The global industrial robotics market was worth $32.9 billion in 2017, and it is expected to grow at an 8.3% CAGR from 2018 to 2026. The accelerating pace of automation is transforming a wide range of industries. Therefore, robots have made their way and are spreading throughout warehouses and manufacturing facilities around the world. To a certain extent, the new wave of automation is driven by the same things that first brought robotics and automation into the workplace: to free human workers from dangerous, dirty, and dull jobs; improve quality by reducing variability; eliminate errors, and cut down manufacturing costs. The growing importance of workplace safety and rising demand for automating processes to increase efficiency, enhance safety, and reduce human errors are some of the major factors driving the growth prospects of the market worldwide.
Industrial robotics transformed traditional industrial processes, allowing manufacturers to increase productivity while improving quality and lowering costs. Industrial robots have been in the industry for a long time now. In 1970, approximately 200 robots were used in the U.S., which later increased to 4,000 in 1980 and 5,500 in 1981 and is still increasing. According to the International Federation of Robotics (IFR), the global sales of industrial robots increased by 31% and reached a new record of 387,000 units in 2017.
Market Snapshot
Articulated robots accounted for the largest market share in 2017.
In 2017, based on product type, articulated robots accounted for the largest market share in the global industrial robotics market. Articulated robots are most commonly used in factories worldwide. This type of robot has additional degrees of freedom than other robots on the market, which makes it more adaptable and appealing. Articulated robots can be used for different applications, including material handling, material removal, welding, and dispensing. Having the capability of performing a host of tasks in various industrial operations, articulated robots have seen widespread adoption over the years and are likely to maintain their dominance throughout the forecast period from 2018 to 2026.
Asia Pacific garnered the largest market share in 2017.
The industrial robotics market, based on geography, was dominated by the Asia-Pacific region in 2017. The region is expected to have the upper hand in the market throughout the forecast period owing to the presence of strong electronics and automotive industries. Also, some of the major players, such as ABB Ltd. and KUKA AG, have established their operations in the region. The strongest growth drivers for industrial robotics are found in countries including China, Japan, and the Republic of Korea. Owing to the booming automotive industries and rapid industrialization, the region is projected to witness notable growth in the years to come.
Competitive Insights
Major players in the industrial robotics market include ABB Ltd., Toshiba Machine Co., Ltd., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., Daihen Corporation, Universal Robots, and CMA Robotics, among others.
New product development remains the key strategy adopted by the players to obtain an upper hand over the competitors present in the market. For instance, in June 2018, ABB Ltd. launched a third-generation Foundry Prime robot. The robot is designed for applications such as high-pressure water jet cleaning in tough industrial environments. The company has developed the robot to increase system uptime and reliability while reducing maintenance costs by 60%.
Periods of History and Forecast
The research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The industrial robotics market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global industrial robotics market based on product type, functionality, end-use vertical, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the size of the industrial robotics market in 2017, and what is the forecast up to 2026?
What are the key factors driving the global industrial robotics market?
What are the key market trends and high-growth opportunities observed in the industrial robotics market?
Which is the largest regional market for industrial robotics?
Which segment will grow at a faster pace? Why?
Which region will drive the market's growth? Why?
Which players are leading the industrial robotics market?
What are the sustainability strategies adopted by the key players operating in the market?
Frequently Asked Questions:
The market for Industrial Robotics Market is expected to reach US$ 32.9 Bn By 2026.
The Industrial Robotics Market is expected to see significant CAGR growth over the coming years, at 8.3%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Toshiba Machine Co., Ltd., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., Daihen Corporation, Universal Robots, are some of the major players in the global market.
