Industrial robots have a vital role to play in automation of industries as many key operations are taken care of by industrial robots in many industries. Economic development in many countries offers promising growth opportunities to the global industrial robotics market. Rapid expansion of e-commerce activities coupled with phenomenal growth of automotive and electronics industries add impetus to the global industrial robotics market.
Some of the renowned market players analyzed in the report on global industrial robotics market are Yaskawa Motoman Robotics, Kawasaki Heavy Industries, Denso Corporation, Toshiba Machine Co., Ltd.,Fanuc Robotics, and KUKA Robotics. The global industrial robotics market is projected to reach US$ 147.7 bn through 2020. The market is likely to clock a CAGR of 6.2% during 2014 to 2020.
- High Deployment of Industrial Robots in Manufacturing Units Drives Market in North America
The global industrial robotics market has been segmented into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Regional segmentations are likely to facilitate better understanding of market dynamics at play in each of the regions during forecast period.
According to the findings of Association for Advancing Automation, around 27,294 robots were ordered in the first nine months of 2019. These robots were valued around US$ 1.473 bn. North America is likely to lead the global industrial robotics market in forthcoming years. Substantial reliance of North American manufacturing units on advanced and innovative technological solutions to generate high quality output at reduced cost is fuelling the market. Increased implementation of advanced software programs to stay ahead in the game of competition is reason for growth the industrial robotics market in North America.
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Modern manufacturing facilities in North America are substantially depending on new innovative technologies to generate produce higher quality products at high speed and reduced costs. In order to survive in the current competitive scenario, they are implementing more intelligent software and hardware.
Likewise, Europe is also expected to account for a large share of the market. In 2017, around 170,000 robots participated in the production process of automotive industry. Such high level of robotic participation is a manifestation of the market prominence in the region.
According to TMR analysts, in terms of density of industrial robots, South Korea is estimated to retain with its leading position during the assessment period.
- High Cost of Human labor is Likely to Bolster Demand for Industrial Robots
The expansion of the global industrial robotics market stimulated by accentuated activities in the sector of factory automation. Growing utilization of human machine interaction together with cloud technology improving control of hardware, the global industrial robotics market is poised for considerable growth in forthcoming years.
High cost of deploying manual labor together with offering of added advantages like health insurance, paid leaves, compensations, trainings, conferences, and promotions cost almost a fortune to the companies. Such negative impacts of employment of human labor pave way for large-scale deployment of industrial robotics in years to come. Unlike industrial robots, human labors are incapable of working in adverse conditions or in high-risk zones. Day to day accomplishment of same tasks leaves workers with mutinous and dull feeling, which lowers productivity. In view of all such negative aspects of human labor, more manufacturers are utilizing industrial robots.
Furthermore, rapid growth in the semiconductor and electronics industries has underpinned its market gains. Both the industries are massive demand generators for industrial robotics.
Advent of artificial intelligence and digitization has made a marked difference in the performance of industrial robots with increased output and high quality. The shift in the automotive industry toward electric and autonomous automotives is generating considerable growth opportunities for the global industrial robotics market. The automotive manufacturing industry is another leading demand generator for industrial robots.