Global Industrial Robot Market Is Projected to Grow from USD 24.35 billion in 2020 To Reach USD 52.85 billion by 2026

September 17, 2021, New York, USA - Industrial Robot: Introduction

The robotic arms can move in various directions and can be programmed to perform many different types of tasks in different situations, and these robotic arms are called industrial robots.

Grippers can be installed on the robotic arms to work with delicate and fragile objects. Some other types of robotic arms can have grippers that can grasp and lift loads weighing several tons.

Any type of tool can be attached to the robotic arms. These tools are utilized with speed, precision, accuracy and repetitiveness that cannot be matched by humans.

Robotic arms have multiple sensors and advance vision systems capable of viewing images to help with their computer-based control. The decision about the behaviour of the robotic arms can be made by the sensor and vision feedback with artificial intelligence. 

In today's world, industrial robots and automation are an essential part of the construction of most products produced. 

The manufacturing of the majority of products in our world today is made possible by industrial robots and automation.

Main Components of Industrial Robots:

There are four main parts of industrial robots. The four main components are the controller, the manipulator, the power supply and the human interface.

Benefits of Industrial Robots:

Better quality and consistency:

Industrial robots are capable of providing better quality production, more precise and reliable processes. It also gives reduced cycle time and advanced preventive maintenance practice.   

It gives maximum productivity and throughput:

Industrial robots can operate 24/7; hence it increases the speed of manufacturing processes. Unlike humans, robots don't need any breaks or shifts changes. Due to the speed and dependability of robots, the cycle time is reduced, and throughput is maximized.

Greater Safety:

Robotics can be used for repetitive tasks, which reduces the risk of injury to workers, especially if manufacturing takes place in hostile environments. Supervisors can also monitor the process remotely or online.

Direct Labour Cost Reduced:

Handling many manufacturing operations by a human is often more costly than a robot. This will free up workers, so their skills and expertise can be utilized in other business areas, such as maintenance, engineering or programming.

Manufacturing kept in the U.S.

People argue that robots are taking away jobs from U.S. workers, but it's not the truth. 

Human expertise is required where industrial robots are typically integrated into a series of operations.

The Global Industrial Robot Market Overview: 

Global Industrial Robotics Market value was USD 24.35 billion in 2020. By 2026, it is projected that it will reach USD 52.85 billion. This projection represents a 14.11% increase in CAGR from 2021-2026. The industrial robot plays a key role in manufacturing industrial automation. Many core operations are managed by robots in the industries. E-commerce, electronics and the automotive industry are all growing with economic growth in different regions.

Product manufacturers are using robots to automate repetitive tasks due to increased demand in all countries. The Robotic Industries Association reports that over 250,000 industrial robots were installed in the United States alone. This is an estimation of the extent of industrial robot penetration.

Due to the increasing adoption of smart factories, which robots are a crucial part of, the industrial robots market has seen a significant increase in demand. Global smart factory sales are expected to exceed USD 388.68 Billion by 2024. This gives insight into the potential for industrial robots in automation across all end-user industries.

Industry 4.0, the latest industrial revolution, has driven the development of new technologies like collaborative robots and AI-enabled robotics. These robots have allowed industries to use them to automate many processes, improve efficiency, and eliminate errors. Industries have been compelled to invest in robotics systems due to increased safety at work and better production capabilities.

The market for industrial robots (IR), which are smaller and more affordable without compromising on quality, is growing in popularity among key players in the end-user industry. The market may not grow if there is a higher investment.

According to CGTN, China's industrial robot production grew by 29.2% a year in June to 20,761 units. This was the highest rate of growth in the first half of 2020.

According to the National Bureau of Statistics data, with growth starting at 16.9% in May, the country produced 93 794 units of industrial robots during the past six months, an increase of 10.3% over the same period last year.

A shortage of workers and an upgrade in traditional industries caused the rise in demand for industrial robots.

The Key Market Segmentation of the Global Industrial Robot Market: 

Global Industrial Robot Market can be divided into Product Types, Component, Industry, Function, and Geographical landscapes, etc. 

Global Industrial Robot Market Segmentation By Product Type:

Articulated

Cartesian

SCARA

Cylindrical

Others

Global Industrial Robot Market Segmentation By Component:

Robotic Arms

Robot Accessories

End Effectors

Controllers

Drive Units

Vision Systems

Sensors

Power Supply

Others

Additional Hardware (Safety fencing, fixtures, conveyors, etc.)

System Engineering

Software & Programming

Global Industrial Robot Market Segmentation By Industry:

Automotive

Electrical & Electronics

Chemical, Rubber & Plastics

Machinery

Metals

Food & Beverages

Precision & Optics

Others

Global Industrial Robot Market Segmentation By Function:

Soldering and Welding

Materials Handling

Assembling & Disassembling

Painting and Dispensing

Milling, Cutting and Processing

Others

Global Industrial Robot Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

The Middle East and Africa

Major Key Players in the Global Industrial Robot Market Are:

Daihen Corporation

Denso Corporation

KUKA Robotics Corporation

Mitsubishi Electric Corporation

Epson America, Inc.

Fanuc Ltd.

Kawasaki Heavy Industries Ltd.

Nachi Robotic Systems, Inc.

Panasonic Corporation

ABB Ltd.

Robofusion

Kobelco Paint Robot

Kobe Steel Limited

Universal Robotics

Yaskawa Electric Corporation

Other Companies Operating in the Industry

The Covid-19 Impact Analysis:

The COVID-19 pandemic is a serious global issue. It is a deadly respiratory illness that originated in China. The COVID-19 pandemic also impacted the market for industrial robots in 2019. China has been the largest market for industrial robots (40-50% market share) over the past five years.

Japan is home to the top players in industrial robotics and saw a significant decline in revenue in 2019. FANUC (Japan), for instance, announced in March 2020 that its ROBOT division revenue fell 6.9% in 2019 compared to 2018.

Global supply chain disruptions caused by the COVID-19 pandemic resulted in the slow installation of industrial robots across key industries such as automotive, electrical and electronics and metals and machine. The situation in Q1 2021 will see a rise over 2020, and it is expected that it will return to normalcy by the end of 2022.

The Global Industrial Robot Market Recent Development and Highlights:

ABB announced that it had acquired Codian Robotics (Netherlands) in October 2020. This company was the major provider of delta robots that are used primarily for place applications and high precision. Codian Robotics' offering includes a Hygienic Design Line, which is ideal for industries that require hygiene, such as food and beverages and pharmaceuticals. ABB will increase its offering of delta robots through the acquisition.

KUKA (Germany) has announced the launch of its SCARA robots in September 2020. These robots are designed for small parts assembly and materials handling, as well as inspection of tasks. They can carry a 6kg payload. These robots will be offered primarily to markets that are cost-sensitive.

ABB (Switzerland) has announced the launch of the IRB 1300 articulated industrial robot in August 2020. This will allow customers to meet their demand for a compact and faster robot that can lift heavy loads or those with complicated or irregular shapes.