Industrial robot manufacturers are increasingly targeting the development of low-cost offerings to bolster adoption among small and medium enterprises.
DUBAI, UAE / ACCESSWIRE / April 1, 2021 / The industrial robots market is projected to display an exponential rate of growth for the duration of the forecast period between 2021 and 2031. The demand for industrial robots has been largely driven by the transition from manual industrial activities to automated solutions. Reduced costs associated to hiring manpower, and improvements to predictive maintenance tools and artificial intelligence are expected to support the adoption of industrial robots for the near future.
"The high costs associated with manual labor including benefits, health and safety compensation, and increasing annual wages are key factors supporting the adoption of automation. Owing to the health and safety requirements, human workers are unable to function in adverse environments and performance is often affected for repetitive tasks. These are key factors that bolster the adoption of industrial robotic alternatives for the foreseeable future," says the FMI study.
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Industrial Robots Market - Leading Takeaways
- The adoption of industrial robots for food and beverage sector applications will reflect a higher growth rate on the back of evolving safety and hygiene standards.
- Articulated robot product offerings remain popular owing to superior accuracy and consistency in operations.
- China Japan and South Korea will emerge as key regional markets, owing to the presence of major production facilities.
- U.S. will reflect strong growth on the back of increasingly strict worker safety regulations.
Industrial Robots Market - Growth Factors
- Rising manual labor costs and strict regulations associated with workplace operations is supporting the adoption of robotic alternatives.
- Government incentives towards the adoption of industrial automation solutions in emerging economies drives growth.
- Rising number of SMEs around the world and adoption of automated solutions will support growth in the industry.
Industrial Robots Market - Constraints
- High initial capital costs associated with the acquisition of industrial robots is a key factor hindering adoption.
- Cost overruns from over-automation of industrial facilities is a major challenge for market players.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has generated significant growth opportunities for industrial robot manufacturers. Lockdown restrictions on human activities in multiple industries including electronics, packaging, and automotive, have hurt industrial and commercial activity.
In addition, increased spending on ecommerce during the pandemic has also supported the adoption of industrial robotics solutions. The trend is likely to continue even after the outbreak has subsided. Moreover, the adoption of work from home operations has also supported robotic operations, minimizing losses, which will aid faster growth through 2021 and beyond.
Competition Landscape
Some of the leading manufacturers participating in the industrial robots market are ABB Limited, Denso Corporation, Fanuc Corporation, Kawasaki Heavy Industries, KUKA AG, Brenton LLC, YASKAWA Electric Corporation, Mitsubishi Electric Corporation, and Krones AG among others.
Major manufacturers in the industrial robots market have been increasingly investing in product development and launch strategies in addition to industry collaborations, mergers, and acquisitions to drive market consolidation objectives.
In March 2021, Stäubli unveiled its TS2 SCARA type industrial robot, which is a major upgrade of the 4-axis series, enabling ultra-short cycle times with hygiene compatibility standards for sensitive environment applications. IAM Robotics launched its new Bolt range fully mobile industrial robot, which has been designed with a modular interface for customized operations as per workplace requirements. Also, ST Robotics introduced the STR18 Delta Robot System in its efforts to expand its portfolio of low-cost offerings.
More on the Report
FMI's provides in-depth insights on the industrial robots market. The market is segmented in terms of product type (articulated robots, SCARA robots, parallel robots, cartesian robots, cylindrical robots, and others), end use (automotive, electrical & electronics, metals & machinery, chemicals, plastic & rubber, food & beverages, healthcare, construction, and others), applications (material handling, welding & soldering, assembly & disassembly, painting & dispensing, and others) and technology (automatic, semi-automatic, and manual) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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SOURCE: Future Market Insights
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