CHICAGO, Oct. 2, 2019 /PRNewswire/ -- According to the new market research report "Industrial Robotics Market by Type (Articulated Robots, Collaborative Robots), Application (Handling, Processing, Dispensing), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Food & Beverages) and Geography - Global Forecast to 2024", published by MarketsandMarkets, the Industrial Robotics Market is expected to grow from USD 48.7 billion in 2019 to USD 75.6 billion by 2024; it is expected to grow at a CAGR of 9.2% during the forecast period. An increase in automation due to a decline in skilled labor and the growing popularity of collaborative robots is driving the industrial robotics industry.
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Manufacturers are turning to automation in response to an increasing shortage of skilled workers in the manufacturing sector. There is also a growing demand for collaborative robots across all industry segments; ranging from established industries such as automotive, as well as small and medium enterprises (SMEs). Automation in the electronics industry presents an excellent growth opportunity for industrial robots in the coming years, especially in the APAC region where manufacturers are looking to automate their production processes further to maintain their cost advantage.
Traditional industrial robots to dominate the industrial robotics market compared to collaborative industrial robots in 2019
Traditional industrial robots have been around for much longer as compared to collaborative robots which, in comparison, has only gained traction in the last decade. The automotive, electronics, and metal industries account for the major share for the use of traditional industrial robots as their production process imperatively needs to be heavily automated. As long as these major industries continue to thrive, traditional industrial robots will dominate the market. Collaborative robots, although safe, simply do not have the speed, accuracy, reach, and payload capacity when compared to traditional industrial robots.
Handling application to dominate the industrial robotics market during the forecast period
Handling activities such as pick & place, palletizing, packaging, and loading & unloading are common and applicable to most industries, and therefore has the largest market share. For instance, pick & place is used for manipulating large and heavy objects in the automotive sector, whereas, in the electrical & electronics industry, small and delicate parts are handled. The scenario for use may be different, but the application remains the same, i.e., pick and place. Special robots for palletizing robots are deployed, which not only can handle large payloads but also manipulate them smoothly to avoid damage.
APAC to hold the largest share of the industrial robotics market by 2024
APAC is expected to hold the largest share of the industrial robotics industry in 2019 and is also projected to have the highest market share in 2024 by a small margin. Although China witnessed a decline in growth in 2018, it is still expected to remain a significant market for APAC. The electrical & electronics industry is the most important driver for industrial robots in APAC owing to rising demand for electronic products around the world. Components like computer chips, battery, and displays that are small and sensitive need to be handled with high speed and high precision. In developing countries, automation has not yet reached maturity, which represents an opportunity for growth of industrial robots.
Browse in-depth TOC on "Industrial Robotics Market"
135 - Tables
60 - Figures
208 - Pages
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Major vendors in the industrial robotics market include ABB (Switzerland), Yaskawa (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), EPSON (Japan), and Dürr (Germany). Apart from these, Franka Emika (Germany) and Techman Robots (Taiwan) are a few of the emerging companies in the industrial robotics industry.
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