Global Industrial Robotics Market Growth, Trends and Forecast (2019-2024): Anticipated to Record a CAGR of 14.11% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Industrial
Robotics Market – Growth, Trends, and Forecast (2019 – 2024)”
report has been added to ResearchAndMarkets.com’s
offering.

The global industrial robotics market was valued at USD 18.05 billion in
2018 and is expected to reach USD 40.75 billion by 2024, at a CAGR of
14.11% over the forecast period (2019-2024).

Industrial robots play a crucial role in industrial automation, with
many core operations in industries being managed by robots. With
economic growth across regions, the growth of e-commerce, electronics,
and the automotive industry, among others has been on the rise.

With the increased demand across economies, product manufacturers are
adopting robots to automate some of the repetitive processes. According
to the Robotic Industries Association, more than 250,000 industrial
robots had been installed in the United States alone, which gives an
estimate of the penetration of industrial robots.

Robots have been employed in manufacturing units across most of the
industries, because of their ability to take up complicated, repetitive
tasks with accuracy, even in hazardous environments.

Although automating tasks in the industrial set up would replace human
labor, the need for people who can manage the robotics and maintain them
will be on demand. Industrial workforce, who can maintain hardware and
software, apart from designing the automation process, is also required.

Rising penetration of the IoT and investments in robotics across regions
have been major contributors to the growth of the market. For instance,
the Made in China 2025 announcement was aimed at broadly upgrading the
Chinese industry by moving toward quality focused and innovation-driven
manufacturing.

Key Market Trends

Automotive End-User Industry to Hold Major Share

The growing adoption of automation in the automotive manufacturing
process and involvement of digitization and AI are the primary factors
driving the demand for industrial robots in the automotive sector.

In 2017, more than 170,000 robots took part in the production process in
the European automotive industry. The growing presence of robots and
automation in the European automotive industry is expected to fuel the
market for industrial robots further in the region.

According to the Robotic Industries Association (RIA), in the first
quarter of 2018 shipments to the automotive OEM sector were down by 43%,
while units shipped to the automotive component industry increased by
42% in North America.

China has also become both the world’s largest car market and the
world’s largest production site for cars, including electric cars, with
much growth potential. There are 27 automotive manufacturing and
assembly plants in Malaysia. The growing automotive industry in Asia is
also creating a massive opportunity for the global industrial robots
market.

The shifting of the automotive industry toward autonomous and electric
vehicles is also creating a massive opportunity for industrial robots.

North America Region to Hold Significant Share

According to the Association for Advancing Automation (A3), the North
American automation market had set new records very recently. For the
first nine months of 2017, 27,294 orders of robots, valued at
approximately USD 1.473 billion, were sold in North America.

Modern manufacturing facilities in North America are relying on new
technologies and innovations to produce higher quality products at
faster speeds with lower costs. In order to survive in the current
competitive scenario, they are implementing more intelligent software
and hardware.

With over five heavy-duty assembly plants, over 540 OEM parts
manufacturers, 400 dealerships, and many other automotive-related
industries, Canada is the 9th largest vehicle producer in the world, and
the automotive sector is the biggest contributor to the manufacturing
industry of the country.

According to the government of Canada, the country’s automotive
suppliers export parts globally and are integral to Canada’s automotive
sector, which accounts for over USD 34 billion in sales annually.

The manufacturing industry is estimated to contribute approximately 11%
to the Canadian GDP. The manufacturing sector is the largest investor in
research and development (R&D) and implementation of new technologies in
Canada. The government has also taken many initiatives, such as lowering
taxes for new investments, various trade agreements with other
countries, investments in new technologies, and many skill-training
programs, which have helped the manufacturing sector to boom in Canada.

Competitive Landscape

The industrial robotics market is highly fragmented. Industry 4.0, along
with digitalization initiatives across regions, provides lucrative
opportunities in the industrial robots market. The degree of
transparency is said to be high, considering the number of robotic trade
shows across regions conducted from time to time.

Overall, the competitive rivalry among existing competitors is high.
Moving forward, acquisitions and collaboration of large companies with
startups are expected, which are focused toward innovation. Some of the
key players in the market are ABB and Yaskawa.

Some of the key developments in the area are:

ABB Ltd and Kawasaki Heavy Industries announced collaborative robot
automation cooperation. Both the companies are projected to join forces,
to share the knowledge and promote the benefits of collaborative robots,
in particular, those with dual-arm designs. The companies also created
the world’s first common interface for collaborative robots. The common
interface is poised to help address the shortage of skilled workers in
several industries.

Denso Corporation announced plans to exhibit Cobotta and other robots,
at the Automatica fair in Munich, Germany. Cobotta is an innovative
compact robot for a safe human-robot collaboration. The next highlight
is a dual-arm control – a new feature of the RC8A controller is its
capability to control two SCARA robots in different operations, at the
same time.

Topics Covered

1 Introduction

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Dynamics

4.1 Market Overview

4.2 Introduction to Market Drivers and Restraints

4.3 Market Drivers

4.3.1 Increased Emphasis on Workplace Safety

4.3.2 Emerging Technologies in Industrial Robots

4.4 Market Restraints

4.4.1 Lack of Skilled Workforce

4.5 Value Chain Analysis

4.6 Industry Attractiveness Porter’s Five Forces Analysis

5 Market Segmentation

5.1 By Product Type

5.1.1 Articulated Robots

5.1.2 Linear Robots

5.1.3 Cylindrical Robots

5.1.4 Parallel Robots

5.1.5 SCARA Robots

5.1.6 Other Product Types

5.2 By End-user Industry

5.2.1 Automotive

5.2.2 Chemical and Manufacturing

5.2.3 Construction

5.2.4 Electrical and Electronics

5.2.5 Food and Beverage

5.2.6 Machinery and Metal

5.2.7 Pharmaceutical

5.2.8 Other End-user Industries (Rubber, Optics)

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 South America

5.3.5 Middle East & Africa

6 Competitive Landscape

6.1 Company Profiles

6.1.1 ABB Ltd.

6.1.2 Yaskawa Electric Corporation

6.1.3 Denso Corporation

6.1.4 Fanuc Corporation

6.1.5 KUKA AG

6.1.6 Kawasaki Robotics

6.1.7 Toshiba Corporation

6.1.8 Panasonic Corporation

6.1.9 Staubli Mechatronics Company

6.1.10 Yamaha Robotics

6.1.11 Epson Robots

6.1.12 Comau SPA

6.1.13 Adept Technologies

6.1.14 Nachi Robotic Systems Inc.

7 Investment Analysis

8 Market Opportunities and Future Trends

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