries are better prepared to invest in the financial resources necessary to implement robots into industrial environments.
Exactitude Consultancy predicts that the demand for collaborative robots (cobots) will grow across all industries, which in turn will accelerate automation adoption. Cobots can be suited to the needs of small- and medium-sized businesses (SMEs) and major corporations, due to their versatility, with the report claiming they have been widely adopted.
The Asia Pacific countries are expected to present good opportunities for market players to sell and deploy industrial robots and associated products; the research suggests this region will become the main player in the global market in the coming years. This is also due to increased automation, especially in Japan, China and India.
The report also points to growths in population and disposable incomes, leading to increased demand for consumer goods and the need for both larger production capacity and a larger market. Moreover, it suggests, growing need for bespoke products and machines requires high levels of precision and capacity, meaning use of robotics in industrial applications is becoming key to keeping pace.
According to Exactitude Consultancy, the main players of the global industrial robots market include ABB, Yaskawa, Fanuc, Kuka, Mitsubishi Electric, Kawasaki Heavy Industries, Denso, Nachi-Fujikoshi, Seiko Epson and Dürr.
Mitsubishi Electric (Stand 220) will be at Robotics and Automation 2022 on 01-02 November at the Coventry Building Society Arena. For more information on this unmissable industry event, please visit www.roboticsandautomation.co.uk
